ario had AGI of $90,000 and will iter e hurricane was a federally declare • The plane had a value of $240, $125,000. • He estimates that his insurance • He wants to amend his 2020 re • In 2022, he received $68,000 of nat is his casualty loss deduction fo
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- For calendar year 2020, Jon and Betty Hansen (ages 49 and 50) file a joint return reflecting total income (NOT AGI) of $130,000 before the following potential deductions. They incur the following expenditures: Medical expenses net of reimbursements $12,000 Personal casualty loss (not covered by insurance) before $100 and AGI floors, Federally declared disaster area 10,000 Interest on home mortgage, balance of mortgage < $750,000 8,000 Interest on credit cards 1,000 Student loan interest 2,600 Property taxes on home 6,000 State income tax 5,000 State sales tax 3,000 Charitable contributions 14,000 Gambling losses incurred (gambling winnings reported $5,000) 5,500 Betty’s contribution to her Health Savings Account 1,500 Roth IRA contribution 4,000 a. Show the calculation of AGI starting with the total income shown above of $130,000. List and label each deduction FOR AGI that you are using to compute…Compute for the vanishing deduction Che-che, a resident citizen, died on August 15, 2020. Details regarding her gross estate, are presented below: Conjugal property House, exclusive property of Che-che Other exclusive property of Che-che Value at the Death of Che-che P4,500,000 1,500,000 1,200,000 Actual funeral expenses incurred Judicial expenses, incurred evenly for 12 Amount P250,000 480,000 mos. Deductible claims against insolvent persons Loss from claims against insolvent persons Insured loss from earthquake 420,000 140,000 200,000 P178,911 P183,202 P232,404 P271,010Kelvin was provided with a partially furnished accommodation when he commenced employment with XYZ (Singapore) Pte Ltd in 2020. He contributed $2,400 towards the total rent paid by his employer of $66,000 for year 2021. The annual value of the property is $48,000. Ascertain the value of the taxable benefit for Year of Assessment 2022. Group of answer choices a) $63,600 b) $64,800 c) $66,000 d) $67,200
- Tavon dies and is survived by his wife, Marge. Under Tavon’s will, all of his otherwise uncommitted assets pass to Marge. For each of the following property interests, determine the marital deduction allowed to Tavon’s estate. 4. Insurance policy on Tavon’s life (maturity value of $500,000) owned by Tavon with Marge as the designated beneficiary. 5. Distribution from a qualified pension plan of $1,600,000 (Tavon matched his employer’s contribution of $500,000) with Marge as the designated beneficiary.Andre has an unendorsed HO-3 policy. His roof is torn off by a tornado. His limit on Coverage A is $100,000. RC of the roof is $25,000, and ACV of the roof is $22,000. RC of the covered contents damaged is $65,000, and ACV of the contents is $55,000. Ignoring the effect of any deductible, how much will his insurer pay for this loss? Please show your work.50. Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual premium of P 15,000 within 25 years (outlived the policy) P 2,000,000 Proceeds of Inday’s (Mother of Nicanor) life insurance paid at an annual premium of P 10,000 within 20 years 1,000,000 House and lot from inherited properties 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be included in Nicanor’s gross income? Group of answer choices d. 1,825,000 c. 2,200,000 b. 3,200,000 a. 200,000
- John, who files as a single taxpayer, had AGI of $90,000 for 2020. He incurred to following expenses and losses during the year: Automobile Loan Interest $ 3,000 Casualty Loss (before 10% Limitationbut after $100 floor – not in a FederallyDeclared Disaster Area) 15,000 Charitable Contributions –Church 5,000 & Goodwill – clothing costing $1,000 with $500 FMV Home Mortgage Interest 15,000 Medical Expenses – Doctors, etc. 6,000 Medical Insurance Premiums 2,000 Medical Insurance Reimbursements 1,000 Real Estate Taxes 5,000 State Sales Tax 1,500 State & local Income Taxes 6,000 Tax Preparation Fees 500 Unreimbursed Employee Business Expenses 4,000 Part 1 - Compute John’s Medical Expense deduction for 2020. Show your calculations for full credit. Answer: Part 2 - Compute John’s Itemized Deductions for 2020 starting with the Medical Expense deduction that you calculated in Part 1 above. Show your calculations for full credit. Answer: Part 3 - What is the Standard…In 2021, Tom and Amanda Jackson (marred filing jointly) have $240,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2021, they sold a painting (art) for $115,000 that was inherited from Grandma on July 23, 2019. The fair market value on the date of Grandma's death was $92,500 and Grandma's adjusted basis of the painting was $26,000. b. They applied a long-term capital loss carryover from 2020 of $10,500. c They recognized a $12,250 loss on the 11//2021 sale of bonds (acquired on 5/12/2011). d. They recognized a $4,300 gain on the 12/12/2021 sale of IBM stock (acquired on 2/5/2021). e. They recognized a $18,200 gain on the 10/17/2021 sale of rental property (the only 51231 transaction), of which $8,800 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,400 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2015). 1. They…In 2021, Avi, a single taxpayer, had taxable income of $110,000. This amount included short-term capital losses of $2,000 and long-term capital losses of $12,000. He had no other capital transations in prior years. What is Avi's capital loss carryover to 2022? - $0 - $9,000 - $11,000 - $14,000
- During the tax year, Monica incurred one personal casualty loss due to a federally declared disaster. The amount of the loss after reimbursements is $8,025. Monica will not be replacing any of the damaged property. Monica's adjusted gross income is $50,000. What is the amount of the casualty loss deduction to report on Schedule A (Form 1040)? $2,925 $3,025 $7,925 $8,025In 2022, Mr. Smith rented his vacation home for 11 days during the year. Mr. Smith collected $3,800 of rents and incurred $1,200 in expenses during the 11 days rented. What amount of rental income should be included in Mr. Smith’s 2022 taxable income? No hand written and fast answer with explanationJulia did not decide to proceed on using the special depreciation for the assets purchased in 2022 and she is not over age 65, but had health insurance expenses of $380 per month for 2022 to complete the return all the information included in the previous sections Julie total tax liability for 2022 is what 74,398, 73,909 73, eight 95, 73,938