Homework Answers
Ans C
Income distribution from a qualified State tuition program ar not taxable to a taxpayer
Explanation:-
the beneficiary doesn't generally have to include the earnings from a qtp as income. distributions aren't taxable when used to pay for qualified higher education expenses (including tuition at an elementary or secondary public, private, or religious school).
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Are income distributions from a qualified state tuition program taxable? O A. Income distributions from a...
Are income distributions from a qualified state tuition program taxable? O O A. Income distributions from...
Are income distributions from a qualified state tuition program taxable? O O A. Income distributions from a qualified state tuition program are taxable when income distributions exceed 90% of all educational expenses for the year. B. Income distributions from a qualified state tuition program are taxable only to the extent the income distributions exceed qualified education expenses OC. Income distributions from a qualified state tuition program are always fully taxable to a taxpayer. OD. Income distributions from a qualified state...
Distributions from a qualified pension plan may be fully taxable, nontaxable, or a combination of...
Distributions from a qualified pension plan may be fully taxable, nontaxable, or a combination of both. True or False If a taxpayer funded some contributions to a qualified pension plan with previously-taxed dollars, then some of the distributions from that plan during retirement will be nontaxable. True or False Roth IRA withdrawals are deemed to first come from contributions followed by earnings. True or False Distributions from a Coverdell Education Savings Account are tax-free to the beneficiary if they are...
federal income tax question Mark for follow up Question 6 of 12 Which of the following...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
Question 5 1 pts What is the taxable character of distributions that are made from a...
Question 5 1 pts What is the taxable character of distributions that are made from a Roth IRA? Tax deferred income when converted to a traditional IRA Tax-free income if the distribution meets the holding period and qualified distribution requirements Capital gain income if the distribution meets the required holding period Ordinary income if the taxpayer fails to make required minimum distributions D Question 6 1 pts Which of following statements regarding a nonqualified distribution from a Roth IRA is...
eBook Calculator Self-Study Problem 2.14 Answer the following questions regarding the tax treatment of educational Incentives....
eBook Calculator Self-Study Problem 2.14 Answer the following questions regarding the tax treatment of educational Incentives. If an amount is zero, enter "o". a. Abby has a distribution of $10,000 from a qualified tuition program, of which $3,000 represents earnings. The funds are used to pay for her daughter's qualified higher education expenses. How much of the $10,000 distribution is taxable to the daughter? b. During 2018, Henry (a single taxpayer) has a salary of $85,000 and interest income of...
Joan is a single medical student at state University, a qualified educational institution. This year Joan...
Joan is a single medical student at state University, a qualified educational institution. This year Joan paid university tuition of $12,000. Joan works part-time at the University library, and this year she reports $15,000 of salary and no other items of income or expense. Which of the following is a true statement? A. Joan can deduct all of her tuition for AGI as a business expense. B. Joan can deduct all of her tuition as a miscellaneous itemized deduction. C....
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This...
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) c. Lionel's AGI before deducting interest on higher-education loans is $90,000.
4.How are distributions from qualified plans treated? a. Retirees must report distributions received as income. b.
4.How are distributions from qualified plans treated? a. Retirees must report distributions received as income. b. Retirees must report distributions received as income only if they are less than 59-1/2 years old. c. Retirees must report distributions received as income only if they are more than 70-1/2 years old. d. Retireesmust report distributions received as income only if employer contributions to the plan are greater than the allowable amounts. 6. Roscoe is 54, and is considering requesting a distribution this year from his employer’s...
2. Martha participated in a Section 529 qualified tuition program for the benefit of her son....
2. Martha participated in a Section 529 qualified tuition program for the benefit of her son. She invested $6,000 in the fund. Four years later her son withdrew $8,000, the entire balance in the program, to pay his college tuition. a. Martha is not required to include the $2,000 ($8,000-$6,000) in her gross income when the funds are used to pay the tuition. b. Martha's son must include the $2,000 ($8,000-$6,000) in his gross income when the funds are used...
edira sudesntrecives a scholarship that is excluded from gros income, that amount should reduce qualified expenses....
edira sudesntrecives a scholarship that is excluded from gros income, that amount should reduce qualified expenses. D) Payments made using borrowed funds are not considered qualified expenses. 17) Warren and Erika paid $9,300 in qualified expenses for their son, Cash, to attend the University of Washington. Cash is in his first year of college and attended full-time. How much is Warren and Erika's American opportunity tax credit, without regard to any AGI limitation? A) S0. B) S1,800 C) $2,500. D)...
Are income distributions from a qualified state tuition program taxable? O O A. Income distributions from a qualified state tuition program are taxable when income distributions exceed 90% of all educational expenses for the year. B. Income distributions from a qualified state tuition program are taxable only to the extent the income distributions exceed qualified education expenses OC. Income distributions from a qualified state tuition program are always fully taxable to a taxpayer. OD. Income distributions from a qualified state...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
Question 5 1 pts What is the taxable character of distributions that are made from a Roth IRA? Tax deferred income when converted to a traditional IRA Tax-free income if the distribution meets the holding period and qualified distribution requirements Capital gain income if the distribution meets the required holding period Ordinary income if the taxpayer fails to make required minimum distributions D Question 6 1 pts Which of following statements regarding a nonqualified distribution from a Roth IRA is...
eBook Calculator Self-Study Problem 2.14 Answer the following questions regarding the tax treatment of educational Incentives. If an amount is zero, enter "o". a. Abby has a distribution of $10,000 from a qualified tuition program, of which $3,000 represents earnings. The funds are used to pay for her daughter's qualified higher education expenses. How much of the $10,000 distribution is taxable to the daughter? b. During 2018, Henry (a single taxpayer) has a salary of $85,000 and interest income of...
2. Martha participated in a Section 529 qualified tuition program for the benefit of her son. She invested $6,000 in the fund. Four years later her son withdrew $8,000, the entire balance in the program, to pay his college tuition. a. Martha is not required to include the $2,000 ($8,000-$6,000) in her gross income when the funds are used to pay the tuition. b. Martha's son must include the $2,000 ($8,000-$6,000) in his gross income when the funds are used...
edira sudesntrecives a scholarship that is excluded from gros income, that amount should reduce qualified expenses. D) Payments made using borrowed funds are not considered qualified expenses. 17) Warren and Erika paid $9,300 in qualified expenses for their son, Cash, to attend the University of Washington. Cash is in his first year of college and attended full-time. How much is Warren and Erika's American opportunity tax credit, without regard to any AGI limitation? A) S0. B) S1,800 C) $2,500. D)...
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