Homework Answers
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The Tax treatment of $60,000 deposit is that the deposit will reduce his 2017 distribution. He need to file a revised form 8915B and an amended return for 2017. |
| Correct answer is option 1. |
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Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and...
Question 44 of 78. The requirement to complete an indirect rollover in days may be waived....
Question 44 of 78. The requirement to complete an indirect rollover in days may be waived. circumstances. All of the following are facts and circumstances the is considers when we waiver EXCEPT The financial institution made errors completing the rollover, Whether the taxpayer used the distributed funds. The taxpayer's age when the funds were distributed to the taxpayer The amount of time since the funds were distributed Mark for follow up Question 45 of 75. Manuel's home was destroyed in...
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 $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
O$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
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
I would like to get answer to this question. thanks $5,500 $6,500 Mark for follow up...
I would like to get answer to this question.
thanks
$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...
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...
I would like to have answer to this question. thanks Mark for follow up Question 30...
I would like to have answer to this question.
thanks
Mark for follow up Question 30 of 30. All of the following taxpayers received a periodic annuity payment in 2018. In all cases, the annuity starting date was in 2016. Which of the following taxpayers must calculate the taxable amount of their distribution using the General Ruler Faith (76), received her RMD from her traditional IRA. She made nondeductible contributions to the IRA several years ago. O Xavier (70) received...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include:...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required...
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required minimum distribution from his t O December 31, 2017. O March 1, 2018 O April 1, 2018. O April 18, 2018. Mark for folow up Question 3 of 75 Form 8606 is used for all of the following purposes EXCEPT: O To claim an exception to the penalty on an early distribution from a retirement plan. To calculate the taxable portion of a traditional...
Question 44 of 78. The requirement to complete an indirect rollover in days may be waived. circumstances. All of the following are facts and circumstances the is considers when we waiver EXCEPT The financial institution made errors completing the rollover, Whether the taxpayer used the distributed funds. The taxpayer's age when the funds were distributed to the taxpayer The amount of time since the funds were distributed Mark for follow up Question 45 of 75. Manuel's home was destroyed in...
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 $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
O$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
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
I would like to get answer to this question.
thanks
$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...
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...
I would like to have answer to this question.
thanks
Mark for follow up Question 30 of 30. All of the following taxpayers received a periodic annuity payment in 2018. In all cases, the annuity starting date was in 2016. Which of the following taxpayers must calculate the taxable amount of their distribution using the General Ruler Faith (76), received her RMD from her traditional IRA. She made nondeductible contributions to the IRA several years ago. O Xavier (70) received...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required minimum distribution from his t O December 31, 2017. O March 1, 2018 O April 1, 2018. O April 18, 2018. Mark for folow up Question 3 of 75 Form 8606 is used for all of the following purposes EXCEPT: O To claim an exception to the penalty on an early distribution from a retirement plan. To calculate the taxable portion of a traditional...
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