Would you please help me to answer this questions I send in picture? estion 32 of 50.$2,000 per return.$2,000 per qualifying student.The maximum amount a taxpayer may claim for the lifetime learning credit is:$2,500 per return.O $2,500 per qualifying student.OMark for follow upQuestion 33 of 50.Which of the following statements about traditional IRAs is TRUE?contributing to an IRA.Taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose ofTaxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an IRA.Taxpayers with a timely-filed extension have until October 15 of the tax year to establish and contribute to an IRA.Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an IRA.Mark for follow upQuestion 34 of 50.During the year, Brenda (70), a single taxpayer, received $18,000 in social security benefits. Her only other income consistedof $6,000 in wages from a part-time job and a pension distribution of $8,500. How much of Brenda's social security benefitsare taxable?None of her benefits are taxable.50%.85%.O 100%.ntial: H&R BlockMark for follow upQuestion 35 of 50.Miles is 33 years old and single. In 2021, his only income consisted of $10,500 in wages. What is the maximum amount hecan contribute to a traditional IRA for 2021?$0$6,000$7,000$10,500Mark for follow upQuestion 36 of 50.https://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-47a30875-9c0b-4ea2-bf63-40a9c98c0b29&evallvl=5&redirect_url=%2fphnx%2fdriver.as..5/9

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Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 26MCQ

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During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
E3-15. A taxpayer is about to receive a $1,000 bonus from her employer. She would like to put this bonus into a retirement account. She has come to you for advice as to whether she should put the $1,000 into a traditional deductible IRA or a Roth IRA. You learn that she faces a current marginal tax rate of 28% and expects to face the same rate in 40 years, when she plans to withdraw the funds at age 70. She expects to earn a pretax rate of return of 10% in either retirement account by investing the funds in corporate bonds. Advise the taxpayer as to what she should do. E3-16. Assume the same facts as presented in E3-15, with the exception that the taxpayer expects her tax rate to be 20% when she retires in 40 years. What should the taxpayer do now?
Which of the following statements does not apply to Coverdell education savings accounts? Group of answer choices A. Contributions up to $2,000 per child can be made each year B. Contributions must be for a beneficiary under the age of 18 C. When the beneficiary reaches age 30, unused amounts are distributed to the parent who is taxed on any accumulated earnings. D. Qualifying educational expenses include tuition, books, supplies, and room and board E. All of the above.
Jordan is an eligible educator. He spends a total of $300 on classroom supplies. He also reported U.S. Treasury Series I Savings Bonds in the amount of $250. What is the maximum amount of qualified expenses he may deduct as an adjustment to income is? $100 $300 $250 $50
Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…
Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1: What amount will Chris and Allison report for their total income on Form 1040? You may refer to the couple's partially completed Form 1040, page 1, which is shown below, to assist you in answering this question.…
Which of the following statements is true regarding education tax credits? Group of answer choices The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year. The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. The American Opportunities Credit is only available for the first four-years of higher education. The American Opportunity Credit is calculated per return, while the lifetime learning credit is available per eligible student.
John Rider wants to accumulate $40,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Answer each of the following independent questions. Required: If John were to deposit a single amount, how much would he have to invest on December 31, 2021? If John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit? If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit?
Y8 In January of 2022, Molly contracted a student loan of $10,000 to be repaid over 5 years at a rate of 7%, compounded monthly. Payments are monthly. In addition, she incurred eligible moving expenses of $500, paid tuition of $5,000 and earned gross employment income of $21,300 in 2022. What total tax credit will he receive for education-related expenses? Round to the nearest dollar. Select one: a. $1,024 b. $274 c. $900 d. $847
All of the following are true about 2021 distributions and contributions to Section 529 plans EXCEPT: a) A deduction of up to $10,000 per taxpayer ($20,000 MFJ) is available on the federal income tax return for contributions. b) Distributions may be used to pay the costs of participation in a registered apprenticeship program. c) Distributions may be used to pay up to $10,000 in qualified student loans. d) Nonqualified distributions are subject to a penalty tax of 10% of the amount included in income.
John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Answer each of the following independent questions. Required:1. If John were to deposit a single amount, how much would he have to invest on December 31, 2021?2. If John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit?3. If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit?
Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.

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he maximum amount a taxpayer may claim for the lifetime learning credit is: O $2,000 per return. $2,000 per qualifying student. $2,500 per return. $2,500 per qualifying student.