Considering these facts, how much may Betty deduct from AGI on her tax return, a

Question

Considering these facts, how much may Betty deduct from AGI on her tax return, assuming she elects to it emize deductions? $0 $9,410 $665 $10,450 In 20X13 Archer, a single individual, moved from minneapolis to phoenix to start a new job with InnoTech, which began 1 February 20X13. Archer worked for Innotech until 15 November 20x13, when Archer accepted a job offer from Inno Tech's phoenix rival MegaTech. The following 20X13 facts apply to Archer: Income $75,000 Expenses incurred during Minneapolis - Phoenix move 1,000 Moving truck rental 1,000 packing and unloding costs paind to moving company 1,500 Loss on sale of Minneapolis home 750 Loading 250 Meals 100 Storage costs in Phoenix prior to move-in to new home Considering only the above facts, what is Archer's 20x13 adjusted gross income? $70,475 $72,150 $70,650 $75,000 On 15 February of the current year Young received a $10,000 lump-sum payment from a qualified profit-sharing plan, the full amount of which Young rolled over into an IRA 46 days later. How much of this lump-sum payment may Young exclude from current year gross income? $0 Depends on contribution limit $10,000 $8,000 Claire is a self-employed individual who owns and runs Claire's Creations, LLC. In 20X14 she had $225,000 in net self-employment earnings, including a deduction for 50% of self-employment tax, prior to any Keogh deduction. Claire has a defined contribution, stock bonus Keogh plan. What is the highest deductible Keogh contribution Claire can make for the 20X14 tax year? Assume no excess contribution carryover from prior years. $56,250 $52,000 $225,000 $45,000

Explanation / Answer

Solution.

b. 10,000.

Young may be able to defer tax on all or part of a lump-sum distribution by requesting the payer to directly roll over the taxable portion into an individual retirement arrangement (IRA) or to an eligible retirement plan. Young may also be able to defer tax on a distribution paid to Young by rolling over the taxable amount to an IRA within 60 days after receipt of the distribution. A rollover, however, eliminates the possibility of using the special tax rules described above for any later distribution

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