Question
Tom's Tier II Railroad Retirement benefits are reported on Form RRB-1099-R. What of the would be an exception to the facts Tom's tax preparer must
Tom's Tier II Railroad Retirement benefits are reported on Form RRB-1099-R. What of the would be an exception to the facts Tom's tax preparer must know to calculate the taxable amount of Tier II Railroad Retirement benefits using the Simplified Method?
Jack (age 45) and Jill (age 42) are married, and their filing status is Married Filing Jointly. Jack is an engineer and Jill is a housemaker. During 2017, Jack had wages of $115,000 and was covered by a retirement plan at work. They also had interest income of $2,850 and dividend income of $8,580. Jack contributed $5,500 to his traditional IRA account. Jill contributed $3,500 to her traditional account and $2,000 to her Roth IRA account.
What amount would their IRA deduction be for the year?
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To determine the IRA deduction for Jack and Jill we need to consider their filing status income and whether they are covered by a retirement plan at w...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
