Q: Rita is a self-employed taxpayer who turns 39 years old
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2016). During 2016, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is consi...
See AnswerQ: Describe the minimum distribution requirements for defined benefit plans. Are these
Describe the minimum distribution requirements for defined benefit plans. Are these requirements typically an item of concern for taxpayers?
See AnswerQ: Reggie is a self-employed taxpayer who turns 59 years old
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2016). In 2016, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is consi...
See AnswerQ: What does it mean if an employer “matches” employee contributions
What does it mean if an employer “matches” employee contributions to 401(k) plans?
See AnswerQ: Desmond is 25 years old and he participates in his employer’s 401
Desmond is 25 years old and he participates in his employer’s 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond’s 2016 saver’s credit in each of the following...
See AnswerQ: Penny is 57 years old and she participates in her employer’s 401
Penny is 57 years old and she participates in her employer’s 401(k) plan. During the year, she contributed $2,000 to her 401(k) account. Penny’s AGI is $29,000 after deducting her 401(k) contribution....
See AnswerQ: Jacquiline is unmarried and age 32. Even though she participates in
Jacquiline is unmarried and age 32. Even though she participates in an employer-sponsored retirement plan, Jacquiline contributed $3,000 to a traditional IRA during the year. Jacquiline files as a hea...
See AnswerQ: Ian retired in June of 2015 at the age of 69 (
Ian retired in June of 2015 at the age of 69 (he turned 70 in August of 2015). Ian’s retirement account was valued at $490,000 at the end of 2014 and $500,000 at the end of 2015. He has had all of his...
See AnswerQ: Alex is 31 years old and has lived in Los Alamos,
Alex is 31 years old and has lived in Los Alamos, New Mexico, for the last four years where he works at the Los Alamos National Laboratory (LANL). LANL provides employees with a 401(k) plan and for ev...
See AnswerQ: Tommy (age 47) and his wife, Michelle (age
Tommy (age 47) and his wife, Michelle (age 49), live in Columbus, Ohio, where Tommy works for Callahan Auto Parts (CAP) as the vice-president of the brakes division. Tommy’s 2016 salary is $360,000. C...
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