Homework Answers
41. Amount received = 19950
Regular contribution = 17500
Amount taxable = 19950 -17500 = 2450
2450 will be subject to 10% penalty.
Option , $ 2450 taxable, $2450 penalized
42. Option $4000 [ $2000 each for both individuals]
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$125,000 Question 41 of 50. Taran is 42 years old and received a $19,950 distribution from...
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple...
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple has a modified AGI of $59,000. Patrick contribu $5,500 to his traditional IRA for the tax year. Neither Patrick nor Debra have ever taken a distribution from a reti plan. Assuming there is no limitation based on their tax liability. Patrick and Debra's Saver's Credit 15 O $200 $400 $800 $4,000 Mark for follow up
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple...
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple has a modified AGI of $59,000. Patrick contributed $5,500 to his traditional IRA for the tax year. Neither Patrick nor Debra have ever taken a distribution from a retirement plan. Assuming there is no limitation based on their tax liability. Patrick and Debra's Saver's Credit is $200 O $400 O $800 $4,000 Mark for follow up Question 43 of 50. Kenyatta has traditional IRAs...
Matt is 42 years old and received a $19,000 distribution from his Roth IRA, established in...
Matt is 42 years old and received a $19,000 distribution from his Roth IRA, established in 2009. At the time of the distribution, the Roth IRA account totaled totaled $27,850: $17,000 regular contributions, $8,000 taxable conversion contributions made in 2016, and $2,850 earnings. How much of his distribution is taxable and subject to the early distribution penalty? a) $0 taxable; $0 penalized. b) $0 taxable; $2,000 penalized. c) $0 taxable; $19,000 penalized. d) $2,000 taxable; $2,000 penalized.
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a...
Jackson and Ashley Turner (both 45 years old) are married and
want to contribute to a Roth IRA for Ashley. In 2019, their AGI is
$197,100. Jackson and Ashley each earned half of their income.
a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA c. Assume that Ashley earned all of the couple's...
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1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions...
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Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business....
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business. She also receives $50,000 dividends, of which $44,000 are qualified. The maximum amount that Yumiko may contribute to a Roth IRA is O $0 O $5,500 O $6,041 O $6,500 Mark for follow up Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional retirement accounts for several years. In 2018, she decided to withdraw $12,000 from one of her...
URGEEEENT 24. What is the taxable portion of Mark’s pension from Pine Corporation using the simplified...
URGEEEENT
24. What is the taxable portion of Mark’s pension from Pine
Corporation using the simplified method? $________.
NOTE: 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 .
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Question 42 of 50. Patrick and Debra are married and file a joint return. The couple has a modified AGI of $59,000. Patrick contribu $5,500 to his traditional IRA for the tax year. Neither Patrick nor Debra have ever taken a distribution from a reti plan. Assuming there is no limitation based on their tax liability. Patrick and Debra's Saver's Credit 15 O $200 $400 $800 $4,000 Mark for follow up
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple has a modified AGI of $59,000. Patrick contributed $5,500 to his traditional IRA for the tax year. Neither Patrick nor Debra have ever taken a distribution from a retirement plan. Assuming there is no limitation based on their tax liability. Patrick and Debra's Saver's Credit is $200 O $400 O $800 $4,000 Mark for follow up Question 43 of 50. Kenyatta has traditional IRAs...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Jackson and Ashley Turner (both 45 years old) are married and
want to contribute to a Roth IRA for Ashley. In 2019, their AGI is
$197,100. Jackson and Ashley each earned half of their income.
a. How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA c. Assume that Ashley earned all of the couple's...
Question 39 of 50 Jin is 34 years old. He contributed $3,750 to a Roth IRA in 2015 and $2,500 in 2016. In 2018, he withdrew the entire balance, which had grown to $6,913. The amount of Jin's withdrawal that is taxable and subject to penalty is $0 taxable and $663 subject to penalty $663 taxable and $663 subject to penalty. $6,913 taxable and $663 subject to penalty. $0 taxable and $6,913 subject to penalty.
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business. She also receives $50,000 dividends, of which $44,000 are qualified. The maximum amount that Yumiko may contribute to a Roth IRA is O $0 O $5,500 O $6,041 O $6,500 Mark for follow up Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional retirement accounts for several years. In 2018, she decided to withdraw $12,000 from one of her...
URGEEEENT
24. What is the taxable portion of Mark’s pension from Pine
Corporation using the simplified method? $________.
NOTE: 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 .
2019 O CORRECTED (if checked) PAYER'S name, street...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
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