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Homework Answers
Option , Hector(72) received a distribution from a nonqualified annuity plan that he purchased through a life insurance company.
Reason : Hector will qualify for tax exemption on the principal received and the earnings received from the annuity are taxed as regular income.
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Mark for follow up Question 30...
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$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant in his employer's retirement plan. Lisa earned $35,000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would like to...
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Section 8 Question 26 of 30. Rose files Form 5329 with her tax return. Part 1 of the form has been completed and shows a code 3 on line 2. There are no other entries on the form. Which of the following statements best describes why Rose would include this form with her 2018 return? She turned 55 years old during the tax year and received a retirement plan distribution...
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tax law question
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
Mark for follow up Question 34 of 50. Saran, age 54, separated from service with her...
Mark for follow up Question 34 of 50. Saran, age 54, separated from service with her former employer in 2018. She took a nonperiodic distribution from her 401(k) plan. Saran's distribution O Cannot be rolled over into another qualified plan. O is a normal distribution. O is not subject to the early distribution penalty because Saran is separated from service. O is subject to the early distribution penalty. Mark for follow up
I would like to have answer to this question. thanks Question 24 of 30. Bob (69)...
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Question 24 of 30. Bob (69) and Carol (67) are married and file a joint return. Their gross income (including 1/2 of their social security for 2018 was $48,050. Choose the response that best completes this sentence. Up to of the soci may be taxable. O 0% 50% O 85% O 100% Mark for follow up Question 25 of 30. Melanie, age 66, files single. In 2018, she earned $20,000...
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts...
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts for several years. withdraw $ 12,000 from one of her accounts. Victoriei tirement accounts for several years. In 2018, she decided to 62 years old. How does this transaction affect her 2018 tax vars old. How does this transaction return? O Victoria must report the entire amount of $12,000. U Mark for follow up Question 41 of 50. Evelyn, age 53, takes an early...
Question 40 of 100. Which of the following is subject to the 10-year distribution rule for...
Question 40 of 100. Which of the following is subject to the 10-year distribution rule for beneficiaries of certain inherited retirement plans? с Faye (67) died leaving her friend, Eloise (56), as the designated beneficiary of her 401(k). Maurice (86) died leaving his disabled daughter, Sophia (54), as the designated beneficiary of his traditional IRA no Coco (91) died leaving her neighbor, Malla (69), as the designated beneficiary of her traditional IRA. no When Francis (76) died, his 401(k) plan...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted $10,000 from her traditional IRA to a Roth IRA. In 2018, Janelle, then age 47, took a stribution from the Roth IRA. The value of the Roth IRA at the time was $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
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 $4,000 Mark for follow up Question 43 of 50. Kenyatta has traditional IRAs...
O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete...
O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete this sentence with the correct response. Form 8606 is NOT required when the taxpayer: O Takes a qualified Roth IRA distribution. Makes a deductible traditional IRA contribution. Converts a SEP IRA to a Roth IRA is over age 59% and converts a traditional IRA to a Roth IRA Mark for follow up Question 3 of 75. wibt hmp sum lection means the taxpaver ele
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$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant in his employer's retirement plan. Lisa earned $35,000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would like to...
I would like to have answer to this question.
thanks
Section 8 Question 26 of 30. Rose files Form 5329 with her tax return. Part 1 of the form has been completed and shows a code 3 on line 2. There are no other entries on the form. Which of the following statements best describes why Rose would include this form with her 2018 return? She turned 55 years old during the tax year and received a retirement plan distribution...
I would like to have answer to this question.
thanks
tax law question
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
Mark for follow up Question 34 of 50. Saran, age 54, separated from service with her former employer in 2018. She took a nonperiodic distribution from her 401(k) plan. Saran's distribution O Cannot be rolled over into another qualified plan. O is a normal distribution. O is not subject to the early distribution penalty because Saran is separated from service. O is subject to the early distribution penalty. Mark for follow up
I would like to have answer to this question.
thanks
Question 24 of 30. Bob (69) and Carol (67) are married and file a joint return. Their gross income (including 1/2 of their social security for 2018 was $48,050. Choose the response that best completes this sentence. Up to of the soci may be taxable. O 0% 50% O 85% O 100% Mark for follow up Question 25 of 30. Melanie, age 66, files single. In 2018, she earned $20,000...
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts for several years. withdraw $ 12,000 from one of her accounts. Victoriei tirement accounts for several years. In 2018, she decided to 62 years old. How does this transaction affect her 2018 tax vars old. How does this transaction return? O Victoria must report the entire amount of $12,000. U Mark for follow up Question 41 of 50. Evelyn, age 53, takes an early...
Question 40 of 100. Which of the following is subject to the 10-year distribution rule for beneficiaries of certain inherited retirement plans? с Faye (67) died leaving her friend, Eloise (56), as the designated beneficiary of her 401(k). Maurice (86) died leaving his disabled daughter, Sophia (54), as the designated beneficiary of his traditional IRA no Coco (91) died leaving her neighbor, Malla (69), as the designated beneficiary of her traditional IRA. no When Francis (76) died, his 401(k) plan...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted $10,000 from her traditional IRA to a Roth IRA. In 2018, Janelle, then age 47, took a stribution from the Roth IRA. The value of the Roth IRA at the time was $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
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 $4,000 Mark for follow up Question 43 of 50. Kenyatta has traditional IRAs...
O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete this sentence with the correct response. Form 8606 is NOT required when the taxpayer: O Takes a qualified Roth IRA distribution. Makes a deductible traditional IRA contribution. Converts a SEP IRA to a Roth IRA is over age 59% and converts a traditional IRA to a Roth IRA Mark for follow up Question 3 of 75. wibt hmp sum lection means the taxpaver ele
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