Questions from Individual Taxation

Q: Eric, your friend, received his Form W-2 from

Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help. Eric’s 2018 salary was $145,000 and he does not understand why the amounts in Boxes 1,...

Q: Classify each of the following as an enrolled or unenrolled preparer:

Classify each of the following as an enrolled or unenrolled preparer: a. Certified public accountant b. Enrolled agent c. A preparer that has completed the annual filing season program d. An attorney...

Q: Frank, age 35, and Joyce, age 34, are

Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2018. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deduc...

Q: You have a problem and need a full-text copy of

You have a problem and need a full-text copy of the Related Party Code Section 267. Go to the Office of the Law Revision Counsel of the United States House of Representatives website (uscode.house.go...

Q: Barry is a single, 40-year-old software engineer

Barry is a single, 40-year-old software engineer earning $190,000 a year and is not covered by a pension plan at work. How much can he put into a Roth IRA in 2018?

Q: Refer to the previous problem 8. If Stan’s parents elected to

Refer to the previous problem 8. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be? Data from problem 8: Brian and Kim have a 12-year-o...

Q: Clarita is a single taxpayer with two dependent children, ages 10

Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the ye...

Q: Tony is a 45-year-old psychiatrist who has net

Tony is a 45-year-old psychiatrist who has net earned income of $300,000 in 2018. What is the maximum amount he can contribute to his SEP for the year?

Q: Clifford Johnson has a limited partnership investment and a rental condominium.

Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2018, his share of the loss from the limited partnership was $...

Q: During 2018, Jill, age 39, participated in a Section

During 2018, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12 percent. Jill’s salary was $90,000 for the year. Jill elects to make the maximu...