100I-2023 Annual Tax Refresher Exam And Correct Answers.Arthur files a single income tax return and his maximum tax-free interest under the education savings bond program is $6,000. How much of the interest is excludible if his modified adjusted gross income exceeds the applicable dollar limit by $5,000 (one-third of the phaseout range)? - Answer $2,000 Lloyd is chronically-ill and received tax-qualified long-term care insurance benefits in 2023 amounting to $9,300 to cover a 30-day nursing home stay. What amount, if any, must he include in income if actual nursing home costs for the 30 days amounted to $8,800 and the applicable per diem limitation was $420? - Answer $500 Barbara is a single taxpayer who had a 2023 adjusted gross income of $25,000 and contributed $4,000 to her traditional IRA. Assuming she has a $2,000 income tax liability for the year, what is her maximum retirement contribution savings credit? - Answer $200 Barbara's household income in 2023 is 150% of the federal poverty line, and she purchased health insurance coverage through an ACA marketplace whose premium does not exceed the premium for a benchmark plan. What percentage of the premium cost is her expected contribution toward the premium? - Answer She has no expected contribution.If a taxpayer's 2023 household income of $60,000 places the taxpayer at 250% of the federal poverty level, what is the taxpayer's normal expected contribution when calculating the refundable tax credit for which the taxpayer may be eligible in 2023 under the ACA to purchase a qualified health plan? - Answer $5,868 Helen's Helpers, Inc., a house cleaning company, employs 10 full-time enrolled employees and its monthly group insurance premium family coverage, what is the minimum monthly premium contribution the firm must make in order to qualify for the Small Business Tax Credit? rates are $400 for employee-only coverage and $1,000 for - Answer $5,000 Al, age 35, owned a family high deductible health policy as part of his HSA for the entire year.What is his maximum permitted contribution to the HSA in 2023 if his deductible is $5,000? - Answer $5,000 Justin, age 66, paid $6,000 in qualified medical expenses in 2023 and took an $8,000 HSA distribution during the year. What tax penalty will apply with respect to the excess distribution?
- Answer $0
Bob, an age 55 taxpayer with family coverage under his HDHP, may make an HSA contribution not exceeding ____ in 2023. - Answer $4,850 1 / 2
Marilyn is eligible to receive Medicare. If she receives a $15,000 taxable HSA distribution this year, what tax penalty, if any, will apply? - Answer $0 What is the maximum additional health savings account (HSA) contribution that may be made by a 60 year-old participant because of age? - Answer $1,000 Phil operated his personal vehicle for business purposes in 2023. If he travels 20,000 miles on business and uses the business standard mileage deduction, by what amount must he reduce the vehicle's basis? - Answer $5,600 Judy has been married to Jim for the past 5 years and he unexpectedly died in 2022. Judy filed her 2022 tax return as MFJ even though she did not remarry that year. If Judy does not remarry in 2023 or 2024, what should her tax return filing status be? - Answer Qualifying Surviving Spouse Steve, an independent contractor, performed roofing work and was paid for his services with digital assets. How does Steve report the value of his digital assets payment when filing his income tax return? - Answer The value of the digital assets in U.S. dollars at the time received as compensation.Sally is an online retailer who engages in Third-party Network Transactions via NetTrans, Inc.Payment Company to facilitate financial transactions in the sale of her products. For 2023, what is the minimum aggregate sales and number of sales per year required to trigger a 1099-K by NetTrans, Inc. Payment Company? - Answer more than $20,000 in aggregate sales, minimum of 200 sale transactions Harry became age 72 in 2022. Which of the following choices is correct concerning his need to take required minimum distributions from his traditional individual retirement account? - Answer RMDs must begin by April 1, 2023 Jennifer is required to take a $30,000 minimum distribution from her traditional IRA but decided only to take a distribution of $20,000. For what penalty tax, if any, is she liable? - Answer
$1,000
Dan purchased 2 exterior doors for $500 apiece and 3 energy-efficient windows for $400 apiece.Assuming the items qualify for an energy-efficient home improvement tax credit, for what tax credit would he be eligible? - Answer $1,560 As a result of the Inflation Reduction Act, the Residential Clean Energy Credit has been extended for qualified energy efficient improvements through what future date? - Answer 2027
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