Question

Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20 percent on their childs 18thbirthday. During the current year (2018), the $10,000 was paid in the following way: John paid $7,000 directly to Mary and $3,000 to Spring College for Marys tuition. What amount of these payments should be reported as income in Marys 2018 income tax return? O $8,600 O $5,600 O $8,000 O $10,000
0 0
Add a comment Improve this question Transcribed image text
Answer #1

John and Mary were divorced last year (2017). The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20 percent on their child's 18th birthday. During the current year (2018), the $10,000 was paid in the following way: John paid $7,000 directly to Mary and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as income in Mary's 2018 income tax return.?

The correct answer was

"option :D"

The total alomony was received would be taxable in the hands of Mary's =7000+3000

=10000

"so the option was the correct answer"

Add a comment
Know the answer?
Add Answer to:
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly....

    Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $100,000 and contributed $6,100 of it to a qualified retirement account (a for AGI deduction). She also received $15,000 of alimony from her former husband (per divorce decree issued in 2017). Finally, Camille paid $17,100 of expenditures that qualified...

  • Required information [The following information applies to the questions displayed below. Camille Sikorski was divorced in...

    Required information [The following information applies to the questions displayed below. Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $105,000 and contributed $6,000 of it to a qualified retirement account (a for AGI deduction). She also received $10,000 of alimony from her former husband (per divorce decree...

  • Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter Kaly....

    Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $65,000 and contributed $4,600 of it to a qualified retirement account (a for AGI deduction). She also received $8,000 of alimony from her former husband. Finally, Camille paid $15,700 of expenditures that qualified as itemized deductions. b. What would...

  • Accountancy

    Linda paid her tuition and later received a Pell grant (tax-free educational assistance) covering part of the tuition. All of the following are true except:a) The Pell grant should reduce the amount of qualified expenses for the education credit.b) If the Pell grant was received after Linda claimed the education credit on her return, shemay have to repay all or part of the credit.c) If Linda claimed an education credit and received a reimbursement for that same year;Linda must refigure...

  • 1. Wanda is a single parent (divorced). She has a 5-year-old daughter. She receives the following...

    1. Wanda is a single parent (divorced). She has a 5-year-old daughter. She receives the following items of income during the year: • Wages - $33,000 • Child support – 9,600 • Workers compensation - $14,000 • Commissions - $8,000 • Interest - $300 • Gift from her grandfather - $10,000 What is the amount of income Wanda will need to report on her tax return for the year? Select one: a. $33,000 b. $51,300 c. $50,900    d. $41,300...

  • Question 3 (35 points) Tom Brady is divorced. He was born in 1955 and has two...

    Question 3 (35 points) Tom Brady is divorced. He was born in 1955 and has two unmarried daughters who live has two unmarried daughters who live with e 21) and Jane (age 18). Both are full-time students at CSULB. Marie is a fourth- year student and Jane is a first-year student who receives a full scholarship for nett niversity. Tom provides both with more than 50% of their support. He presents the following information for 2019: $ 49,000 8,000 Wages...

  • 1:4-56 Pat was divorced from her husband in 2012. During the current year she received alimony of...

    1:4-56 Pat was divorced from her husband in 2012. During the current year she received alimony of $18,000 and child support of $4,000 for her 11-year-old son, who lives with her. Her former husband had asked her to sign an agreement giving him the de- pendency exemption for the child but she declined to do so. After the divorce she ac- cepted a position as a teacher in the local school district. During the current year she received a salary...

  • Question 3 Mr Hussin, tax resident in Malaysia, provides you with the following information: Year end...

    Question 3 Mr Hussin, tax resident in Malaysia, provides you with the following information: Year end 31 Dec Year 1 RM Year 2 RM Year 3 RM Business A 64,000 30,000 42,000 55,000 36,000 14,000 40,000 8.000 10,000 5,000 6,000 6,000 Gross business income Allowable expenses Non-allowable expenses Capital allowance (current year) Business B Profit/(Loss) before tax Allowable expenses Non-allowable expenses Capital allowance (current year) Other information: Employment income Dividend income from UK Rental income Zakat paid Monthly Tax Deduction...

  • A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $1...

    A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $12,000 for David from January through December and $3,000 for Tommy from January through June. John’s earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit? a) $15,000 b) $ 5,000 c) $ 6,000 d) $ 3,000 B. Amy is single and works part-time...

  • Sally is a 36 year-old, divorced, mother of two who lives in West Chester, PA. Her...

    Sally is a 36 year-old, divorced, mother of two who lives in West Chester, PA. Her two boys, Alex (age 5) and Andrew (age 8) live with her full-time and attend Chesterbrook Academy, a nearby private elementary school. Sally works as a Software engineer for Cerner Corporation in Malvern, PA. Sally’s aging mother also lives with them, and Sally provides full financial support for her. The following transactions occurred over 2018. 1) Sally received $125,000 salary in 2018 from her...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT