Raymond, a retired railroad employee, received a Form RRB-1099-R with $12000 in box 4. What does...
Raymond, a retired railroad employee, received a Form RRB-1099-R with $12000 in box 4. What does the box $ amount represent? 1. The gross amount of vested dual benefits reduced by repayments. 2. the amount of prior-year repayments. or 3. the gross amount of benefits paid, reduced by repayments
Homework Answers
Answer is Option 2) the amount of prior- year repayments
Any repayments are shown in Box 4. Gross Benefits are shown in Box 3 of RRB-1099 . The net benefit ( Box 3- Box 4) will be shown in Box 5
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Raymond, a retired railroad employee, received a Form RRB-1099-R
with $12000 in box 4. What does...
Sam Wagner is a retired member of the U.S. Armed Forces. He received Form 1099-R from...
Sam Wagner is a retired member of the U.S. Armed Forces. He received Form 1099-R from the Defense Finance & Accounting Service. Form 1099-R indicates $22,000 in box 1and box 2a. Sam is considered 100% disabled and received a letter of determination from the Department of Veterans Affairs (VA). He received a payment in the amount of $6,000 from the VA for disability. 1. The payment Sam received from VA is taxable. True False 2. Which of the following documents...
If the taxpayer retired on disability, the amount reported on Form 1099-R, with code 3 in...
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Problem 4-57 (LO. 4) Charles E. Bennett, age 64, will retire next year and is trying...
Problem 4-57 (LO. 4) Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collecting his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will Increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the...
When a taxpayer receives form 1099-R with no amount entered in box 2a and code7 in...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an amount reported for total employee contributions in box 9b, the distribution is generally: O Fully taxable. Never taxable. Only taxable at the state and local level. Partially taxable. A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child...
John and Jane Doe are married retired taxpayers who care for their three-year-old grandson. The following...
John and Jane Doe are married retired taxpayers who care for
their three-year-old grandson. The following information was
provided to you as documentation necessary to prepare their 2017
tax return. You will gather the appropriate information and
complete the forms provided in Blackboard (1040, Schedule A,
Schedule B and Schedule D) in preparation of their tax file. Please
note that the forms provided may not match the tax year of the
course, as IRS forms are not available until just...
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 .
2019 O CORRECTED (if checked) PAYER'S name, street...
23. What is the total net amount of capital gain reported on Form 1040? OA. $308...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. 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....
Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies...
Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies to the questions displayed below. Part 2 of 2 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken's gross income and complete page 2 of Form 1040 (through line...
1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions...
1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions on behalf of herself and three employees. Her contributions were made in the following amounts: $9,000 in employer contributions for her employees. $2,500 in employer contributions to her own SEP IRA. How much will Victoria deduct on schedule 1 (Form 1040), line 28 (Self-employed SEP, SIMPLE, and qualified plans)? A)$2,500 B)$5,500 C)$9,000 D)$11,500 2) Edna, a single taxpayer, has traditional IRAs with a value...
Problem 4-57 (LO. 4) Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collecting his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will Increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an amount reported for total employee contributions in box 9b, the distribution is generally: O Fully taxable. Never taxable. Only taxable at the state and local level. Partially taxable. A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child...
John and Jane Doe are married retired taxpayers who care for
their three-year-old grandson. The following information was
provided to you as documentation necessary to prepare their 2017
tax return. You will gather the appropriate information and
complete the forms provided in Blackboard (1040, Schedule A,
Schedule B and Schedule D) in preparation of their tax file. Please
note that the forms provided may not match the tax year of the
course, as IRS forms are not available until just...
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...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. 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....
Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies to the questions displayed below. Part 2 of 2 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken's gross income and complete page 2 of Form 1040 (through line...
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