gage learning - Google Chrome mentMain.doFinvoker assignments&takeAssignmentSessionLocator assignment takeinprogress=false eBook Calculator Lola, age 67, began receiving a $1,000 monthly annuity in the current year upon the death of her husband. She received seven payments in the current year. Her husband contributed $48,300 to the qualified employee plan Use the Simplified Method Worksheet below to calculate Lola's taxable amount from the annuity. If your answer is zero, enter "0". If required, round your answers to the nearest whole dollar. Simplified Method Worksheet 1. Enter total amount received this year. 1.$ 7,000 2. Enter cost in the plan at the annuity starting date. $ 48,300 3. Age at annuity starting date Enter 55 and under 56-60 61-65 66-70 71 and older 160 4. Divide line 2 by line 3 S. Multiply line 4 by the number of monthly payments this year. If the annuity starting date was before 1987, also enter this amount on lines, and skip line 6 and 7. Otherwise, go to line 6 6. Enter the amount of any recovered tax-free in prior years Subtract lines from line 2. 8. Enter the matter of lines or 7. 9. Taxable amount this year: Subtract lines from line 1. Do not enter less than a Click on Previous Next > signmentMain.do?invoker=assignments&takeAssignmentSessionLocator assignment-take&inprogress false eBook Calculator Problem 2-30 Educational Incentives (LO 2.14) In 2018, Jose paid the following amounts for his son to attend Big State University: Tuition $6,400 4,775 Room and board Books 772 A car to use at school Student football tickets 1,932 237 4,000 Spending money How much of the above is a qualified higher education expense for purposes of his Qualified Tuition Program? Check My Work gage learning - Google Chrome mentMain.doFinvoker assignments&takeAssignmentSessionLocator assignment takeinprogress=false eBook Calculator Lola, age 67, began receiving a $1,000 monthly annuity in the current year upon the death of her husband. She received seven payments in the current year. Her husband contributed $48,300 to the qualified employee plan Use the Simplified Method Worksheet below to calculate Lola's taxable amount from the annuity. If your answer is zero, enter "0". If required, round your answers to the nearest whole dollar. Simplified Method Worksheet 1. Enter total amount received this year. 1.$ 7,000 2. Enter cost in the plan at the annuity starting date. $ 48,300 3. Age at annuity starting date Enter 55 and under 56-60 61-65 66-70 71 and older 160 4. Divide line 2 by line 3 S. Multiply line 4 by the number of monthly payments this year. If the annuity starting date was before 1987, also enter this amount on lines, and skip line 6 and 7. Otherwise, go to line 6 6. Enter the amount of any recovered tax-free in prior years Subtract lines from line 2. 8. Enter the matter of lines or 7. 9. Taxable amount this year: Subtract lines from line 1. Do not enter less than a Click on Previous Next > signmentMain.do?invoker=assignments&takeAssignmentSessionLocator assignment-take&inprogress false eBook Calculator Problem 2-30 Educational Incentives (LO 2.14) In 2018, Jose paid the following amounts for his son to attend Big State University: Tuition $6,400 4,775 Room and board Books 772 A car to use at school Student football tickets 1,932 237 4,000 Spending money How much of the above is a qualified higher education expense for purposes of his Qualified Tuition Program? Check My Work