Question

In: Accounting

Luci had the following transaction this year. She received $100,000 from life insurance proceeds from the...

Luci had the following transaction this year. She received $100,000 from life insurance proceeds from the death of her great aunt. She recieved $20,000 in workman's compensation and $30,000 from unemploymet benefits. She also recieved $35,000 of reimbursements for medical expenses she paid from her health insurance that was provided by her employer. She recieved $500 of alimony payments and won a free shopping spree at Albertsons valued at $350. How much taxable income did Luci have in 2019?

Solutions

Expert Solution

Particulars Amount Amount
Gross income:
Compensation $                   -  
Unemployment benefits $          30,000
Alimony $                500
Winnings $                350
Gross income $          30,850
For AGI deductions $                   -  
Adjusted gross income $          30,850
Less:
Standard deduction $          12,200
Itemized deduction $                   -  
Higher of the two $          12,200
Taxable income $          18,650

Answer is:

18,650

please rate.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Lcui had the following transaction this year. she received 100,000 from life insurance and proceeds from...
Lcui had the following transaction this year. she received 100,000 from life insurance and proceeds from the death of her great aunt. she received 20,000 in workmans compensation and 30,000 from unemployment benefits. she also receivrd 15,000 of reimbursements for medical expenses she paid from her health insurance that was providied by her employer. she received 5000 of alimony pyments. she has been divorcrd since 2015. and won a free shopping spree at albertsons valued at 350. how much taxable...
Claire, a widow, received the proceeds of a $150,000 life insurance policy on the life of...
Claire, a widow, received the proceeds of a $150,000 life insurance policy on the life of her deceased husband. The policy was purchased by the husband’s employer under a group policy and the employer had paid premiums of $60,000 on the policy. Claire’s husband had included $500 in gross income from the group term life insurance premiums during the years he worked for the employer.Calculate the amount, if any, that Claire must include in income upon receipt of the $150,000...
Bill received $100,000 in insurance proceeds to compensate him for business equipment destroyed by a fire....
Bill received $100,000 in insurance proceeds to compensate him for business equipment destroyed by a fire. The adjusted basis of the equipment was $80,000. Bill reinvested $95,000 of the insurance proceeds in replacement business equipment within the time allowed. He wants to defer game to the maximum extent allowed. Bill must recognize ______ of gain. a. $2500 b. $5000 c. $15,000 d. $20,000
Regarding Allison's life insurance policy, life insurance proceeds are exculded from tax.
Regarding Allison's life insurance policy, life insurance proceeds are exculded from tax. Therefore,?the $1,200,000 face value of the policy is excluded as it is received. However, the earnings on the?policy during the time it is held by the insurace company are not exculdable. The total interest earned?is [ A    ]. As each payment on the policy is recieved, you will exclude[ B ] and include[ C ].
Which of the following are included in the gross estate? A. Proceeds from life insurance policy...
Which of the following are included in the gross estate? A. Proceeds from life insurance policy owned by the decedent insured that was assigned to a ILIT 2 years before death of the insured B. A secular trust where the only income beneficiary was the decedent's spouse C. Property where the decedent had a reversionary interest of less than 1% of the value D. Gift taxes paid two years prior to the decedent's date of death for gifts made four...
Life insurance proceeds will be included in the estate if such proceeds are payable to the...
Life insurance proceeds will be included in the estate if such proceeds are payable to the estate or are available to pay taxes, debts or other expenses or charges of the insured's estate. Given this fact, how can life insurance trust help provide liquidity to the estate and yet avoid inclusion in the taxable estate?
Life insurance proceeds will be included in the estate if such proceeds are payable to the...
Life insurance proceeds will be included in the estate if such proceeds are payable to the estate or are available to pay taxes, debts or other expenses or charges of the insured's estate. Given this fact, how can life insurance trust help provide liquidity to the estate and yet avoid inclusion in the taxable estate?
Is the $3,500 of life insurance proceeds received by Lime included in its gross income? Explain.
Lime Finance Company requires its customers to purchase a credit life insurance policy associated with the loans it makes. Lime is the beneficiary of the policy to the extent of the remaining balance on the loan at die time of the customer’s death. In 2017, Lime wrote off as uncollectible a $5,000 account receivable from Wally, which included $1,500 of accrued interest. When Wally died in 2018, the life insurance policy was still in force and Lime received $3,500. 
1)During 2020, Kevin received the following items: $5,000 unemployment compensation $10,000 inheritance $20,000 life insurance proceeds...
1)During 2020, Kevin received the following items: $5,000 unemployment compensation $10,000 inheritance $20,000 life insurance proceeds on account of mother’s death How much is Kevin required to include in gross income? 2) Len Landlord owns an apartment building. During the year he received: Rent payments………………….$10,000 Security deposit………………...     2,500 Advance rent payment………….     5,000 How much must Len include in income?
when is life insurance proceeds subject to creditor claims
when is life insurance proceeds subject to creditor claims
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT