During 2017, Mr. B makes a $7300 contribution to a new RRSP in which he is the registrant. His wife, Mrs. B also makes a $7300 contribution to his RRSP in 2017. In 2018, Mr. B makes a $19000 contribution to his own RRSP. Mrs. B makes a $7500 contribution to his RRSP , as well. In 2019, Mr. B withdraws $26400 from his RRSP. How much of this withdrawal will be included as income in Mr. B's return? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:
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- Classify each of the following expenditures paid in 2019 as a deduction for AGI, a deduction from AGI, or not deductible: a. Roberto gives cash to his father as a birthday gift. b. Sandra gives cash to her church. c. Albert pays Dr. Dafashy for medical services rendered. d. Mia pays alimony to Bill. e. Rex, who is self-employed, contributes to his pension plan. f. Bonita pays expenses associated with her rental property. g. Lu, who operates a sole proprietorship, takes a client to dinner to discuss new business.In March of 2019, Thom as makes a $5,000 cash contribution to a public university. In that month,he also donates $20,000 to an organization subject to the 30 percent limitation. Thomas had adjusted gross income for 2019 of $30,000. What is the amount of Thomas's 2019 charitable contribution deduction?On January 1, 2019, Charles Jamison borrows $40,000 from his father to open a business. Charles is the beneficiary of a trust created by his aunt from which he will receive $25,000 on January 1, 2029. He signs an agreement to make this amount payable to his father and, further, to pay his father equal annual amounts from January 1, 2020, to January 1, 2028, inclusive, in retirement of the debt. Interest is 12% per year. What are the annual payments?
- Helga had AGI of $135,000 in 2018. She donated corporate stock with a basis of $28,000 to a qualified charitable organization on April 3, 2018. a. What is the amount of Helga's deduction assuming that she purchased the stock on June 15, 2017, and the stock had a fair market value of $26,000 when she made the donation?Helga's deduction is $. b. Assuming that she purchased the stock on January 15, 2017, and the stock had a fair market value of $33,000 when she made the donation, Helga's deduction is $. c. Assuming that she purchased the stock on January 15, 2018, and the stock had a fair market value of $29,000 when she made the donation to the charity, Helga's deduction is $What is the correct answer to the problem? Identify how much is the vanishing deduction of the decedent. Show solution.Gwendolyn donates $500 cash to the American Red Cross in 2020. If Gwendolyn has AGI of $46,000 in 2020 but does not itemize deductions, how much can she deduct for her charitable contribution in 2020?
- Seth, who is single, has compensation income of $77,000 in 2023. He is an activeparticipant in his employer's qualified retirement plan. Seth contributes $6,500 to atraditional IRA. Of the $6,500 contribution, how much can he deduct?Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2019, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2020 when he files his tax return. Evan also receives a 2019 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income.These transactions _______ (increase/decrease) Evan's AGI by ____Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. Assume the taxable year is 2022. Required: A $29,250 cash gift from her parents. A $670 cash award from the local Chamber of Commerce for her winning entry in a contest to name a new public park. $8,850 alimony from her former husband, which he paid under the terms of their 2011 divorce decree. $117,000 cash inheritance from her grandfather.
- Barry and Michelle plan to marry in December 2021. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,550 ($6,100 of which are charitable contributions). Michelle's salary is $95,000. Her itemized deductions total only $11,000 (none of which are charitable contributions) as she does not own her residence. (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) (Click the icon to view the 2021 tax rate schedule for the Single filing status.) Read the requirements. Requirement a. What will their 2021 tax be if they marry before year-end and file a joint return? Adjusted gross income Minus: Itemized deductions Taxable income 155,000 (29,550) 125,450 (Use the 2021 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Michelle's gross tax if…Ursula, an employee of Ficus Corporation, is 35 years old and plans to retire in 20 years. The corporation has a qualified retirement plan and contributes $2,000 during 2020 for Ursula. In 2020, how should Ursula treat the $2,000 contribution made on her behalf by the corporation? a.Ursula must include only $100 (1/20 of the $2,000 contribution) in her gross income for 2020, but the same amount must be included in gross income for the following 19 years. b.The $2,000 and any earnings thereon must be included in Ursula's 2020 gross income. c.Ursula is not required to include either the $2,000 contribution or the earnings thereon in her 2020 gross income. d.Only the earnings on the $2,000 contribution must be included in Ursula's 2020 gross income. e.None of these choices are correct.Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2022). In 2022, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. b. She sets up an individual 401(k).