45. Sandra and Bill, both 78, are Texas residents. Sandra participates in the state's Long-Term Care Partnership program; Bill, her neighbor, does not. Both are found eligible forMedicaid payment of their LTC services. Which of the following can Sandra do that Billcannot?(Search Chapter 11)a. transfer designated resources to another individual without penaltyob. avoid having any of her monthly income applied to the cost of her LTC servicesOC. avoid Medicaid eligibility redetermination and reverification after initial eligibilityod. designate her home as a protected countable asset

Sandra, as a participant in the Long-Term Care Partnership program, has the ability to protect…

Answered: 45. Sandra and Bill, both 78, are Texas…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 4MCQ

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LO.2 During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her father), and herself: Beth qualifies as Susans dependent, and Ed would also qualify except that he receives 7,400 of taxable retirement benefits from his former employer. Beths psychiatrist recommended Red River Academy because of its small classes and specialized psychiatric treatment program that is needed to treat Beths illness. Ed, who is a paraplegic and diabetic, entered Heartland in October. Heartland offers the type of care that he requires. Upon the recommendation of a physician, Susan has an air filtration system installed in her personal residence. She suffers from severe allergies. In connection with this equipment, Susan incurs and pays the following amounts during the year: The system has an estimated useful life of 10 years. The appraisal was to determine the value of Susans residence with and without the system. The appraisal states that the system increased the value of Susans residence by 2,200. Ignoring the AGI floor, what is the total of Susans expenses that qualifies for the medical expense deduction?
Which of the following are covered by FICA (indicate Yes or No)? _____1. Andrian Mitchell, a full-time life insurance salesperson. _____2. John Sain, a federal government employee, hired in 1990. _____3. Bonnie Stone, a real estate agent. _____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.
18 Sandy is seeking child support under the Divorce Act from her former husband, Raymond. Her daughter, Kalia is a normal healthy child who attends daycare while Sandy works. Sandy hopes that the court will order an amount in addition to the basic amount to help her defray some of her unique expenses. Which of the following purchases or expenses may result in Raymond having to pay an amount greater than the basic amount under the federal Child Support Guidelines? a) expenses for Kalia's daycare b) Kalia's new clothes c) the loan on Sandy's new car, which has a built-in car seat for Kalia Od) the child-sized, electric Barbie-mobile that Sandy bought for Kalia's third birthday
Isis quit her job at A Corp. While at A Corp., Isis was enrolled in their group health insurance plan. Now, Isis works for C Corp., which also has a group insurance plan. According to the Health Insurance Portability and Accountability Act, C Corp. must ______. a. pay A Corp. so that Isis can maintain her health insurance through A Corp b. wait to enroll Isis in C Corp.'s plan until she has been employed with the company for 1 year c. reimburse Isis for any out-of-pocket expenses she incurred while unemployed d. allow her to participate in the company group health insurance plan
Which of the following situations describes a risk exposure that can be most appropriately insured against with an individual disability income policy? A)A self-employed bookkeeper earns $40,000 a year out of a small office located in her neighborhood, and wants to protect her income. B)A lawyer wants to make sure his business overhead expenses are covered if he becomes disabled. C)A couple with a military retirement income manages a self-storage business, and they are compensated with a place to live that is on the premises of the business. D)An accountant's spouse owns the building in which the accounting office is located. All of the practice’s income is used to pay rent and other business expenses, so the accountant has no compensation from the business.
In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child? a, The noncustodial parent provides $1,500 of support for the child and the custodial parent provides $1,200. b, The custodial and noncustodial parent both provide $1,500 of support for the child. c, The custodial parent provides $1,500 of support for the child and the noncustodial parent provides $1,200. d, All of the above.
3. Leon Rosen recently retired from the Navy. He and his wife, Miriam, must choose a TRICARE health plan. They have decided to use a typical office visit with total charges of $45 as an example to help determine the best plan for them. Assume they have met any deductible, premiums, or other fees to enroll in the program. (1) What is the out-of-pocket amount for the office visit under TRICARE Select? (2) What is the out-of-pocket amount for the office visit under TRICARE Prime?
Grandmother Smith is concerned about having an incapacitating illness that will prevent her from managing her finances. Grandmother Smith should execute a(n): Show Transcribed Text ง Homer is physically unable to sign his will. While he is heavily sedated and sleeping only a few feet away, Athena signs the will for him in the presence of a few friends. The next morning, Homer passes away. Athena wants to probate the will because she is the sole beneficiary. The will is valid.
1. Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2019? a. $4,600 b. $1,300 c. $1,000 d. $3,500 e. $3,450 2 Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? a. $2,700 b. $5,500 c. $0 d. $3,500 e. $11,000 3. Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA? In your computations, carry out any division to two decimal places. a. $5,500 b. $6,000 c. $3,850 d. $5,000 e. Some other amount 4. Marge has a Roth IRA held more than 5 years to which she has contributed…
Nedd correct answer which explanation in deap 19. Delilah participates in her state's long-term care partnership program and purchased an LTCI policy with a $200,000 maximum benefit. At what point would Medicaid assume the role of primary (first) payor for her long-term care services? O a. when Delilah enters a nursing home O b. when the policy's elimination period has expired O c. when the policy has paid $200,000 in benefits O d. Never; a partnership policy guarantees that the insured will never have to rely on Medicaid for long-term care.
Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Select one: a. $6,500 b. $11,000 c. $13,000 d. $12,000
Paula participates in an employer sponsored high deductible health insurance plan. When the employer switched to a high deductible plan, a health savings account (HSA) was established for each employee, and the company contributed the policy deductible to the HSA. Which of the following statements concerning this situation is correct? If Paula does not use the funds in the HSA by the end of the year, she will forfeit the balance to her employer. Paula will receive an above-the-line income tax deduction for contributions she makes to the HSA (up to a specified maximum). Employer contributions to the HSA up to the plan limit will be included in Paula's income. If Paula leaves her current job and accepts a position with an employer that does not sponsor a high deductible health insurance plan, she will forfeit the balance in the HSA.

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