1. Greg is 69. He bough an annuity that provides 4,000 annual payments for the next 10...
Question:
1. Greg is 69. He bough an annuity that provides 4,000 annual payments for the next 10 years. The annuity was purchased for $35,000. For the first year, how much of the payment should Greg include in his gross income?
2. Darla is an unmarried taxpayer. She paid $2,000 of interest on a qualified education loan this year. She reports a modified Adjusted Gross Income of $82,000. What is Darla's deduction for interest expense on an educational loan?
3. Kayla has these cash donations recorded this year: $300 to a family, $600 to the Salvation Army, $900 to a political campaign, and $1,400 to a church
What is Kayla's maximum allowable charitable contribution if her AGI is $60,000?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill