For married taxpayers filing a joint return in 2022, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start? a. $190, 500 b. $ 220,000 c. $400,000 d. There is no phase-out limit on Qualified Tuition Program contributions.
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- Please answer this question: Which of the following statements is inapplicable to qualified tuition programs? Up to $10,000 per year may be used for elementary or secondary school tuition. There is no income limit for contributors. Funds may be used for room and board of a student enrolled at least half-time. Accounts must be set up with the beneficiary's state of residence.For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start? a.$225,750 b.$150,500 c.$400,000 d.$188,150 e.There is no phase-out limit on Qualified Tuition Program contributions.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
- Which of the following is a deduction for adjusted gross income in 2019? Personal casualty losses Medical expenses Student loan interest Charitable contributions None of the aboveIn 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; 28Identify the statement that is TRUE regarding the Earned Income Credit for Tax Year 2022. Childless taxpayers have no maximum age limit (previously it was 65). Taxpayers must not have investment income that exceeds $10,300. Taxpayers will be allowed to calculate their Earned Income Credit for 2022 using their 2019 earned income if 2022 earned in is less than it was in 2019. The maximum childless Earned Income Credit is $1,502. Mark for follow up
- Calculate the amount of the child and dependent care credit allowed before any tax liability limitations or other credits for 2021 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 27% 29,000 – 31,000 27% 31,000 – 33,000 26% 33,000 – 35,000 25% 35,000 – 37,000 24% 37,000 – 39,000 23% 39,000 – 41,000 22% 41,000 – 43,000 31% 43,000 – No limit 20% Question Content Area a. William and Carla file a joint tax return. Carla earned $27,500 during the year, while William attended law school full-time for 9 months and earned no income. They paid $3,500 for the care of…What is the total dollar amount of personal and dependency exemptions which a married couple with two children (ages 11 and 14, both of which are qualified children) and $80,000 of adjusted gross income would deduct in 2020? $fill in the blank What is the total child and other dependent credit that could be claimed (before any limitations) $fill in the blankQuestion 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 only
- 2023 AGI Phase-Out Ranges for Traditional and Roth IRA Contributions to be used for this problem. 2023 AGI Phase-Out Ranges for Deductible Traditional IRA Contributions Type of Taxpayer Single or Head of Household, not a plan participant Single or Head of Household, active plan participant Married filing jointly, both active participants Married filing jointly, neither active plan participants Married filing jointly, one active participant: Active participant spouse Nonactive participant spouse Phase-Out Range No phase-out $73,000-$83,000 $116,000-$136,000 No phase-out (See Note 1 below) $116,000-$136,000 (Joint AGI) $218,000-$228,000 (Joint AGI) Note 1: When one spouse is an active participant in a retirement plan and the other is not, two separate income limitations apply. The active participant spouse may make a full deductible IRA contribution unless the $116,000-$138,000 phase-out range applies to the couple's joint income. The spouse who is not an active participant may make a…On January 1, 2021, Robin Cormpany received a grant of P1,500,000 frorm the government to subsidize tuition fees for a period of 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay such grant to the government. What amount should be recognized as loss resulting from the repayment of the grant in 2023?B15. Mrs. Emily Robinson just celebrated her 72nd birthday on October 1, 2022. Her qualified plan had a balance of 984,589 on December 31, 2020. She takes her first distribution of 35,000 from the qualified plan on April 1, 2022. Determine how much she will owe in the minimum distribution tax penalty associated with her first year’s distribution.
