If I turn 65 in January 2025 can I contribute the maximum amount to my hsa in 2024?
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If I turn 65 in January 2025 can I contribute the maximum amount to my hsa in 2024?
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- Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?A Phil took $60,000 coronavirus -related distribution from his qualified retirement plan in 2020 choose and chose to recognize the income over the maximum period of time. What is the amount of the distribution he must recognize in 2022?Mary Jane earns $4,000,000.00 per annum for her salary. How much would be her taxable income for 2024 as an employee? Assuming that her monthly salary is an equal amount each month and 5% pension contribution.
- On 1 November 2020, James was eligible to receive the following three annuities.(a) $2000 per annum payable on 1 February each year, with the FInal payment to be made on 1 February 2042;(b) $3200 per annum payable quarterly on 1 January, 1 April, 1 July and 1 October each year, with the FInal payment to be made on 1 January 2037;(c) $1800 per annum payable monthly on the FIrst day of each month, with the FInal payment to be made on 1 August 2039. Immediately after receiving the monthly payment due on 1 November 2020, James asked that these three annuities be combined into a single annuity payable half-yearly on 1 February and 1 August in each sub- sequent year with the FInal payment to be made on 1 February 2042. Find the amount of the revised annuity, given it was calculated assuming an interest rate of 8% per annum effective. Assume all months are of equal length.In December 2020 Sally purchased an annuity that pays her $1,000 per month for 16 years. She paid $150,000 for the annuity. Of the $12,000 Sally received in 2021, how much will she include in her gross income? $9,375 $2,625 $12,000 $3,600 $0Roberto, age 50, has AGI of $110,000 for 2020. He has medical expenses of $13,200. How much of the medical expenses can Roberto deduct on his Schedule A for 2020? a. $0 b. $11,000 c. $13,200 d. $2,200 e. $4,950
- Barry, age 68, started taking his Social Security benefits at his FRA of 66. He is receiving Social Security benefits of $30,000 per year. Based upon the earnings limitation rules and assuming Barry had the below income for 2024, how much of his Social Security benefits would the Social Security Administration withhold?Christina is deciding whether or not to enroll in a one-year academic program at the start of 2023 before she starts work at the start of 2024. The one-year program will cost $20,460 at the START of 2023. Supposing that Christina enrolls in the academic program, it will provide her with an additional end of the year income. Specifically, this additional income will be a $6,000 payment made to Christina at the END of 2024, 2025, 2026, 2027, 2028, and 2029. Calculate the internal rate of return based on the idea that it is the start of 2023 right now.On his 48th birthday, a man wants to set aside enough money to provide an income of $2500 at the end of each month from his 60th birthday to his 75th birthday. If he earns 6%, compounded monthly, how much will this supplemental retirement plan cost him on his 48th birthday?
- Derek can deposit $19,305.00 on each birthday beginning with his 26.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,825,432.00 in it when he retires?Rowena is turning 65 in June 01, 2022. She wants to stop paying into CPP. As she gets paid twice a month and her gross pay is $3000 for every paycheck, what is her CPP contribution for 2022? ( well explain all point of question with proper address).What is the maximum amount of IRA contribution that may be made by a 60 year-old eligible taxpayer in \\( 2023 ? \\) A. \\( \\$ 2,000 \\) B. \\( \\$ 6,500 \\) C. \\( \\$ 7,500 \\) D. \\( \\$ 13,000 \\)
