I received a lump sum from disability last year, I filed my taxes and I'm getting hammered on taxes, I just found out that I can assign some of the lump sum to the previous years that it applies to. But I don't know how to do that.
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I received a lump sum from disability last year, I filed my taxes and I'm getting hammered on taxes, I just found out that I can assign some of the lump sum to the previous years that it applies to. But I don't know how to do that.
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- Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collecting his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the standard deduction. Their only income other than the Social Security benefits are: The Social Security benefits for the year would be 12,000. a. Complete Worksheet 1, Figuring Your Taxable Benefits, included in IRS Publication 915 to determine the taxable portion of this couples taxable Social Security benefits (the publication includes a blank worksheet). b. What is the taxable portion of the 12,000 in Social Security benefits?Your friend Edgar has just finished his first yearworking full-time, and comes home beamingwith an envelope from the IRS, which has senthim a check for $650 after he sent in his tax forms.Explain to Edgar why this does not mean that hedidn’t pay taxes.This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,100. Last year, his total tax liability was $16,400. He estimates that his tax withholding from his employer will be $9,130. Required: How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent.
- I am stuck on a few questions this one is: This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,900. Last year, his total tax liability was $15,600. He estimates that his tax withholding from his employer will be $8,370 How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholding Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent I have been trying to figure this out for days now i need helpThis year Lloyd, a single taxpayer, estimates that his tax liability will be $13,300. Last year, his total tax liability was $17,200. He estimates that his tax withholding from his employer will be $9,890. a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to 2 decimal places.) Dates Actual withholding Required withholding Over (under withheld Penality per quater April 15th June 15th Sept. 15th Jan. 15th Total ------------------------------Peter had $50,000 in student loans that were discharge when he became permanently disable. How should he treat the discharge fon his tax return?
- Alex, age 24, had an HSA account set up with her employer, Target, that had $5,000 in the account at the end of the year. She then quit her job in July and withdrew the funds. She had no qualifying medical expenses during 2022. Instead, she used the funds from the HSA to buy a used car she had wanted for a while. What is the tax consequence of this action? Group of answer choices Nothing. Taxpayers are allowed to withdraw from their HSA accounts at any time. Her withdraw is prohibited and will result in a forfeiture of the funds. Alex must pay income tax and a 6% penalty on the withdrawal. Alex must pay income tax and a 20% penalty on the withdrawal.Darius just retired. He is 65 years old and decided to attempt to prepare his 2022 personal income tax return for the first time. He understands that many miss taking the non-refundable tax credits that are due to them. He has read up on them and knows to claim the Age Amount non-refundable tax credit towards his federal taxes. The Age Amount is $7,898 and since the only requirement for this credit is net income and age, it is one of the easier tax deductions for seniors in Canada to claim. Darius' net income is $42,000. What is the non-refundable tax credit for the Age Amount? Hint: In 2022, the age credit is reduced at a rate of 15% when a taxpayer's income exceeds the threshold of $39,826. The non-refundable tax credit is calculated at the rate of 15%. Select one: a. $436 b. $1,504 c. $2,910 d. $1,136 please answer fast i give you upvote.This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,350. Last year, his total liability was $15,900. He estimates that his tax withholding from his employer will be $8,655. -How much does Lloyd need to increase his withholding by, in order to avoid the underpayment penalty?
- This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,000. Last year, his total tax liability was $15,000.He estimates that his tax withholding from his employer will be $7,800. a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?Mishal has a gross income of $43,360. She owns a condominium and donates to charity, but there's no way her tax deductible expenses come close to the standard deduction of $12,000. During a cold snap in the winter she donates an extra $500 to the local homeless shelter, a registered charity. How much will this donation save her on her taxes?Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her auto expense for the year? Where in her tax return should Martha claim this deduction? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________
