Which of the following are correct tax-free exchanges? Life insurance for life insurance Life insurance for an annuity An annuity for an annuity An annuity for a life insurance policy 1 only 1, 2 1, 2, 3 1, 2, 3, 4
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Which of the following are correct tax-free exchanges?
- Life insurance for life insurance
- Life insurance for an annuity
- An annuity for an annuity
- An annuity for a life insurance policy
1 only
1, 2
1, 2, 3
1, 2, 3, 4
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- The following relates to different types of registered plans: Registered Retirement Income Fund Tax-Free Savings Account Registered Education Savings Plan Registered Retirement Savings Plan What plan permits the amount contributed to be deducted from the individual's total income in the year contribution is made or carry forward if unused? Question 2 options: a) i, ii and iii b) ii, iii and iv c) iv only d) None of the aboveWhich of the following U.S. programs has a cap on the amount of income that can be taxed? Question 31 options: A) Medicaid B) Social Security C) Medicare D) 401(k) retirement planQ5: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø Proceeds of life insurance policyØ Amount received by the insured as a return of premiumØ Gift, bequest, or descentØ Compensation for injuries or sicknessØ Income exempt under treatyØ Retirement benefits, pensions, gratuities, etc.
- Please answer with reason for all why the option is correct and why the other options are incorrect Which of the following would be NOT be classified as a deduction FROM adjusted gross income. a State Income Tax b . Property tax on residence . c Contribution to a qualified self-employed retirement plan d . Interest paid on a home -equity loanWhich of the following may be ordinary income? Salary Government pension Lottery winnings Rent from an investment property a. 1, 2, and 4 only b. 1 only c. 1 and 2 only d. 1, 2, 3, and 4A. Which of the following is TRUE regarding a whole life insurance policy that pays a dividend? When the dividend is paid, it is taxed to the policyholder as an ordinary dividend The dividend is automatically credited against future premiums The dividend is paid directly to the beneficiary on the policy When the dividend is paid, it can be used to purchase additional coverage B. Each employee covered under a group life policy MUST be given: An individual certificate of insurance A certificate of insurance for each family member covered An insurance identification card for each family member covered A copy of the group master contract C. Universal life products are flexible premium policies that are: Interest sensitive Guaranteed issue Non-renewable Term only D. Which of the following statements is CORRECT about life insurance proceeds paid to a named beneficiary? They are exempt from claims by the insurance creditors They are subject to excise taxes…
- In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28Define each of the given and describe the different EXCLUSIONS FROM GROSS INCOME: Proceeds of life insurance policy Amount received by the insured as a return of premium Gift, bequest, or descent Compensation for injuries or sickness Income exempt under treaty Retirement benefits, pensions, gratuities, etc.Which of the following can be adjustment(s) to gross income on the 1040 form? Multiple correct question Alimony paid Child care deductions Health insurance premiums paid by self-employed individuals Traditional IRA contributions Moving expenses
