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b. Should Daniel itemize his deductions from AGI or take the standard deduction?
Because Daniel's total itemized deductions (after any limitations) are_______, he would benefit from ___
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- Answer the following questions: Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $ 700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $ 450 per month. 1. How much of each $ 700 payment may be deducted as alimony by Joan?$____________ 2. How much of each $ 700 payment must be included in Bill's taxable income?$____________ 3. How much would be deductible/included if the divorce agreement were dated 2019? $____________ Under the terms of a property settlement executed during 2019, Jane transferred property worth $ 450,000 to her ex-husband, Tom. The property has a tax basis to Jane of $ 425,000. 1. How much taxable gain must be recognized by Jane at the time of the transfer?$____________ 2. What is the amount of Tom's tax basis in the property he received from Jane?$____________Jake pays the following amounts to his former spouse during the current year: What amount can Jake deduct as alimony for the current year? Assume that the divorce occurred before 2019. a. 0 b. 12,000 c. 22,000 d. 137,000Earned and Unearned Income, Transfers from Others (LO. 3) Elwood is retired. During 2020, he receives $11,000 in Social Security benefits. In addition, he receives $5,800 in cash dividends on stocks that he owns and $8,000 in interest on tax-exempt bonds. Assuming that Elwood is single, what is his gross income if a. He recelves no other ingome?S 5,800 b. He also recelves $10,900 in unemployment compensation?S 5,450 X c. He selis some land for $79,600 and he paid $44,300 for the land? s Fendacx Check yWun Under the capital recovery concept, It could be said that half of each payment received from Social Security represents a return of the taxpayer's investment and is therefore excluded, much like annuities. But for lower-income taxpayers, a lesser of formula is applied to determine the amount to Include in gross income. (Previous Next Check My Work
- Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow upIndividual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $ b. Assuming Phil's wages were $53,000 and Linda's wages were $70,000 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $< Daniel's standard deduction for 2023 is $13,850. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2021) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: $ b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ he would benefit from 10:34
- 1. MC.02-075 Ren and Mina are divorced and under the terms of their written divorce agreement signed on December 30, 2016, Ren was required to pay Mina $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2022. Additionally, Ren voluntarily paid Mina $1,200 per month for 12 months of 2022, no portion of which was designated as child support. Assuming that Mina has no other income, her tax return for 2022 should show gross income of a. $7,200 b. $10,800 c. $18,000 d. $0M 1 Mindy is single with AGI of $250,000. Mindy made the following payments in 2020: 2 Medical expenses 5,000 3 State income tax withholdings 7,500 4 State sales tax payments 1,500 5 Real estate taxes 6,000 6 Interest on qualified home mortgage 12,000 7 Charitable contribution XYZ Corporation stock 8 Mindy purchased her home in 2020 and the original mortgage on the home has a principal balance of $800,000. 9 Mindy purchased XYZ stock for $2,000 in 2017 and the stock had a fair market value of $3,000 when she made the donation to a public charity in 2020. 10 Calculate the amount of Mindy's2020 itemized deductions. 8 points 11 A calculations must be shownProblem 9-19 (LO. 2, 3, 4, 5) Taylor, age 18, is a dependent of her parents. For 2023, she has the following income: $6,250 of wages from a summer job, $800 of interest from a money market account, and $300 of interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Determine the following: Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is s b. Compute Taylor's "net unearned income for the purpose of the kiddie tax. Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
- Jasmine 29 is filing as a single tax payer in 2020 she recieve income from the following sources 39000 wages Alimony payment totaling 14328 her divorce was finalize in October 2019 Unemployment compensation of 6200 Jasmine also made a timely 2000 contribution to a traditional ira for 2020 She has no other income and will file a standard deduction What is Jasmine adjustable gross ? incomeIndividual Retirement Accounts (LO 5.3) Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2020. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct for contributions to his and his wife's individual retirement accounts for the 2020 tax year? You may assume that neither taxpayer is an active participant in another qualified retirement plan.Problem 3-28 (LO. 1, 8) The following information applies to Emily for 2021. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Contribution to a traditional IRA Emily's taxable income in 2021 is $ $85,000 1,100 6,000 6,000 25,000 2,500 500 40