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- 3Upon Jena’s retirement, the couple plans to relocate their home close to the beach. For this purpose, they intend to buy a house near the beach and a rental property (to fund their retirement). They do not have the funds to make these purchases. Please explain to the couple the downsizing retirement strategy most appropriate to their circumstance.This is US Tax and Law Study Guide
- 6 Holly and Zachary Neal, from Dublin, Virginia, are preparing to file their 2020 income taxes. Their children are grown; however, Holly's mother, Martha, has moved in with them. As Holly is mow caring for her mother, she is no longer working. Martha is dependent on their income for support except for her $525.24 monthly Social Security benefit. Zachary works for a software company and earns anough to keep their heads above water; however, he had to discontinue paticipation in his retirement plan so they could pay the bills. Holly is taking this opportunity to work toward her master's degree. They know they will file jointly but need your help preparing their tax return. They have gathered all of the appropriate records: a. Are Martha's unreimbursed medical expense deductible on the Neals' tax return? Why or why not? b. Is Martha required to file a tax return? Why or why not? c. What tax advantage(s), attributable to Holly's education expenses, can the Neals include on their return? d.…Tom Brown is 36 years old and has never been married. Frank, age 13, is Tom1s nephew who lived with hin all year. Tom provided all of his support and provifded over half the cost of keeping up the home. Tom earned 44,000 in wages Tom is legally blind and cannot be claiment as a dependent by another taxpayer. Tom and Frank are U.S citizens, have valid social securities numbers, and lived in the U.S. the entire year. Do the individual income tax return? If need to use a state use mississippiShaan and Anita are married and have two children, ages 8 and 10. Anita is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and Anita should carry. Insurance need
- Emma Emerson is a proud woman with a problem. Her daughter has been accepted into a prestigious law school. While Ms. Emerson beams with pride, she is worried sick about how to pay for the school; she is a single parent who has worked hard to support herself and her three children. She had to go heavily into debt to finance her own education. Even though she now has a good job, family needs have continued to outpace her income and her debt burden is staggering. She knows she will be unable to borrow the money needed for her daughter's law school. Ms. Emerson is the chief financial officer (CFO) of a small manufacturing company. She has just accepted a new job offer. Indeed, she has not yet told her employer that she will be leaving in a month. She is concerned that her year-end incentive bonus may be affected if her boss learns of her plans to leave. She plans to inform the company immediately after receiving the bonus. She knows her behavior is less than honorable, but she believes…6 Stella and Josh are young parents of two children, aged 1and 3 Stella is employed as a senior manager at a company where she is covered under a group i up his job to look after the children and is not covered under any insurance plan. The couple meets with an insurance agent to discuss their options to cover for child the event of Josh's disability. Which of the following recommendations is the agent likely to provide?Help me please asap. Don't use AI. It's strictly prohibited.
- 1. Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able to support his son Ed. Ed is 67 years old and a bit "confused," so he lives in a nursing home. Ed's income is less than $2,000. How many dependents should Ronald claim on his tax return? a.2 b.3 c.1 d.0 e.None of these choices are correct. 2. Which of the following relatives will not satisfy the relationship test for the dependency? a.Sister b.Parent c.Adopted child d.Aunt e.All of these choices satisfy the test. 3. Your standard deduction will be $12,550 in 2021 if you are: a.Single, 27 years old, and blind. b.Single and 67 years old. c.Single and 45 years old. d.A nonresident alien. e.A married individual filing a separate return and your spouse itemizes his deductions.6. In relation to the Income of Minors, which of the following is a prescribed person under ITAA36 Div. 6AA:Select one:a. Lulu who is permanently disabled and aged 16b. Carl who is married and is 17 years oldc. Nine-year-old Lucy whose parents are entitled to a carer allowanced. Ten-year-old Franke whose guardians are entitled to a double orphan pension(Case Study Question) Henry's oldest son has few financial resources. Henry would like to contribute annually to a trust, with his son only receiving the trust income. The remainder of the trust would go to his grandchildren (his son's children) at his son's death. Henry wants his son to receive all the earnings from the trust with no restrictions. He realizes that his son will likely squander trust income he receives but wants to otherwise protect his son from his creditors. Which of the following trusts would you recommend that Henry establish for the benefit of his son? A) An irrevocable trust, including spendthrift provisions B) A support trust C) A Section 2503(b) trust
