Question



Under the terms of a non-revised divorce agreement executed in 2018. Bev was to pay her husband Leon $4,000 per month in alim
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution : Option (b) 48000 => 4000x 12 months Child support payments are not deductible.

Add a comment
Know the answer?
Add Answer to:
Under the terms of a non-revised divorce agreement executed in 2018. Bev was to pay her...
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
  • Under the terms of a divorce agreement entered into on or before 12/31/2018, Lanny was to...

    Under the terms of a divorce agreement entered into on or before 12/31/2018, Lanny was to pay his wife Joyce $2,100 per month in alimony and $300 per month in child support. For a twelve-month period, Lanny can deduct from gross income (and Joyce must include in gross income): a. $28,800. b. $3,600. c. $25,200. d. $0. e. None of the above.

  • Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per...

    Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per month. Under the agreement, of this $1,000 per month, $200 is for child support and $800 is alimony. During the current year, Foster paid $12,000 under the agreement. The couple divorced in 2010. How much of these payments can Foster deduct for AGI (and Dorian must include in gross income)?

  • Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per...

    Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per month. Under the agreement, of this $1,000 per month, $200 is for child support and $800 is alimony. During the current year, Foster paid $12,000 under the agreement. The couple divorced in 2010. How much of these payments can Foster deduct for AGI (and Dorian must include in gross income)?

  • a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $4,160 a...

    a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $4,160 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $2,912 per month. 1. How much of each $4,160 payment may be deducted as alimony by Joan? 4,160 ) 2. How much of each $4,160 payment must be included in Bill's taxable income? 3. How much would be deductible/included if the divorce agreement were dated 2019?...

  • 7. Alimony and Child Support. (Obj. 1) Under the terms of their divorce finalized in 2017,...

    7. Alimony and Child Support. (Obj. 1) Under the terms of their divorce finalized in 2017, Henry is to pay Winona $1,000 a month. The terms of the agreement specify that $550 of each payment is to be for child support. a. If Henry makes all of his required payments during the current year, how much must Winona include in gross income? What amount can Henry deduct? b. How, if at all, would your answer to Part a. change if...

  • Interview Notes • Tamara is 52 years old and her divorce became final on September 20,...

    Interview Notes • Tamara is 52 years old and her divorce became final on September 20, 2014 and has not been modified. The divorce decree stipulates she is required to pay alimony of $500 a month to her ex-husband. She paid him a total of $6,000 in 2019. • Tamara pays all the cost of keeping up her home in the United States. She earned $40,500 in wages in 2019, her only income. • Tamara's daughter. Kimberly, lived with Tamara...

  • Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce...

    Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $1,365 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $955 per month. 1. How much of each $1,365 payment may be deducted as alimony by Joan? $ 2. How much of each $1,365 payment must be included in Bill's taxable income? $ 3. How...

  • Please explain the below questions 88. Under the terms of a divorce agreement, Ron is to...

    Please explain the below questions 88. Under the terms of a divorce agreement, Ron is to pay his former wife Jill $10,000 per month. The payments are to be reduced to $7,000 per month when their 15 year-old child reaches age 18. During the current year, Ron paid $120,000 under the agreement. Assuming all of the other conditions for alimony are satisfied, Ron can deduct from gross income (and Jill must include in gross income) as alimony: a. $120,000. b....

  • QUESTION 32 For the current year, Harry reported salary and taxable interest income of $50,000. His...

    QUESTION 32 For the current year, Harry reported salary and taxable interest income of $50,000. His capital asset transactions during the year were as follows: Long-term capital loss ($5,000) Long-term capital gain $1,000 For the current year, what amount should Harry report as sed gross income? a $50,000 ob $45,000 oc $45,000 . 547,000 None of the above QUESTION 33 Which, if any of the following statements does not correctly describe the kiddie tax a if the tax applies, it...

  • Mr. and Mrs. Melrose recently divorced. Under the terms of the divorce decree, Mr. Melrose transferred...

    Mr. and Mrs. Melrose recently divorced. Under the terms of the divorce decree, Mr. Melrose transferred to Mrs. Melrose his one-half interest in their former personal residence. The home was valued at $350,000 and had a tax basis of $275,000. He is also required to pay $1,500 per month to his ex-wife, of which $1,000 represents child support for their 7-year old son and $500 is alimony. He transferred the residence in August of the current year and made each...

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