duke received
Duke received a Form RRB-1099 showing a gross benefit paid in 2019 of $18,772. What type of payment is this?
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Railroad Tier II benefits are treated as:
Railroad Tier II benefits are treated as: A defined benefit pension based on years of service and earnings credits. A defined contribution plan based on contributions to the plan during the employee's service. A social security equivalent paid to railroad retirees and surviving spouses. A separation allowance lump-sum amount and are taxable as a pension.
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
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...
Linda, who filed as a single taxpayer in 2019, received $180,000 in social security benefits. Linda's...
Linda, who filed as a single taxpayer in 2019, received $180,000 in social security benefits. Linda's AGI of $38,000 before any social security benefits was a taxable distribution from a retirement plan. Linda also received $500 of tax-exempt interest. What amount of Linda's social security benefit is taxable in 2019?
Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received...
Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received the following in 2019: -A $4,000 scholarship used for tuition at State University -A $1,000 scholarship used for fees and books -An $8,000 fellowship used for his room and board Compute the amount Mr. Ainspan must include in income for 2019. 1) $8,000 2) $5,000 3) $13,000 4) $9,000 Question 13 Mr. and Mrs. Garden filed a joint return for 2019. Mr. Garden received...
tax law question. Thank you Section 9 Question 29 of 30. incorred RICK, a retired single...
tax law question. Thank you
Section 9 Question 29 of 30. incorred RICK, a retired single taxpayer, began receiving a monthly pension from his former empo pension from his former employer's qualified plan in January when he received the first payment, and the pension will pay over the course of his life, he received Form 1099-R for the tax year showing a gross distribution of $8,000 in box 1, code in o n employee contributions of $20,000 in box 9b....
• Noah, age 65, and Ella, age 54, are married. They elect to fle Married Filing...
• Noah, age 65, and Ella, age 54, are married. They elect to fle Married Filing Jointly. • Their son Leo is 23 years old and a full-time college student in his third year of study He is pursuing a degree in Business Administration and does not have a felony drug conviction His 2018 Form 1098-T did not have an amount entered in box 2 • Their son Freddie is 26 years old and graduated from college in June 2019...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
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...
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...
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...
tax law question. Thank you
Section 9 Question 29 of 30. incorred RICK, a retired single taxpayer, began receiving a monthly pension from his former empo pension from his former employer's qualified plan in January when he received the first payment, and the pension will pay over the course of his life, he received Form 1099-R for the tax year showing a gross distribution of $8,000 in box 1, code in o n employee contributions of $20,000 in box 9b....
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