Phil took $60,000 coronavirus -related distribution from his qualified retirement plan in 2020 choose and chose to recognize the income over the maximum period of time. What is the amount of the distribution he must recognize in 2022?
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- Mark, who is single, must start making distributions from his pension plan beginning April 1, 2022. At the end of 2020, when Mark was 71 years old, the plan had a balance of $220,000. He will use a single life expectancy. What amount must Mark take as a distribution from the pension plan no later than April 1, 2022? Use Table I, Table III, and Table V. Multiple Choice $8.907 $8,594 $14,193 $8,302 220000 16.3 X = 13496.9325153 XYour client is planning to retire in 2018, he is 70 years old. Are there any issues he may face in regards to distributions from qualified retirement plans.Malcolm knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate if for him and his wife. In 2020, the OAS pension is clawbacked or reduced by 15% above $79,054. Malcolm and his wife are both receiving monthly pensions of $613.54. His net income is $130,000 while his wife's net income is $85,000. What is the total amount they have to repay in 2020? Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,054 $8,254 $14,725 $892 $13,833 $7,362 $128,137
- Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210Zena is taking distributions from her traditional IRA. At the end of 2021, the plan had a balance of $220,000 and Zena was 72 years old. What minimum amount must Zena take as a distribution from the IRA in 2022? Multiple Choice $8,302. Some other amount. $8,209. $13,415.Jerome and Laurie are signing the real estate papers tomorrow on the purchase of their first home. They both have Registered Retirement Saving Plans (RRSPS) at CIBC and are looking to use the Home Buyer's Plan (HBP) to make their down payment. As of today, December 17, 2021, the market value of Jerome's RRSP is at $23,765 while Laurie's is at $35,521. What is the maximum amount they can currently withdraw from their respective RRSPS with CIBC for their total down payment on a house under the HBP? Home Buyer's Plan (HBP) Withdraw up to $35,000 per borrower and up to $70,000 per couple. 15 years to pay back the amount withdrawn A $35,000 В $58,765 $70,000 $50,000 E $59,286
- Derek can deposit $19,305.00 on each birthday beginning with his 26.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,825,432.00 in it when he retires?If I turn 65 in January 2025 can I contribute the maximum amount to my hsa in 2024?Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000
- Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?Roberto, age 50, has AGI of $110,000 for 2020. He has medical expenses of $13,200. How much of the medical expenses can Roberto deduct on his Schedule A for 2020? a. $0 b. $11,000 c. $13,200 d. $2,200 e. $4,950Todd would like to retire and claim Social Security benefits at age 69. His full retirement age is 67 and his PIA is $2,500. What would his monthly benefit be if he delayed beginning his Social Security retirement benefits to age 69? A) $2,745 B) $2,900 C) $2,982 D) $3,115
