Leigh Kaplan (71), a single taxpayer, began receiving a pension of $2,400 per month for life on July 1, 2007. Her 2022 Form 1099-R is shown below. Which of the following statements is always correct?
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- Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________Greta Boyd (70), a single taxpayer, began receiving a pension of $2500 per month for life on June 1, 2006. Her 2021 Form 1099-R is hown below. Box 2a is blank. Which of the following statements is always correct? a. $30,000 is taxable b. Greta is subject to a 10% early distribution penalty c. if Greta made any after-tax contributions, the tax distribution is figured using the Simplified Method Worksheet d. None of Greta's distribution is taxable
- Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…Marvin, age 66, is retired and single. He earned the following income in 2022. To determine if any of his Social Security is taxable, he should compare how much of his income to the $25,000 base amount? Part-time job Interest on checking account Social Security Taxable pension Total $10,500 $4,000 $16,500 $7,000 $38,000Hw.21. must present the procedures or formulas used to reach your final results Pepe Jose is a single taxpayer, age 34. In 2022, his salary is $69,400 and he has interest income of $12,500. In addition, he has deductions for adjusted gross income of $14,340 and he has $14,390 of itemized deductions. Calculated the following amounts: Gross Income Adjusted Gross Income Standard Deduction or Itemized Deduction Amount Taxable Income Taxes Liability
- All of the following taxpayers meet the modified adjusted gross requirements for the Retirement Savings Contributions ( Saver's) Credit. Which taxpayer is eligible to claim the credit on their 2023 return? 1) Alanna (25) is claimed as a dependent on her sister's return. This year, she worked as a freelance writer and contributed $2,000 to a Roth IRA. 2) Henry (19) is employed full-time by ABC, Inc, This year, elective deferrals of $5,000 were made to the company 401 (K) plan. 3) Marissa (17) is an emancipated minor who is not a dependent. She worked full-time as a dental receptionist. This year, she contribituted $1,000 to a Roth 401 (K) plan. 4) Karl (20) is afull-time student at Arkansas State University. This year, he worked part-time at a local restaurant and contributed $3,000 to a traditional IRA.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…Which of the following taxpayers may potentially qualify for the retirement savings contributions credit (Saver's Credit)? Person A . She is married but will file a separate return. Her 2020 modified adjusted gross income was $29,950. She contributed to a Roth IRA. Person B. He will use the single filing status. His 2020 modified adjusted gross income was $31,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA. Person C. He will use the head of household filing status. His 2020 modified adjusted gross income was $51,000. He contributed to a traditional IRA. Zee and Kay. They are a married couple filing a joint return. Their 2020 modified adjusted gross income was $69,000. Veronica made voluntary contributions to her company's 401(k) plan.
