Financial Plan

Interview Notes • Luther, age 54, and Lexi, age 56, are married and file a joint return. Lexi has family coverage through her High Deductible Health Plan (HDHP) at work. In 2023, Lexi contributed $2,350 to her Health Savings Account (HSA). Luther made contributions totaling $3,000 to his HSA in 2023. Luther's Form 1099-SA shows a distribution from his HSA of $3,000. They have receipts showing they paid: o $300 for new eyeglasses for Lexi, o $2,200 in copays for doctor visits and tests, o $400 for over the counter medication, and ● o $100 for Personal Protective Equipment (PPE) to prevent the spread of COVID-19 and home COVID-19 tests • In April 2023, Luther was diagnosed by his physician with a terminal illness. In May, Luther and Lexi decided to take a luxury vacation before his health deteriorated. They used a distribution from Luther's IRA to pay for it. They received a Form 1099-R showing $15,000 in Box 1, and code 1 in Box 7. Lexi sold a used handbag on an online marketplace. She…

Pls help ASAP

Godo

A3 please help

i need the answer quickly

View Policies Current Attempt in Progress The Smiths have four dependent children, ages 17, 15, 13, and 11. They pay their 17-year-old $3,200 during the year to watch her younger siblings after school. They pay their neighbor $5,900 during the year to watch the 13- and 11-year-old before school ($2,950 each). Both Mr. and Mrs. Smith work, earning $46,000 each, and they have adjusted gross income of $98,000. How much is the Smiths' child and dependent care credit? Child and dependent care credit LA | $

please solve this preactice problem

Subject: acounting

Sh48

Comprehensive Problem One Noah and Joan Arc’s Tax Return Noah and Joan Arc live with their family in Dayton, OH. Noah’s Social Security number is 434-11-3311. Noah was born on February 22, 1986 and Joan was born on July 1, 1987. Both enjoy good health and eyesight. Noah owns and operates a pet store and Joan is a firefighter for the city of Dayton. The Arcs have two children, a son named Shem (Social Security number 598-01-2345), born on March 21, 2014, and a daughter named Nora (Social Security number 554-33-2411), born on December 3, 2017. Joan and Noah brought a folder of tax documents located. Noah’s pet store is located at 1415 S. Patterson Blvd, Dayton, OH 45409. The name of the store is “The Arc” and its taxpayer identification number is 95-9876556. Since you handle Noah’s bookkeeping, you have printed the income statement from your Quickbooks software. Details of The Arc’s meals and entertainment: Travel costs are business related and do not include meals. Noah and Joan…

Interview Notes • Luther and Lexi are married and file a joint return. Luther was enrolled in employer-sponsored family coverage through a high deductible health plan (HDHP) for all of 2020. His monthly premiums are $300. • In 2020, Luther contributed $1,700 to his Health Savings Account (HSA). Of that amount, $1,200 was made pretax through his employer's cafeteria plan and he made the remaining $500 contribution by electronic deposit into the HSA from his checking account. His employer sent Form W-2 reporting $1,200 in Box 12a, with code W. • Luther received a Form 1099-SA showing a distribution from his HSA of $230. Luther did not have any medical expenses for the year. Lexi paid $80 to the dentist for a filling, and $150 for lab work ordered during her physical. • Luther and Lexi felt fortunate to have good jobs when so many people in their community were out of work, so they donated $250 by check to their local food bank. The food bank is a qualified organization and provided…

2

not use ai please

gg

Interview Notes • Thomas is age 40 and was widowed in 2019. He has a daughter, Christina, age 6. • Thomas provided the entire cost of maintaining the household and over half of the support for Christina. In order to work, he pays childcare expenses to Downtown Daycare. • Thomas purchased health insurance for himself and his daughter through the Marketplace. He received a Form 1095-A. • Thomas and Christina are U.S. citizens and lived in the United States all year in 2022   a. Thomas's adjusted gross income on his Form 1040 is $__________. b. Thomas's Retirement Savings Contributions Credit on Form 8880 is $___________.

22

vv.1

Question #35 of 85   Question ID: 1251806 Your client, age 65, has a gross estate valued at $7,000,000, which includes life insurance on his life with a death benefit of $750,000 and payable to his wife, age 35, as the named beneficiary. His primary objectives are: To minimize estate taxes on his death To be assured that his son from a previous marriage receives part of the life insurance proceeds To minimize the income tax burden on his beneficiaries The insurance technique that is most appropriate to enable your client to achieve all of his objectives is to have the death benefit     A) left with the insurer to be paid to his wife under an interest-only option.     B) paid to a trust that gives his wife a general power of appointment over the funds.     C) paid to a QTIP trust that restricts his wife’s right to the corpus and which gives the remainder to his son.     D) paid to his wife under a fixed-income option for the duration of her life.

Question #72 of 85   Question ID: 1251879 Jamie has an adjusted gross income this year of $40,000. He would like to reduce his income taxes. During the year, he plans to contribute property valued at $20,000 to the National Federation for the Blind, a qualified public charity. Which one of the following statements regarding the income tax implications for Jaime of a charitable gift is correct?     A) If Jamie gave an interest in a parcel of commercial real estate, held short term, with a fair market value of $20,000 and a basis of $15,000, he can deduct either the fair market value of the property or his basis in this property.     B) If Jamie gave a life insurance policy, with a replacement cost of $20,000, on which he has paid net premiums of $5,500, he could deduct either $20,000 or $5,500.     C) If Jamie gave a collection of first edition books in braille (which the charity would display in its collection), held long term, valued at $20,000 with a basis of $9,000, he…

Thank you in advance for your help on the following question Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2018, Susan's income is $38,290 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2018 through their state exchange but did not elect to have the credit paid in advance. The 2018 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Federal Poverty Line for a family of four $24,600 Compute the Collins' premium tax credit for 2018. Click here to access the 2018 Applicable Figure Table. Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar.