Which of the following statements is accurate regarding the myRA Retirement Savi

Question

Which of the following statements is accurate regarding the myRA Retirement Savings Program? The program is no longer accepting new enrollments Exis ting myRA accounts with a zero balance can remain open until further notice. Taxpayers must stop managing their accounts and withdraw all funds immediately Funds s in existing accounts will not remain in an investment issued by the U.S. Department of Treasury; the Question 2 of 20. Franklin, age 35, is a single taxpayer with no dependents. His adjusted gross i exceeds $261,500. If Franklin claims the standard following is most likely to be the amount he claims for his personal exemption? deduction on his 2017 return, which of the $3,750 $4,050 $6,350 $7,938 O. Question 15 of 20. All of these statements about Form 8867, Paid Preparer's Due Diligence Checklist, are true EXCEPT Under the expanded due diligence requirements, paid preparers should complete all parts of Form 8867 when they prepare returns for taxpayers claiming one of the applicable credits The due diligence requirements expanded under the PATH Act apply to the Earned Income Credit, the Child Tax Credit, the Additional Child Tax Credit, and the American Opportunity Tax Credit Form 8867 has been modified for tax year 2017 to enhance the quality and clarity of the requirements and the information collected Completing Form 8867 is not a substitute for actually completing all required forms and schedules

Explanation / Answer

Adjusted income exceeds $ 261,500

Here the threshhold for personal expemtion for a single is $ 259,400

In this manner, the adjusted income exceeds the threshhold by $2,100

According to the provisions, for Calendar Year 2017, the personal tax exemption is $ 4,050 which is to be reduced by 2% for every increase of $ 2,500. In our case, the increment is $ 2,600 hence total reduction has to be done

Hence personal tax amount = 4050*96/100 = $ 3888

In the given case, it is advisable to opt for $ 3,750

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