Noah and Sophia want to make a maximum contribution to their state's qualified tuition program (Code § 529 plan) on behalf of their 7 grandchildren without exceeding the annual Federal gift tax exclusion. a. How much can they transfer to the plan for grandchildren without incurring a current Federal gift tax?
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- Noah and Sophia want to make a maximum contribution to their state's qualified tuition program (Code § 529 plan) on behalf of their 5 grandchildren without exceeding the annual Federal gift tax exclusion. a. How much can they transfer to the plan for grandchildren without incurring a current Federal gift tax? 0 XWhich one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.In 2023, Elaine paid $2,960 of tuition and $1,040 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. Problem 8-72 Part a (Algo) a. Elaine's AGI is $103,250.
- Hi there, can you please provide the full solution to the following question? Mary gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below:• Mary is a resident single mom with one dependent child (4 years old) taxpayer of Australia for the taxyear 2021-2022• Her Taxable Salary earned is $110,000 (Including tax withheld) having no private health insurance.• She had a $12,000 deduction.• Mary has a student loan outstanding for his previous studies at Queensland University of $32,000.• Mary’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominatedfund.• Mary earned a passive income of $5,000 from the investments in shares in the same tax year.Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,725 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank f1e43ef63038fac_1 b. Assuming Janie's parents have AGI of $68,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank da335a09e043f8f_1Required information [The following information applies to the questions displayed below.] In 2021, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) b. Elaine's AGI is $168,000. American opportunity tax credit
- ! Required information [The following information applies to the questions displayed below.] In 2023, Elaine paid $2,800 of tuition and $640 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. a. Elaine's AGI is $83,200. Answer is complete but not entirely correct. American opportunity tax credit $ 83,200A new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below:• Mary is a resident single mom with one dependent child (4 years old) taxpayer of Australia for the tax year 2021-2022• Her Taxable Salary earned is $110,000 (Including tax withheld) having no private health insurance.• She had a $12,000 deduction. • Mary has a student loan outstanding for his previous studies at Queensland University of $32,000.• Mary’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.• Mary earned a passive income of $5,000 from the investments in shares in the same tax year.Assuming all other requirements are met, what is the couple's refundable portion of the American Opportunity Tax Credit? To assist you in answering this question, Page 1 of the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is provided below.
- Jinn and Liin are married and live in a common law state. They want to make gifts to their four children in 2021. What is the maximum amount of the annual exclusion they will be allowed for these gifts? a.$30,000. b.$120,000. c.$60,000. d.$15,000.! Required information [The following information applies to the questions displayed below.] In 2021, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Elaine's AGI is $80,000. American opportunity tax creditNeed these answered asap! 1) Taking home used office printers when the company purchases new equipment would increase your gross income. True or False 2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000. 500, 1400, 0, 600, or 2000? 3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income? 750, 0, 1000, or 250? 4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018? Alimony, Property Settlements, Child Support, All of the Above, or None of the Above 5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party. True or False