Lucille is 70 years old and is covered by Medicare. She contributes $3,050 to her HSA. Deductible HSA amount?
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Lucille is 70 years old and is covered by Medicare. She contributes $3,050 to her HSA. Deductible HSA amount?
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- Reggie is 55, had a AGI of 31200 in 2021. During the year, he paid the following medical expenses Drugs (prescribed by physicians) $520 Health I insurance premium after taxes $1420 Doctor's fees $1270 Eyeglasses $395 Over counter drugs $220 Reggies received $520 in 2021 for a portion of the Dr. fees from his insurance. What is Reggie's medical expenses deduction?Gramps purchased a joint survivor annuity that pays $1,600 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $332,640 for the contract. How much income will Gramps recognize on the first payment?Julio and Maria Gomez are retired and they live at 567 Ono Way, Cambria, CA 94457. Julio's Social Security number is 777-88-5555 and Maria's is 666-88-4444. Julio received Social Security retirement benefits of $28,400 and Maria received Social Security retirement benefits of $22,858. In addition, Maria received a pension from the state of California in the amount of $16,752, and she had $3500 withheld for federal taxes ( include this on page 2 of Form 1040 as a credit towards the tax liability). Julio and Maria also have a savings account with Wells Fargo Bank and they earned $4200 in interest income. Julio and Maria own and live in their own home but do not pay a mortgage because they have paid it completely prior to retiring. Their property taxes are very low and their medical expenses as well so they do not itemize deductions. Julio and Maria have a rental and need to include the income on their tax returns. They received $36000 in rent and had the following expenses for their…
- Greg died on July 1, 2021, and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income?Faith, a single taxpayer, age 81, forgot to take her 2021 required minimum distribution (RMD) from her traditional IRA. Her account balance on December 31, 2020, was $240,000. What is her excess accumulations penalty? $24,000 $13,408 $6,704 $0During the year brenda(70) a single tax payer received 18000 social security benefits. Her only other income consisted 6000 in part time job and pension distribution of 8500$. How much Brenda's social security taxes are taxable
- c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI Less: Standard deduction Taxable income AGI Less: Standard deduction d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. Taxable income $75,000 AGI Less: Standard deduction 24,000 X Taxable income 50,600 X $58,000 26,850 X e. Chang, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Chang's dependent. Chang has AGI of $64,000 and itemized deductions of $9,900. 31,150 X $64,000Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,750. Table for Repayment of the Credit Amount Single Taxpayers OtherThan Single Less than 200% $325 $650 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,350 2,700 At least 400% No limit No limit Click here to access the 2020 Applicable Figure Table to use for this…Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and Clair are both retired, and during 2019, they received Social Security benefits of $10,000. Both Alton and Clair are covered by Medicare. Alton's Social Security number is 111-11-1119, and Clair's is 123-45-6786. They reside at 210 College Drive, Columbia, SC 29201. Alton, who retired on January 1, 2019, receives benefits from a qualified pension plan of $2,750 a month for life. His total contributions to the plan (none of which were deductible) were $168,250. In January 2019, he received a bonus of $2,000 from his former employer for service performed in 2018. No income taxes were withheld on this bonus by his former employer (Amalgamated Industries, Inc.; EIN 12-3456789; 114 Main Street, Columbia, SC 29201). Although Amalgamated Industries, Inc., accrued the bonus in 2018, it was not paid until 2019. Clair, who retired on December 31, 2018, started receiving benefits of $1,400 a month on…
- Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $370. What is the effect on Belinda’s gross income?Ashford, age 45, is an active participant in his employer's defined benefit retirement plan, but he would also like to make a deductible contribution to a traditional IRA this year. Ashford is married, files a joint return with his spouse, and has an AGI of $114,000 in 2021. What is the maximum deductible contribution that Ashford can make to a traditional IRA?Frank, who is single, received $6,000 of social security benefits. His AGI before the social security benefits was $14,000. He also had $100 of tax-exempt interest. What is the amount of taxable social security benefits? Multiple Choice • $0. ● $6,000. $3,000. $17,100.
