$376.00
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A client turned age 72 on October 1, 2021 and must receive a minimum distribution from his IRA account, which had a value (at the end of the prior year) of $48,000. His spouse, age 63, is the beneficiary of the IRA account. The life expectancy according to IRS tables for ages 72 and 73 use the factors of 25.6 and 24.7 respectively. If the client takes a $1,000 distribution by April 1, 2022 what will be the tax penalty, if any, on the first RMD?
$0
$376.00
$437.50
$416.00
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- A 67-year-old taxpayer retires this year and receives the first payment on an annuity that was purchased several years ago. The taxpayer's investment in the annuity is $94,500, and the annuity pays $1,000 per month for the remainder of the taxpayer's life. Based on IRS mortality tables, the taxpayer is expected to live another 20 years. If the taxpayer receives $4,000 in annuity payments in the current year, the nontaxable portion calculated using the simplified method is:For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. $ Contribution 6,000 X 10,600 X 6,000 XGriffin is a server at a la Jolla restaurant. Griffin received 1200 in unreported tips during 2022 and owes social security and Medicare tax on these tips. His total income for the year including tips is 3400. Is Griffin required to file an income tax return for 2021?
- 11. For 2020, Peggy received a form 1098-E from her federal student loan that showed that she paid $4,600 in interest on a qualified student loan. Her W-2 from her employer shows 79,750 in box 1 and $6,200 in box 2. If these are the only items of income and expense for 2020, what will be Peggy's 1040 show when she files her return using the single filing status? 12. Humphrey was very busy in 2021 and forgot to file his taxes or file an extension by April 15, 2021. When he got around to filing his tax return on June 28th, he found that he owed $1,727 in income tax. How much will Humphrey owe in penalties in addition to the $1,727 for his failure to file and pay on time?Lauren, an unmarried taxpayer at 43 years old, is a participant in her employer's qualified retirement plan. In 2022, she had an AGI of $72,000, which was comprised of $68,000 in earned wages and $4,000 in interest and dividends. Given her participation in the qualified plan, what is the highest deduction Lauren can take for the current year for her traditional IRA?Barry, age 68, started taking his Social Security benefits at his FRA of 66. He is receiving Social Security benefits of $30,000 per year. Based upon the earnings limitation rules and assuming Barry had the below income for 2024, how much of his Social Security benefits would the Social Security Administration withhold?
- Enrico, a retired attorney age 72 in 2023, would like to postpone distributions from his traditional IRA as long as possible. At what age will Enrico be required to take a minimum distribution? A) Age 72 B) Age 70 ½ C) Age 73 D) There is no age for required minimum distributions for retired individuals.Mahmet earned wages of $148,800 during 2022. Mahmet qualifies to file as head of household and claims two dependents under the age of 17. How much will Mahmet's employer withhold in social security taxes for the year? Note: Round your answer to 2 decimal places. Multiple Choice $9,114.00. $8,537.40. $8,853.60 $9,039.60.Grace's employer is now offering group-termlife insurance. The company will provide each employee with $135.000 of group-term ife Insurance. It costs Grace's employer $725 to provide this amount of insurance to Grace each year. Assuming that Grace is 57 years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group-term life benefit. EXHIBIT 12:08 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection 5-Year Age Bracket Under 25 Cost per $1, e0e of Protection for one Month $0.05 25 to 29 0.06 30 to 34 0.08 0.09 0.10 0.15 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 6e to 64 65 to 69 0.23 0.43 0.66 1.27 2.06 76 and above
- 1. Armando retired when he was 58 years old and began receiving annuity. The annuity pays him $800 per month for life from a qualified retirement plan from his former employer. The annuity began in on January 1, 2020. His investment in the annuity contract was $90,000. What is the amount of Armando's taxable income from this annuity contract for 2023? Show your work. Taxable amount for 2023 2. If Armando dies in 2049, what would be his taxable income from this annuity in tax year 2048? Taxable amount for 2048Benjamin and Ester file a joint return and have AGI of $165,000. Both are active participants in their employer's pension plan. They have one child, Emily, who is age 8. Emily's grandparents contributed $500 to a Coverdell Education Savings Account for Emily in 2022. What is the maximum permitted Coverdell Education Savings Account contribution that Benjamin and Ester can make in 2022? Multiple Choice O $0. $500. $1,500 $2,000.Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat the following items for 2018: a. She makes a deductible contribution to an IRA on April 15, 2019. b. She has made an election to accrue the increase in value of savings bonds even though the increase is not received in cash. c. She prepays half a year of interest in advance on her mortgage on the last day of 2018. d. She pays all of her outstanding invoices for standard business expenses in the last week of December. e. She sends out a big bill to a customer on January 1, 2019, even though she did all of the work in December of 2018.
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