he maximum amount a taxpayer may claim for the lifetime learning credit is: O $2,000 per return. $2,000 per qualifying student. $2,500 per return. $2,500 per qualifying student.
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- In a ROTH IRA or 401 (k): O A. Contributions are NOT tax deductible in the year they are made B. Withdrawals are tax free as long as they are held for at least 5 years and you are at least 591/2 years old C. Neither A nor B D. Both A & BA 42-year-old single taxpayer earning a salary of $138,000 a year can make which of the following IRA contributions if he is not coverec by a plan at work? Oa. S7.000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA Ob. $6,000 to elther a traditional IRA a Roth IRA. or a nondeductible IRA Oc. $6.000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA Od. $6,000 to a Roth IRA onlyHw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?
- The SECURE 2.0 Act of 2022, Section 307, allows a taxpayer who wants to make a charitable contribution from their IRA, to make a one-time rollover to an eligible split interest entity. What is the maximum amount allowed to be contributed? o $5.000 o $10.000 o $25.500 o $50.000The annual amount of tax deductible contributions to qualified retirement plans are the same as the amount of tax deductible contributions to an IRA (Individual Retirement Account). O True O Falsesehold. The maximum amount a taxpayer may claim for the lifetime leaming credit is: $2,000 per return. $2,000 per qualifying student. $2,500 per return. $2,500 per qualifying student. OMark for follow up
- Case Study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the total value of their exemptions? 2. How much is the standard deduction for the Johnsons?Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Problem 9-38 (LO. 6) For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2020. Traditional IRA Contribution a. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His wife, Agnes, has no earned income. Juan wishes to contribute as much as possible to his own IRA. b. Abby, age 29, reports earned income of $25,000, and her husband, Sam, has earned income of $2,600: They are not active participants in any other qualified plan. C. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, has earned income of $32,000, and has AGI of $29,000. (Previous
- Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00If a taxpayer has interest income of $5,500 and investment interest expenses of $6,000 in itemized deductions, what amount can the taxpayer deduct in investment interest expenses? *If zero, enter "0". 5500Which of the following income is taxable? * A. Proceeds of life insurance policy paid to the heirs or beneficiaries upon the death of the insured. B. Employment gratuities in exchange for services rendered by employees. C. Retirement benefit under RA 7641 D. Gains from the sale of bonds with maturity of more than 5 years