Ted Age 41 file single her earned 52,875 in wages and had no other income in...
Ted Age 41 file single her earned 52,875 in wages and had no other income in 2018 on April 14 of 2019 he filed for an automatic sixmon extension to file his tax retun.three weeks later, on may 5, he timely filed his 2018 tax return which statement best describes his eligibility to contribute to an ira on may 5
Homework Answers
Because he did not make the contribution before the due date for the tax return, he is not eligible to make an IRA contribution for 2018.
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Ted Age 41 file single her earned 52,875 in wages and
had no other income in...
Ted age 41 files single. He earned $52875 in wages and had no other income in...
Ted age 41 files single. He earned $52875 in wages and had no other income in 2017. On April 14 of 2018 he filed an automatic six- month extension to file his tax return three works later on May 5 he timely filed his 2017 tax return which statement best describes his eligibility to contribute to an ira on May 5
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...
1) Max received an extension of time to file his 2018 income tax return. He did...
1) Max received an extension of time to file his 2018 income tax return. He did not pay any amount due with his extension. He finally filed his return on May 3, with a $900 balance due. How much must he pay in failure-to-file and failure-to-pay penalties? A) None, as long as he timely filed for the extension. B) A failure-to-pay penalty of 0.5%, but no failure-to-file penalty. C) A failure-to-file penalty of 5% plus a 0.5% failure-to-pay penalty for...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
3. Which of the following dependent children have income subject to the so-called kiddie tax? •...
3. Which of the following dependent children have income subject to the so-called kiddie tax? • Bob, age 20 and not a student, earned $6,000 in wages and $2,600 in interest income from a savings account. • Carol, age 13, earned $1,000 in wages and $3,000 in dividend income from stock investments • Ted, age 2, earned $2,900 in interest income from a savings account. • Alice, age 9, earned $2,000 in wages and $1,400 in interest and dividend income....
Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed...
Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed his 2018 income tax return on October 31, 2019, (the due date was April 15, 2019) and paid the amount due at that time. He failed to make timely extensions. Below are amounts from his 2018 return: Taxable income - $120,000; Total tax liability on taxable income - $28,346; Total tax withheld from his salary - $25,000. Frederick sent a check for $3,346 in...
1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since...
1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since he does not have any other income or adjustments, his modified adjusted gross income (MAGI) is also $74,000. He is covered by a retirement plan at work. Mark is very interested in saving for retirement, and he would like to contribute to a traditional IRA for 2018. However, he does not want to contribute more than he can deduct, what is his maximum deductible...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017,...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017, to file his 2016 Form 1040A return. He did request an extension and paid 90% of the anticipated balance due on April 18, 2017. His remaining balance due on his 2016 return is $88. What is his failure to file penalty? a)$205 b)$88 c)0 2*Joseline waited until December 12, 2017, to file her 2016 Form 1040A return. She did not request an extension. Her...
Which of the following taxpayers must file a 2019 return? a. Amy, age 19 and single,...
Which of the following taxpayers must file a 2019 return? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of self-employment income. b. Betty, age 67 and single, has a taxable pension of $9,100 and Social Security benefits of $6,200 (the Social Security benefits are wholly-tax exempt in this situation). c. Chris, age 15 and single, his a dependent of his parents. Chris has earned income of $1,900 and interest of $400. d. Dawn,...
Interview Notes • Gail is single and earned $28,000 as a cashier, her only income. •...
Interview Notes • Gail is single and earned $28,000 as a cashier, her only income. • Gail's son Tony is 17 years old and a full-time student in high school. • Tony received Social Security survivor benefits of $5,000 in 2019. None of those benefits were taxable. He earned $10,000 during the summer working as a website developer. Tony had no withholding in box 2 of his Form W-2. • He used his Social Security survivor benefits and wages to...
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...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
3. Which of the following dependent children have income subject to the so-called kiddie tax? • Bob, age 20 and not a student, earned $6,000 in wages and $2,600 in interest income from a savings account. • Carol, age 13, earned $1,000 in wages and $3,000 in dividend income from stock investments • Ted, age 2, earned $2,900 in interest income from a savings account. • Alice, age 9, earned $2,000 in wages and $1,400 in interest and dividend income....
Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed his 2018 income tax return on October 31, 2019, (the due date was April 15, 2019) and paid the amount due at that time. He failed to make timely extensions. Below are amounts from his 2018 return: Taxable income - $120,000; Total tax liability on taxable income - $28,346; Total tax withheld from his salary - $25,000. Frederick sent a check for $3,346 in...
Interview Notes • Gail is single and earned $28,000 as a cashier, her only income. • Gail's son Tony is 17 years old and a full-time student in high school. • Tony received Social Security survivor benefits of $5,000 in 2019. None of those benefits were taxable. He earned $10,000 during the summer working as a website developer. Tony had no withholding in box 2 of his Form W-2. • He used his Social Security survivor benefits and wages to...
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