Advanced Scenario 3: Test Questions 7. Form 8889, Part I is used to report HSA contributions made by a. Mary b. Mary's employer c. Mary's mother d. All of the above
Added by Kimberly R.
Close
Step 1
```latex Show more…
Show all steps
Your feedback will help us improve your experience
Anand Jangid and 98 other Psychology educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Advanced Scenario 3: Mary Woods Directions Interview Notes • Mary Wood, age 58, is single. • Mary earned wages of $51,000 and was enrolled the entire year in a high deductible health plan (HDHP) with self-only coverage. • During the year, Mary contributed $2,000 to her Health Savings Account (HSA) and her mother also contributed $1,000 to Mary's HSA. • Mary's Form W-2 shows $1,150 in Box 12 with code W. She has Form 5498-SA showing $4,150 in Box 2. • Mary has Form 1099-SA showing her HSA distributions. She used her distributions to pay the following unreimbursed expenses: o $500 for nine visits to a physical therapist after her knee surgery o $1,000 unreimbursed doctor bills o $280 prescription medicine o $1,500 replacement of a crown o $300 deep cleaning for teeth o $40 over the counter medication o $260 gym membership (for her general health and fitness) • Mary is a U.S. citizen with a valid Social Security number. Advanced Scenario 3: Test Questions Mary is eligible to contribute an additional $__________ to her HSA because she is age 55 or older a. $0 b. $850 c. $1,000 d. $2,000
Anand J.
Holly and Zachary Neal, from Dublin, Virginia, are preparing to file their 2017 income taxes. Their children are grown; however, Holly's mother, Martha, has moved in with them so Holly is no longer working. Martha is dependent on their income for support except for her $527 monthly Social Security benefit. a. On the Neals' tax return, Martha's unreimbursed medical expenses: (Select the best answer below.) A. are not deductible. Martha does not qualify as a dependent because she is not the child of Holly and Zachary. B. are deductible even though Martha does not qualify as a dependent because she provides less than half of her own living expenses and is a U.S. citizen. C. are not deductible even if Martha qualifies as a dependent. Zachary and Holly can only claim their own unreimbursed medical expenses. D. are deductible. Martha qualifies as a dependent because she passes the relationship or household member test, does not have earnings greater than the exemption amount, provides less than half of her own living expenses, and is a U.S. citizen. b. Is Martha required to file a tax return? Why or why not? (Select the best answer below.) A. Martha qualifies as a dependent, but she is still required to file a separate tax return because she received money from Social Security. B. Although Martha qualifies as a dependent, thus triggering lower income tax filing thresholds, she does not have additional income; therefore, her Social Security income is adequate to require filing a separate tax return. C. Martha qualifies as a dependent; therefore, no matter how much additional income she may have, she is not required to file a separate tax return. D. Although Martha qualifies as a dependent, thus triggering lower income tax filing thresholds, she does not have additional income; therefore, her Social Security income is inadequate to require filing a separate tax return. c. There are two tax advantages associated with Holly's education expenses. First, they can claim a Lifetime Learning tax credit of $ , as the Neals' income is below the income phase-out for the credit. Second, the $ in interest payments is an adjustment to income for the tax year, as again the Neals' income is less than the phase-out level for eligibility. (Round to the nearest dollar.)
Akash M.
Text: A Medigap insurance policy is designed to cover which one of the following so-called "gaps" in Medicare coverage? A) Medicare-approved charges not paid by Medicare B) Charges in excess of those allowed by Medicare C) Long-term care expenses D) Health care costs incurred by low-income individuals
Recommended Textbooks
Psychology Openstax
Myers' Psychology for AP
Psychology
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD
