Matthew and Jessica file as married filing joint.  They have an AGI of 225,000, and 4 qualified children.  What is their 2020 Recovery Rebate?

Q: Hillary gets divorced in 2020 and is required to pay her ex-spouse $200 per month until her son…

A: Alimony refers to the amount that is received periodically by a single person from the ex-husband's…

Q: Compute Monica 's 2020 AGI, taxable income and tax liability on the basis of the following…

A: Taxes are calculated on the AGI.

Q: In 2020, Laureen is currently single. She paid $2,320 of qualified tuition and related expenses for…

A: AOTC: American opportunity tax credit (AOTC) is a credit available for qualified tuition and…

Q: Jason makes payments in 2020 to his ex-spouse Dana related to their 2019 divorce agreeement of 1)…

A: Alimony paid by Jason is non deductible expense, and amount received by Dana is non taxable receipt…

Q: In 2022, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time…

A: In 2022, married filers with one child are eligible for maximum credit of $10,980 on earned income.…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: Taxes are the amount of dues or liabilities that needs to be paid by individual to government. These…

Q: Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is…

A: As per US taxation, the maximum limit of adoption of child tax credit can be claimed is $14,300 per…

Q: 1. Jennifer is single and 45 years old in 2021. Jennifer's modified adjusted gross income is…

A: Traditional IRA contributions may be tax deductible. The Deduction may be limited if you or your…

Q: interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020…

A: Premium tax credit refers to the refundable tax credit in the US which is payable through the IRS to…

Q: American Opportunity tax credit

A: This is a multiple-choice question in which we have to select the correct option. This question is…

Q: Meg and Ryan are married and file a joint return. Recall that the 2023 standard deduction amount for…

A: Gross income is the total income earned by an individual or business before deducting any…

Q: 5. Andy and Ashley are married in 2022. The following are the income for each of them: Andy Ashley…

A: To allocate the income to Andy and Ashley if they file separate returns, we need to consider the…

Q: Erik (52) and Donna (56) are married and filing jointly for 2022. Donna made $102,000 in 2022 and…

A: The question is asking us to determine the total amount that Erik and Donna can contribute to an…

Q: Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000…

A: Child and dependent care benefits refer to the form of incentive provided by the authorized…

Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…

A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…

Q: Bill receives social security benefits of $10,000 and files a married-jont return which includes…

A: Individuals having a total gross income, including Social Security, of at least $25,000, or married…

Q: This year Diane intends to file a married-joint return. Diane received $179,500 of salary and paid…

A: To calculate Diane's Adjusted Gross Income (AGI), we start with her total income and make certain…

Q: Dean and Rayann have been married for 25 years. In 2022, they won $1,000,000 ata casino. They knew…

A: The correct filing status for Dean and Rayann for 2023 is Option (a) Married, -76.

Q: Eddie and Krysten married on January 1, 2020 and had their baby, Eddie Jr. on December 31, 2020.…

A: The following computations are done for Eddie and Krysten.

Q: Wendy has twins, Robert and Richard, who are in their first and third years of school at accredited…

A: Tax is an obligatory payment that is to be made by citizens to the government at the tax rates that…

Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021,…

A: INTRODUCTION: Tax credits are sums of money that taxpayers can deduct directly from their taxes. Tax…

Q: This year Diane intends to file a married-joint return. Diane received $179,900 of salary and paid…

A: The adjusted gross income is the gross income after the adjustment. The interest paid on the…

Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…

A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…

Q: Sid and Nancy’s divorce decree requires Nancy to pay Sid $2,000 per month in child support and…

A: The objective of the question is to determine the amount of money that Sid needs to report as…

Q: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas…

A: "Filling status" in tax refers to the taxpayer's classification based on their marital status and…

Q: Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security…

A: The following joint income return is calculated for Linda and Don.

Q: Dan is single and over 65 years old.  She received the following in 2020:   Interest from…

A: Taxable amount: $50,000

Q: a. How much can Ashley contribute to her Roth IRA if they file a joint return?

A: The contribution to the Roth IRA is directly dependent upon the income earned during the year and…

Q: Elvira

A: An employer's contributions made through a SEP plan are held in a regular IRA known as a SEP-IRA.…

Q: In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full- time…

A: Earned Income Tax is the United States tax credit and it was introduced to keep families out of…

Q: a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until…

A: a).  1). Joan may deduct the reduced amount of $450 from each payment the balance $250 of each…

Q: Stella files single. In 2021, she had $70,00 in wages, $15,000 income from a limited partnership,…

A: Wages income $70,000 Non passive income Income from limited partnership $15,000 Passive Income…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: A child tax credit (CTC) is a tax credit for parents with dependent children given by various…

Q: What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to…

A: Trey is eligible for the full child tax credit of $2,000 for each of his daughters because his AGI…

Q: Max and Sarah are the parents of twin three-year old boys. Max and Sarah work full- time and file…

A: Expenses incurred in the care of dependent children under age 13 or other qualifying expenses can be…

Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023,…

A: A refundable tax credit, the Earned Income Tax Credit (EITC) is intended to support working families…

Q: Partner Z (a calendar-year, cash basis taxpayer) performs services for the XYZ partnership (a FYE…

A: Accrual basis taxpayers are those taxpayers which evaluate the income when earned actually or become…

Q: Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2023.…

A: The term "tax implications" describes the possible financial effects that a choice or action may…

Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…

A: GIVEN   Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…

Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $136,025; and have…

A: To determine the amount of the American Opportunity Credit for 2023, we need to consider the…

Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…

A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…

Q: Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019…

A: In case of married filing jointly and under 50 years of age, contribution limit to IRA is $6,000 in…

Q: Eddie and Krysten married on January 1, 2020 and had their baby, Eddie Jr. on December 31, 2020.…

A: The tax refund is given to the taxpayer for the overpayment of tax.

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…