Financial Account - In the current year, Ed invests $30,000 in an oil partnership. He has taxable income for the current year of $2,000 from the oil partnership and withdraws $10,000. What is Ed's at-risk amount at the end of the year?

Discussion question 1.   Aiden is married and has salary income of $80,000 and total itemized deductions is $30,000. During the year, he sold two investments resulting in a $5,000 long-term capital gain and a $15,000 short-term capital loss.  He calculated his AGI to be $70,000 (80,000 -10,000) and his taxable income to be $40,000 (70,000-30,000).  Based on the tax formula and the net capital loss rules, comment on whether or not the adjusted gross income and taxable income are correct. Explain and provide support for your position.

1. In 2020, Joanne invested $90,000 for a 20% interest in a partnership in which she is a material participant. The partnership reported losses of $340,000 in 2020 and $180,000 in 2021. Joanne’s share of the partnership losses was $68,000 in 2020 and $36,000 in 2021. How much of these losses can Joanne deduct on her tax return?   $0 in 2020; $0 in 2021. $68,000 in 2020; $22,000 in 2021. $68,000 in 2020; $36,000 in 2021. $68,000 in 2020; $0 in 2021.

What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: a. Josh is age 20 and single. Josh's only income item is $13,600 interest from a trust fund. b. Josh is age 40 and single. Josh's only income item is a $34,600 share of ordinary income from a partnership. c. Josh is age 60 and single. Josh's only income item is $29,000 wages. d. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,390 loss, and the spouse's salary is $49,800. a. Maximum contribution b. Maximum contribution c. Maximum contribution d. Maximum contribution Amount

Data: This year Jack intends to file a married-joint return. Jack received $179,200 of salary and paid $5,750 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $5,000 and $30,900 of alimony to his ex-wife, Diane, who divorced him in 2012. Question: Suppose that Jack also reported income of $9,450 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Plz and thank you, Stephanie

Hw.171. please indicate the category of interest- options investment , passive activity, personal ,student loan, or active trade or business

Chris 45 and Alison  46 are marries  and they will file a joint return . During the year they earned 82500 wages. They also jad investment  income consisting of 200 interest income from a savng account 350 interest  income from a certificate  of deposit held with another bank 250 interest  income  from a us treasury 500 tax exempt  interest  income from municipal bond and 1700 in ordinart dividends from a mutual fund what amout will cris and allison report for taxable interest in their 1040

Compute the taxable income for 2021 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2019. Salary $80,000 Interest on bonds issued by City of Boston 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid upon death of aunt (Aiden was the designated beneficiary of the policy) 200,000 Inheritance received upon death of aunt 100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2015 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and 9,700 charitable contributions) Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) Age 43 Click here to access the standard deduction table to use, if required. a. Indicate whether the items are taxable or not taxable to Aiden. Cash dividend received on Chevron common stock Salary Taxable Interest on…

What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: Josh is age 20 and single. Josh's only income item is $13,200 interest from a trust fund. Josh is age 40 and single. Josh's only income item is a $31,900 share of ordinary income from a partnership. Josh is age 60 and single. Josh's only income item is $24,200 wages. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,720 loss, and the spouse's salary is $43,000.

Gross Income:   Joey incurred $100 in expenses from selling sports memorabilia. He received $800 in cash sales from this activity.  Suzy owns 10 shares of Apple stock, which she purchased 6 years ago for $81 per share. It was worth $190 per share on December 31, 2023.     Other income received by the couple: Interest income from their TD Bank savings account - $50 Joey’s share of income from a real estate partnership (per Schedule K-1) - $1,000. The name of the partnership is Annapurna LLC, FEIN 24-1306521.  Joey, a limited partner, owns a 10% interest in the partnership.  Note: This should be reported on Schedule E, Part II Ordinary dividend income from various stocks - $350 Suzy received a $1,200 reimbursement of medical expenses from her employer-purchased health and accident insurance policy. She did not deduct these expenses in a prior year.   Earned income   Suzy received the following compensation from her employer during 2023:   Payor Gross Income Federal Income Tax…