SCENARIO 7: Elliot and Kathy Blackburn

THE SCENARIO FOR THIS CAN BE FOUND ON THE LINK BELOW:

https://www.scribd.com/doc/289014170/Advanced-Scenario-7-Elliot-and-Kathy-Blackburn-2016

ANY HELP WILL BE GREATLY APPRECIATED!!!!!!!

1.Elliots entire $4500 Roth IRA distribution is taxable. TRUE OR FALSE?

2.The net capital gain or loss reported on Form 1040, line 13 is a gain of $1239. TRUE OR FALSE?

3.How much of the $17,500 gross distribution reported on Form 1099-R from Hickory Corporation is taxable in 2015?

A.$16719

B.16905

C.17097

D.17500

4.A portion of Elliots Social Security Income is taxable. TRUE OR FALSE?

5.Is there a shared responsibility payment on the Blackburns Form 1040, page 2? TRUE OR FALSE?

6.Are the Blackburns entitled to claim an earned income credit for 2015?

a.No, because their investment income exceeds the amount allowed to claim the credit.

b.No, Elliot is over the age of 65.

c.No, Carter is not a qualifying child for purposes of the EIC

d.Yes, they are eligible for the credit.