24. Your client has an adjusted gross income of $100,000, owns a 5100,000 house, and has the following expenses: - $5,000 of medical 2 dental - \$5,000 of federal taxes - \$5,000 of state tuxces - $5,000 of home mortgage interest (the house cont $500,000 ) - \$5,000 of charitable contributions What is hisher schedule A deduction? a. $10,000 b. $15.000 c. $20,000 d. $25,000 25. All of the following statements about a 529 savings plan is (are) correct except: a. One type of 529 plan allows a parent to pre-pay tuition (e.g. $1,000 per credit now) and the client will not be taxed on the increase in tuition ( $1.500 per eredit ( 5500 increase)) when junior gocs to school if the distribution meets prescribed rules. b. One type of 529 plan allows parents to invest money in a state-fun program and the growth on the account (e.g., invest $10,000 which increases to $22,000 ) will not be taxed if the distribution meets prescribed rules. c. 529 assets can be rolled over to another family member if the intended child does not enroll in college. d. 529 assets can be used to fund a retirement program because they are made with before tax contributions and are taken out without taxes to pay bealth expenses in retirement. 26. The interest free loan analogy pertaining to qualified retirement plans is best explained as: a. Dividing the interest rate camed by 100 to determine how long it takes to double money. b. Applying the interest free amount to Schedule 1 of the 1040 tax form. c. Using a 401(k) plan to take a loan. d. Using the money that would have been lost in taxes to save for retirement. 27. A defined-benefit plan might provide a benefit equal to: a. A matching contribution, plus a non-elective contribution, plus an elective contribution. b. 10% of salary c. A percentage of the company's profits. d. An accrual rate of 2%, times years of service, times the client's final average salary