Phil took $60,000 coronavirus - related distribution from his qualified retirement plan in 2020 choose and chose to recognize
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- 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?wahid had earned income of $250000 in 2020. wahid's pension adjustment was $12000. how much can wahid invest in rrsp in 2021 considering he had no carry-forward amounts? a. $45000 b. $33000 c. $27830 d. $15830Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210
- 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?How much could Ramzi contribute to his RRSP in 2020 if he belonged to a defined-benefit pension plan instead of a defined-contribution pension plan? Assume that his earned income is still 92000 and his DBPP accrual rate is 1.5 percent. He has a defined-contribution pension plan to which he and his employer both contributed 4800 in 2019. Ramzi can make an RRSP contribution of $ enter your response here in 2020. (Round to the nearest dollar)Malcolm knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate if for him and his wife. In 2020, the OAS pension is clawbacked or reduced by 15% above $79,054. Malcolm and his wife are both receiving monthly pensions of $613.54. His net income is $130,000 while his wife's net income is $85,000. What is the total amount they have to repay in 2020? Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,054 $8,254 $14,725 $892 $13,833 $7,362 $128,137
- Angus took his 2020 RMD from his traditional IRA on February 1,2020. Later, he heard he could roll the money back to his IRA. By what date must he redeposit the moneyIn 2020, Nina contributes 6 percent of her $143,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until she retires in 25 years, what is Nina’s after-tax accumulation from her 2020 contributions to her 401(k) account? (Use Table 1, Table 2.) (Round your intermediate calculations and final answers to the nearest whole dollar amount.) * Assume Nina’s marginal tax rate at retirement is 30 percent.If I turn 65 in January 2025 can I contribute the maximum amount to my hsa in 2024?
- Zena is taking distributions from her traditional IRA. At the end of 2021, the plan had a balance of $220,000 and Zena was 72 years old. What minimum amount must Zena take as a distribution from the IRA in 2022? Multiple Choice $8,302. Some other amount. $8,209. $13,415.Your client, Borne in 1950, has an IRA with $400,000 and a 401k plan account with a balance of $600,000 as of Dec. 31 2022. How much, if anything, must she withdraw from the IRA this year How much, if anything, must she withdraw from the 401(k) this yearMinnie 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?
