Joanna, age 44, defers $23,000 in a qualified Solo 401(k) plan in 2018. a. What amount

Question:

Joanna, age 44, defers $23,000 in a qualified Solo § 401(k) plan in 2018.

a. What amount must be returned to Joanna and by what date?

b. In what year will the amount be taxed?

c. What percent of the tax will be imposed. on Joanna if excess contributions are not returned by what date?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

South-Western Federal Taxation 2019 Individual Income Taxes

ISBN: 9781337702546

42nd Edition

Authors: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen

See More Books

Question Posted: Oct 28, 2019 09:47 AM

See More Questions

Joanna, age 44, defers $23,000 in a qualified 401(k) plan in 2016. a. What amount must be returned to Joanna and by what date? b. In what year will the amount be taxed? c. What percent of the tax...
Joanna, age 44, defers $23,000 in a qualified 401(k) plan in 2017. a. What amount must be returned to Joanna and by what date? b. In what year will the amount be taxed? c. What percent of the tax...
Multiple Choice 1. If a qualified pension plan is being distributed using joint life expectancy: a. The taxpayers cannot choose to refigure their life expectancy. b. If the beneficiary dies, no...
In April 2016, Vanessa bought 100 shares in Entagon plc at a cost of 5 per share. The company went into liquidation and Vanessa received a first distribution of 40p per share in July 2020. The shares...
With reference to the data provided in Table P14-6 on, recommend the preferred alternative by using (a) Dominance, (b) Satisficing,
Fowler Ltd manufactures a range of products. One type of product is interactive whiteboards for schools and colleges. Data relating to the costs for October 2014 are as follows: The fixed costs are...
Apply the eight-step process discussed in this section to a decision you are currently grappling with. Now, ask yourself some tough questions: Are you being realistic and honest with yourself about...
Proponents of critical perspectives research believe that mainstream accounting research relies on assumptions that are considered in a vacuum, which does not mirror reality. Team Debate: Team 1:...
What is the balance of the total assets at the month end? 88670 86870 89670 65960 What is the balance of the total assets at the month end? 88670 86870 89670 65960
A company has a resource XYZ. If there is a breach of security, the company may face a fine of $100,000 and pay another $20,000 to clean up the breach. The company believes that an attack is likely...
Answer the following independent questions with respect to a deductible IRA and 401(k) contributions for 2018: a. Govind, age 31, earns a salary of $26,000 and is not an active participant in any...
Louis is a participant in a SIMPLE IRA of his employer Brown, Inc. During 2018, he contributes 8% of his salary of $63,000, and his employer contributes 3%. What is the total amount that will be...
How are sales taxes recorded in the context of special journals? AppendixLO1
How much Group Revenue do you currently have booked for September 2024? (format $, no decimals; e.g, $5,000) How much additional Group Revenue do you need to book to hit your budget for September...
What strategies do businesses have in place that promote equal opportunity within the organization? Do most businesses offer career development and training to its employees? If so, why? How do...
How do you do the step method in cost accounting? I need help understanding the difference between the step method and reciprocal method.
1- How do long-term care changing the health care system in the 21st century? What ethical issues do you see playing a role in this situation? 2- Why do long-term health care and palliative care...
How do the processes and layouts of Harley Davidson enable it to deliver goods and services to its customer? (How do they do what they do with the resources they have?)
Economists often point to the impact of improved transportation on land values and related economic development. What is the nature and significance of the transportation impact?
Chapter 9 Stock Valuation at Ragan Engines Input area: Shares owned by each sibling Ragan EPS Dividend to each sibling Ragan ROE Ragan required return Blue Ribband Motors Corp. Bon Voyage Marine,...
The Haas Corp., a calendar year S corporation, has two equal shareholders. For the year ended December 31, year 6, Haas had net income of $60,000, which included $50,000 from operations and $10,000...
Zinco Corp. was a calendar year S corporation. Zinco's S status terminated on April 1, year 6, when Case Corp. became a shareholder. During year 6 (365-day calendar year), Zinco had nonseparately...
Zinco Corp. was a calendar year S corporation. Zinco's S status terminated on April 1, year 6, when Case Corp. became a shareholder. During year 6 (365-day calendar year), Zinco had nonseparately...
Apple inc cash flow
Assume todays settlement price on a CME EUR futures contract is $1.3142 per euro. You have a short position in one contract. EUR125,000 is the contract size of one EUR contract. Your performance bond...
Determining ending consolidated balances in the second year following the acquisition-Equity method Assume that your company acquired a subsidiary on January 1, 2012. The purchase price was $650,000...

Joanna, age 44, defers $23,000 in a qualified Solo 401(k) plan in 2018. a. What amount

Question:

Step by Step Answer:

A 401k plan allows participants to elect to receive up to 18500 in 2018 in cash taxed currently or to have a contribution made on their behalf to a pr...View the full answer

South-Western Federal Taxation 2019 Individual Income Taxes

Students also viewed these Business questions