|
Answer :-
9 ) :-
The answer is Option ( B ) .
Explanation :-
10 ) :-
The answer is Option ( C) .
Explanation :-
11 ) :-
The answer is False .
Explanation :-
Interview Notes Carl, age 46, and Monica, age 42, are married and will file a joint...
Interview Notes Ed and Christine are married and will file a joint return. Ed is 47 years old, and Christine is 56 years old. Both were enrolled in self-only coverage High Deductible Health Plans (HDHPs) through their employers for the entire year of 2018. Ed and Christine each have an HSA. Both have contributed the maximum amounts to their HSAs in 2018. Ed and Christine are both U.S. citizens and have valid Social Security numbers. 4. The amount that can...
Peggy Walker Directions Use the interview notes, taxpayer documents, and reference materials needed for this scenario . Please complete Form 1040 through line 15, and the appropriate forms (including Form 8889), schedules, or work- sheets . Answer the questions following the scenario . Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes Peggy Walker, age 48, is a single parent raising her...
Interview Notes • Mark and Barbara are married and want to file a joint return. • Mark retired and began receiving retirement income on March 1, 2017 . No distributions were received prior to his retirement . Mark selected a joint survivor annuity for these payments . The plan cost at annuity start date was $14,500 . Mark has already recovered $1,029 of his cost in the plan . • The Matthews received a $125 state income tax refund from...
Just Need the C part. 2. This question is worth 25 points Fatima and Eric (both age 28), are married and file a joint tax return. They are cash basis taxpayers. 2018 income includes: 1. combined salary of $200,000 2. Fatima was in a car accident and received compensatory damages of $25,000 for her broken nose. She also received $10,000 in punitive damages 3.. Eric had a student loan. In 2018, when the balance was $23,000, the lender accepted a...
2. This question is worth 25 points Fatima and Eric (both age 28), are married and file a joint tax return. They are cash basis taxpayers. 2018 income includes I. combined salary of $200,000 Fatima was in a car accident and roccived compensatory damages of $25,000 for her broken nose She also roccived $10,000 in punitive damages , Eric had a student loan. In 2018, when the balance was $23,000, the lender acceptod a one time payment of $8,000 as...
Paul and Donna Decker are married taxpayers, ages 44 and 42, respectively, who file a joint return for 2019. The Deckers live at 1121 College Avenue, Carmel, IN 46032. Paul is an assistant manager at Carmel Motor Inn, and Donna is a teacher at Carmel Elementary School. They present you with W–2 forms that reflect the following information: Paul Donna Salary $68,000 $56,000 Federal tax withheld 6,770 6,630 State income tax withheld 1,400 1,100 FICA (Social Security and Medicare) withheld...
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1112. Beulah's Social Security number is 123-45-6789, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...