Matthew's divorce decree calls for him to pay his former spouse, Makenzi, $200 a month as child support and $150 a month as alimony. Matthew fails to pay Makenzi in July and December. The divorce decree was finalized on September 1, 2018. The amount Matthew may deduct as alimony paid is __________.
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- Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Mortgage interest Property taxes $7,925 2,760 Insurance 2,950 TULE Repairs & maintenance 1,875 Utilities 4,400 16,875 Depreciation Ce During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $120,000. Alexa has no sources of passive income. (Leave no answer blank. Enter zero if applicable.) What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI 1.01 increases by decreases by no effectMario, who is single and elects to itemize, rents his mountain house for 210 days and uses it for personal use for 25 days during the year, not a leap year. Income and expenses associated with the property are: Rental income $ 24,000 Mortgage interest payments 12,000 Property tax payments 8,000 Depreciation 7,000 Utility payments 5,000 Maintenance payments 4,000 If Mario is allowed a choice, Mario would choose to use the court approach to allocating mortgage interest and property taxes. Determine the amount of expense that Mario would deduct from AGI on his current year tax return associated with the mountain house. Hint: Determine the correct classification of the mountain house. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 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 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiums $9,800Annual premium for the designated silver plan in the state $10,800 Compute the Collins’ premium tax credit for 2019.
- 1. MC.02-075 Ren and Mina are divorced and under the terms of their written divorce agreement signed on December 30, 2016, Ren was required to pay Mina $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2022. Additionally, Ren voluntarily paid Mina $1,200 per month for 12 months of 2022, no portion of which was designated as child support. Assuming that Mina has no other income, her tax return for 2022 should show gross income of a. $7,200 b. $10,800 c. $18,000 d. $0Ted and Alice were divorced in January 2018. The provisions of the divorce decree and Alices's obligations follow: 1. Transfer the title in their resort condo to Ted. At the time of the transfer, the condo had a basis to Alice of $95,000, a fair market value of $115,000; it was subject to a mortgage of $85,000. 2. Alice is to make the mortgage paynents for 17 years regardless of how long Ted lives. Alice paid $12,000 in 2020. 3. Alice is to pay Ted $1,000 per month, beginning in 2018, for 10 years or until Ted dies. Of this amount, $500 is designated as child support. Alice made five payments of $900 each in 2021 (January - May). What is the amount of alimony from his settlement that is includible in Ted's gross income for 2021?Doreen is single and has three dependent children aged 12, 14 and 16. The children are full time students and have no income. Doreen is not entitled to SAPTO. Her income for the 2022 year is as follows:Doreen$60,877 Taxable Income$29,999 RFBA (exempt employer)$ 5,200 RESC$22,344 HELP DebtWhat will Doreen’s compulsory HELP Debt Repayment be for the 2022 year?
- Tony and Nancy are married. Both are under age 55. For all of 2022, Tony has self-only coverage under a hig deductible health plan (HDHP) with a $2,000 annual deductible. He has no other health coverage. Nancy ha non-HDHP family coverage for herself and the couple's two dependent children. Tony is not covered by Nancy non-HDHP. Because he has no health coverage beyond his own HDHP, Tony is eligible to contribute up to wh amount to a health savings account (HSA) for the 2022 tax year? A. $1,400 B. $3,650 C. $7,050 D. $7,300Suzanna earns $4000 in her summertime job; the rest of the year she attends college fulltime. Suzanna may claim an exemption from FIT withholding if: a.she also has a taxable scholarship (used for housing) = $15,000. b.her unearned income (interest) = $1698. c.her aunt claims her as a dependent and she has no unearned income. d.her unearned income (dividends) = $1800.Skip rented an office building to Chris for $1,000 per month. On December 29, 2018, Skip received a deposit of $7,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Chrisclosed his business and filed for bankruptcy. Skip had collected rent for February, March, and April on the first of each month. Skip had received May rent on May 10, but collected no payments afterwards. Skip withheld $1,000 from the deposit because of damage to the property and $500 for unpaid rent. He refunded the balance of the deposit to Chris. Requirement What amount would Skip report as gross income for2018? for 2019? Begin by selecting the labels to show the items that will comprise Skip's 2018 gross income, and then enter the amounts to compute the 2018 gross income amount. (If an input field is not used, leave the input field(s) empty; do not select a label or enter a zero.) Taxable item 2018 Gross income…
- Harry is divorced from Kate. Pursuant the divorce decree, they alternate years claiming their son Frank as a dependent. For 2021 Kate released Frank's dependency exemption to Harry. Harry filed his 2021 return using the single filing status and reported agi of 62000. Which of the following is true regarding Harry's 2021 recovery rebate credit?During 2020, Brandi loans her brother Keefer $40,000, which he intends to use to establish a small business. Because Keefer has no other assets and needs cash to establish the business, the agreement provides that Keefer will repay the debt if (and when) sufficient funds are generated from the business. Brandi and Keefer do not establish an interest rate. The business is unsuccessful, and Keefer is forced to file for bankruptcy in 2021. By the end of 2021, it is estimated that the creditors will receive only 50% of the amount owed. In 2022 the bankruptcy proceedings are closed, and the creditors receive 25% of the amount due on the debt. Requirement What is Brandi's bad debt deduction for 2021? For 2022? (Complete all input fields. Enter a "0" if no bad debt deduction can be taken.) Brandi's bad debt deduction for 2021 will be Brandi's bad debt deduction for 2022 will beAlexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 2,000 6,500 2,000 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 1,400 2,500 14,500 Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume Alexa receives $30,000 in gross rental receipts. a. What effect do the expenses associated with the property have on her AGI? Gross rental income Expenses: Less: total expenses Balance-net rental income