Lauren, an unmarried taxpayer
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Lauren, an unmarried taxpayer at 43 years old, is a participant in her employer's qualified retirement plan. In 2022, she had an AGI of $72,000, which was comprised of $68,000 in earned wages and $4,000 in interest and dividends. Given her participation in the qualified plan, what is the highest deduction Lauren can take for the current year for her traditional IRA?
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- Due to a change in her living situation, Tahira Bastianich, a single taxpayer, had to repay social security benefits that she received and included in her gross income in a prior year. In 2021, she repaid more than she received in benefits. In early 2022, she received the following Form SSA-1099 reporting information about the amount of benefits paid as well as the amount of benefits repaid during the year.Assuming general rules and circumstances, choose the statement that best describes how Tahira should report this repayment on her 2021 return. 2021 SSA-1099 form data: Box 3 26,400.00 Benifits paid in 2021 Box 4 31,200.00 Benifits repaid in 2021 Box 5 -4,800.00 Net Benifits for 2021 A) She may deduct the excess repayment amount shown in Box 5 in the section for "Other Itemized Deductions" on Schedule A, indicating that this is a deduction for repayment of amounts under a claim of right OR she may use the amount to figure a refundable credit, whichever is most…Rex, age 47, an employee at Water Waste, is considering contributing to a 401(k) plan during 2022. Which of the following statements are true? Rex can contribute $20,500 to a 401(k) plan and an additional $20,500 to a 401(k) Roth account in the current year. If Rex does make an elective deferral contribution, the amount is not currently subject to income or payroll taxes. Rex can make a $27,000 elective deferral contribution to a 401(k) plan for 2022. O Water Waste must deposit Rex's elective deferral contribution to the plan as soon as reasonably possiblePhil has a defined-benefit plan that pays him a pension of 1.8 percent of his average best three years' earnings. His earnings are as follows: 2016, $58,000; 2017, $62,000; 2018, $65,000; 2019, $66,000; 2020, $62,000; 2021, $72,000; 2022, $75 000. What will be his annual pension benefit if he was with Plastis Co. for 23 years? a. $16,224 b. $30,360 c. $28,789 d. $29,394
- Kathy is 60 years of age and self-employed. During 2022, she reported $540,000 of revenues and $108,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2022? Assume she pays $29,141 in self-employment for 2022. Note: Round your final answer to the nearest whole number. Multiple Choice О $61,000 О $67,500 О $103,986 О $83,486Harry is 45 years of age and is a member of a specified pension plan (SPP). She is planning for an active retirement that she expects will last 30 years. Harry believes she will need $75,000 before tax to support her desired retirement lifestyle. If Harry retires at age 60, how much would she need in her SPP to provide an annual retirement income of $75,000, paid at the beginning of each year? Assume an interest rate of 6% compounded annually. Disregard income taxes. (place answer below to the nearest dollar with no $ sign)Wendy (single) paid after-tax premiums for a long-term disability plan through her employer. After an illness, she retired in November 2022 at age 62. She elected to delay collecting social security. The disability policy paid $2,800 per month. IF she had no other income for 2023. What would her taxable income be?
- Joey, who is single, is not covered by another qualified plan and earns $126,000 at his job in 2020. How much can he contribute to a traditional IRA or to a Roth IRA in 2020?Kathy is 60 years of age and self-employed. During 2023, she reported $522,000 of revenues and $104, 400 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2023? Assume she pays $30, 687 in self-employment for 2023. Note: Round your final answer to the nearest whole number.! Required information [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $306,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita 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. Answer is complete but not entirely correct. $ 58,916 X Maximum contribution
- Don Driller, who is 56 years old, is provided with $120,000 of group-term life insurance by his employer. Based on the IRS uniform premium cost table Don's required contribution to the cost of the policy is $0. His employer pays the entire cost. Don was covered for the full 12 months of 2018. How much of the cost must Don include in his income for 2018?Each taxpayer is covered by an employer retirement plan in 2022. Choosing from the listed scenarios, who may qualify for a full deduction of their traditional IRA contribution? a. Barker, who flies single with modifed adlusted gross income of $68,025 b. Crosby, who is fiing a joint return as a qualifying surviving spouse with modifed adjusted gross income of $94, 000. c. Darius, who files head of household with modified adjusted gross income of $68, 500. d. Kaityn, who files a joint return with Kenneth, with modifed adjusted gross income of $ 109, 200.Owen, who is single, contributed $6,500 to his Roth IRA for 2023. He had MAGI of $17,000 for 2023 and used the single filing status. Owen has never taken a distribution from a retirement plan. What is his maximum retirement savings credit for 2023? 1. $0. ii. $200. ili. $1,000. iv. $2,000.
