John (age 59 and single) has earned income of $4,800. He has $31,700 of unearned (capital...

John (age 59 and single) has earned income of $4,800. He has $31,700 of unearned (capital gain) income.

a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make 2017?

b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2017?

c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2017 if he has earned income of $15,300?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

John (age 53 and single) has earned income of $3,300. He has$30,300 of unearned (capital...

John (age 53 and single) has earned income of $3,300. He has $30,300 of unearned (capital gain) income. c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2019 if he has earned income of $12,800?

Elliot has $500,000 of earned income. He is 62. He is single. He asks you about...

Elliot has $500,000 of earned income. He is 62. He is single. He asks you about his options for a Roth or Traditional IRA. He is an active participant in his employer's 401(k) plan. Which of the following would be the best advise for Elliot? a. Your income is over the phase-out ranges for both Traditional and Roth IRAs, so you aren't allowed to make a contribution to either one. b. You are not allowed to contribution to either type...

John, a single taxpayer, has taxable income of $305,000. He owns a qualified sole proprietorship that...

John, a single taxpayer, has taxable income of $305,000. He owns a qualified sole proprietorship that generated $100,000 of qualified business income (QBI) and paid no wages. The sole proprietorship has a qualified property with an unadjusted basis of $50,000. Under Sec. 199A, what is the deductible amount John can claim for the sole proprietorship? $10,000 $61,000 $50,000 $1,250

Sally, age 66, single, earned income of $42,000 in 2020 and had $2,000 of deductions for...

Sally, age 66, single, earned income of $42,000 in 2020 and had $2,000 of deductions for adjusted gross income and itemized deductions of $4,000. Sally is legally blind for tax purposes. Sally is also eligible for a tax credit of $1,000. What is Sally's taxable income if she wishes to minimize her tax? Question options: $26,300 $20,300 $21,300 $24,300 None of the above choices are correct.

John is single, age 33, and informs you that he spends most of his weekends playing...

John is single, age 33, and informs you that he spends most of his weekends playing in a cover band. John’s income and expenses from this activity are listed below. Band Activity for 2019 CD Sales Income $18,000 Band equipment $7,000 City fines for noise violations $500 CDs and Supplies $4,000 Recording Equipment Rental $6,000 Truck Rental for Equipment $5,000 Other assumptions before considering the band activity: Assume John has no dependents, he has wage income of $55,000, and his...

Net unearned income of a child under age 19 with a living parent(up to age...

Net unearned income of a child under age 19 with a living parent (up to age 24 if full time student and claimed as a dependant) is taxed at the parents' marginal rates, although net unearned income does not include standard deduction of $1,100 for unearned income and next $1,100 of income which is taxed at the child's marginal tax rate.TrueFalse

David is 59 years old and he is a retired police officer. He is a single...

David is 59 years old and he is a retired police officer. He is a single dad, living with his 14 years old son, Nicholas. David supports Nicholas everything and he claims Nicholas as a dependent. Calculate standard deduction of David

2) Distinguish between earned and unearned income and provide three examples of each. Explain at least...

2) Distinguish between earned and unearned income and provide three examples of each. Explain at least two differences that result from having earned income instead of unearned.

1. ) Earned and Unearned Income (LO. 2) Partha owns a qualified annuity that cost $52,000....

1. ) Earned and Unearned Income (LO. 2) Partha owns a qualified annuity that cost $52,000. Under the contract, when he reaches age 65, he will receive $500 per month until he dies. Partha turns 65 on June 1, 2018, and receives his first payment on June 3, 2018. Refer to the Annuity payment table to answer the following question. Partha will report gross income of $______ from the annuity payments in 2018. ****FACTS**** (^^^) Age on Annuity Starting Date:...

John, age 19, is a student at the local university. He has recently been diagnosed with...

John, age 19, is a student at the local university. He has recently been diagnosed with chronic renal failure and is scheduled for routine hemodialysis. Provide detailed information for each of the following: Appraise the possible accommodations (ADA) that he can request. Interpret the long term and short term complications of dialysis Appraise community resources that may be available for John

Subjects