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10 Cards in this Set
- Front
- Back
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Sally's yearly annuity receipt is $6000 and her exclusion Amount is $3051. What is Sally's
1. Gross Income 2. Return of Capital |
1. $2949
2. $3051 |
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When does the annuitant began to get taxed on the entire annuity payment?
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When the recovery of capital has been fulfilled
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You die 27 years before your annuity contract expires. What deduction are you eligible for on your final return?
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(Recovery of Capital w/ Each Annuity Payment) x (Number of Payments Forfeited by Death)
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How do you find the exclusion amount using the simplified method?
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TRUE OR FALSE
FMV of Prizes and Awards must be included in gross income |
True
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The premiums on the first $__?___ of group term life insurance protection are excludible from the employee's gross income.
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$50,000
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Is unemployment compensation taxable?
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Yes
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If a taxpayer's income exceeds a specified base amount, as much as ___% of Social Security retirement benefits must be included in Gross Income.
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85%
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To determine the taxable amount of Social Security benefits, we use?
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MAGI
Modified Adjusted Gross Income |
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How do you compute MAGI
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