C2 Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a$3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan.Required:a1. Are they eligible to contribute to a health savings account?a2. If they can contribute to an HSA what is their maximum contribution and deduction?Complete this question by entering your answers in the tabs below.Required A1 Required A2X Answer is not complete.If they can contribute to an HSA what is their maximum contribution and deduction?Maximum HSA contribution/deduction< Required A1Required A2 >

1. You are eligible to open and make contributions to an HSA under federal regulations if you: Are…

Answered: Jada (age 53) and Elijah (age 60) are…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 37P

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Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket.maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deduction
Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 > Answer is complete but not entirely correct. If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deduction 0
Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 Answer is not complete. If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution/deduction
Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023. they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. If they can contribute to an HSA what is their maximum contribution and deduction? ________________
Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required:
1. Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2019? a. $4,600 b. $1,300 c. $1,000 d. $3,500 e. $3,450 2 Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? a. $2,700 b. $5,500 c. $0 d. $3,500 e. $11,000 3. Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA? In your computations, carry out any division to two decimal places. a. $5,500 b. $6,000 c. $3,850 d. $5,000 e. Some other amount 4. Marge has a Roth IRA held more than 5 years to which she has contributed…
Health Savings Accounts (LO 5.1) Charlene has family coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2020?
Benny is supported by the people listed below. 19-year-old child 15-year-old child 67-year-old mother In 2021, how many of these dependents will be eligible for the $500 nonrefundable Other Dependents Credit?
Krista and Landor are new parents. They have a two-month-old baby girl and they are considering expanding their family in the future. They have purchased life insurance with a child coverage rider in the amount of $5,000. Unfortunately, their baby girl becomes gravely ill and passes away. How will the insurer deal with their death claim relating to the child coverage rider? Select one: a. b. The insurer will pay the claim for the full amount. The insurer will pay a claim for only half of the full amount to keep the child coverage rider in force for the next child. c. The insurer will deny the claim as Krista and Landon did not purchase accidental death insurance for their
Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?
Benny (56) and June (53) are married filing jointly. June's health insurance through work covers both of them, with a $3,500 annual deductible. June has a health savings account (HSA). They had no other insurance. What is the maximum contribution amount (including catch-up contributions) to their HSA account for 2023? $4,850 $7,750 $8,750 $9,750
In 2021, Denise has two children who are qualifying persons for the Child and Dependent Care Credit, Ethan and Jeffrey. Ethan has $9,000 in dependent care expenses, and Jeffrey has none. Assuming all other tests are met, what amount of expenses is the credit based on? $3,000 $6,000 $8,000 $9,000

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