Question
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all cases, the individual is self-employed
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all cases, the individual is self-employed and the self-employment tax abatement has already been taken.
Self-employment income of $51,000.
Self-employment income of $51,000 and wage income of $32,500.
Self-employment income of $130,000.
Self-employment income of $285,000.
to. maximum contribution from the Keogh plan?
b. maximum Keogh plan contribution?
C. maximum Keogh plan contribution?
d. maximum contribution from the Keogh plan?
In December 2016, Jeremy and Celeste, filing a joint return, paid the following amounts for their daughter Alyssa to attend the University of Colorado for the 2016-2017 academic year. Alyssa was in her first year of college and was attending full time:
Tuition and Fees (for Fall 2016 Semester) | $2,450 |
Tuition and Fees (for Spring 2017 Semester) | 1,315 |
Books | 1,600 |
room and board | 1,800 |
The spring semester at the University of Colorado begins in January. In addition to the above, Alyssa's uncle Devin sent $300 of her tuition directly to the University. Jeremy and Celeste have modified AGI of $173,000. What is the amount of expenses that qualify for the American Opportunity Tax Credit (AOTC) in tax year 2016? What is the amount of AOTC that Jeremy and Celeste can claim based on their AGI? (Do not round your intermediate calculations.)
Tuition and Fees (for Fall 2016 Semester) | $2,450 |
Tuition and Fees (for Spring 2017 Semester) | 1,315 |
Books | 1,600 |
room and board | 1,800 |
AOTC Reclamable = ????
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