Am.102. During 2017, Mr. B makes a $7300 contribution to anew RRSP in which he is the registrant. His wife, Mrs. Balso makes a $7300 contribution to his RRSP in 2017.In 2018, Mr. B makes a $19000 contribution to his ownRRSP. Mrs. B makes a $7500 contribution to his RRSP, as well.In 2019, Mr. B withdraws $26400 from his RRSP. Howmuch of this withdrawal will be included as income inMr. B's return?Round to the nearest dollar. Do NOT write commas,dollar signs, or decimals in your response.Your Answer:

Contributions Made:2017:Mr. B: $7,300Mrs. B: $7,300 (to Mr. B's RRSP)2018:Mr. B: $19,000Mrs. B:…

Answered: During 2017, Mr. B makes a $7300…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 46P

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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?
What is the correct answer to the problem? Identify how much is the vanishing deduction of the decedent. Show solution.
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Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $209,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA?
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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).

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