capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment?
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- Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2020: Ordinary dividends $250 Capital gain distributions $170 Nontaxable distributions $80 Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Mos National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2020. What amount is repor taxable interest income? Oa. $1,650 Ob. $1.475 Oc. s0 Od. $175 Oe. None of these choices are correct.Oliver owns shares of a mutual fund. During the year, he received $2,200 in dividend distributions, $500 of which he immediately spent on travel and entertainment. He elected to use the remaining $1,700 to purchase additional shares of the fund. What amount of Oliver's dividend income is subject to tax for that year? $0 $500 $1,700 $2,200Joey pays 15% in dividends and capital gain taxes and 40% in ordinary income taxes. In January, she purchased 600 shares of a no-load mutual fund for $29.61 a share with the provision that all distributions are reinvested. In October, she sold 300 shares for $59.32. At the end of the year, she received a statement stating the fund had distributions to her of $228 in qualified dividend income, $1,393 in long-term capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment? Round the answer to two decimals Your Answer: Answer
- 1. Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2018: Ordinary dividends $250 Capital gain distributions $170 Nontaxable distributions $80 Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2018. What amount is reportable as taxable interest income? $1,475 a. b. $175 C. SO d. None of the above e. $1,650The trustee of the Spratt Trust has the discretion to distribute the income or corpus of the trust in any proportion between the two beneficiaries of the trust, Edwin and Dolly. Under the trust instrument, Edwin must receive $20,000 from the trust every year. In the current year, the trust's accounting income is $100,000, and its DNI is $90,000. In addition to the required $20,000, the trustee pays Edwin $30,000 and Dolly $50,000. What amount income is recognized by the beneficiaries as the result of the distributions? Round any division to three decimal place and use in subsequent computations. If an amount is zero, enter "0". a. Edwin: First-tier Distribution of $fill in the blank 1 and Second-tier Distribution of $fill in the blank 2.b. Dolly: First-tier Distribution of $fill in the blank 3 and Second-tier Distribution of $fill in the blank 4Sally, who turned age 72 this year, owns 12% of Apex Company. She has accumulated $5 million in her qualified plan account as of December 31 of the previous year and $5.5 million as of December 31 of the current year. Distribution period for age 72 is 25.6. a. Calculate Sally RMD for the current tax year (show step-be-step calculation) b. If Sally receives a distribution of $150,000 during the current year, calculate her income tax penalty when she files her income tax return for the current year c. If Sally takes her required distribution by April 1 of the next year, she will not be required to take any other distribution next year. Is this a correct statement? Why or why not