For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support received of $36,000, a net business loss of $5,000, and interest receipts of $2,300. She is a member of her employer's RPP to which she contributes $2,500. Her employer makes a matching contribution and reports a 2019 PA of $4,200. At the end of 2019, she has unused RRSP deduction room of $8,400 and undeducted RRSP contributions of $7,000. In early 2020, she contributes $20,000 to her RRSP. Determine Sylvia's maximum RRSP deduction for 2020. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2020, and indicate the amount of any undeducted contributions remaining at the end of 2020. Net Employment IncomeRPP ContributionsSpousal Support ReceivedBusiness Loss2019 Earned IncomeUnused Deduction Room - End Of 2019Lesser Of:• 2020 RRSP Dollar Limit =• X% Of 2019 Earned Income Of $X.XXLess 2019 PA2020 RRSP Deduction LimitRRSP Deduction Is Lesser Of:• RRSP Deduction Limit = $X.XX• Available Contributions = $X.XXUnused RRSP Deduction Room - End Of 2020
For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support received of $36,000, a net business loss of $5,000, and interest receipts of $2,300. She is a member of her employer's RPP to which she contributes $2,500. Her employer makes a matching contribution and reports a 2019 PA of $4,200. At the end of 2019, she has unused RRSP deduction room of $8,400 and undeducted RRSP contributions of $7,000. In early 2020, she contributes $20,000 to her RRSP. Determine Sylvia's maximum RRSP deduction for 2020. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2020, and indicate the amount of any undeducted contributions remaining at the end of 2020. Net Employment IncomeRPP ContributionsSpousal Support ReceivedBusiness Loss2019 Earned IncomeUnused Deduction Room - End Of 2019Lesser Of:• 2020 RRSP Dollar Limit =• X% Of 2019 Earned Income Of $X.XXLess 2019 PA2020 RRSP Deduction LimitRRSP Deduction Is Lesser Of:• RRSP Deduction Limit = $X.XX• Available Contributions = $X.XXUnused RRSP Deduction Room - End Of 2020
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 38P
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For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support received of $36,000, a net business loss of $5,000, and interest receipts of $2,300.
She is a member of her employer's RPP to which she contributes $2,500. Her employer makes a matching contribution and reports a 2019 PA of $4,200. At the end of 2019, she has unused RRSP deduction room of $8,400 and undeducted RRSP contributions of $7,000. In early 2020, she contributes $20,000 to her RRSP.
Determine Sylvia's maximum RRSP deduction for 2020. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2020, and indicate the amount of any undeducted contributions remaining at the end of 2020.
Net Employment IncomeRPP ContributionsSpousal Support ReceivedBusiness Loss2019 Earned IncomeUnused Deduction Room - End Of 2019Lesser Of:• 2020 RRSP Dollar Limit =• X% Of 2019 Earned Income Of $X.XXLess 2019 PA2020 RRSP Deduction LimitRRSP Deduction Is Lesser Of:• RRSP Deduction Limit = $X.XX• Available Contributions = $X.XXUnused RRSP Deduction Room - End Of 2020
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT