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Ethan Johnson ,(09)/(29)/251.48PM
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Completed: 0 of 1 | My teore: 011 pta (5%) â—» carng for her mother, she is no longer working Marlina is dependent on ther noome lor support except for her $537.48 nonthly Sccial Security tenelf
Zachary noriss for a softwate company and earns anough to keep their headresowe waler, however, he had lo discontrue paticipation in his retrement plan so they could pay the tils Holy is taking his opportunity to work loward her masler's degree. They know they will lie jority but need your help preparing their lax retum. They have gathemed all of the approprate records组
a. Ave Matha's unrembursed medical expense deductilite on the Neals' lixx relum? Why or why not?
b. Is Martha pequired to file a tax retum? Why or why not?
c. What tax advantage(s), attitutable to Holly's education experses; can the Neals include on their return?
d. How much of the total medical experses will the Neals be able fo deduct on ther taxes?
e. Can the Neals' IRA controutions be deductiod on their tax return? if so, to what exdent?
f. Would the Noals benefit from femiging their deductions? Why?
g. Calculate the Neat's lotal 2020 tax lability using the method most advantageous lo them
h. Should Zach have his employer adjust his federal tax witholding amount? Why or Why not? -
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b. Is Martha nequired to tile a tax netum? Why or why not? (Select the best answer below)
a
â—» A. Athough Martha quitfes as a depensent, Bus trigoting lower income lax thing Thesholds, she does not have additonal income, therefore, her Social Security ncome is adequalle is require filing a separale tax refurn.
â—» 0. Athough Matha qualities as a dependent, thus trigenring lower income tax fing thesholds, she does not have additonal income, therefore, her Social Security income a nadequale to require filing a separate tax return
â—¯ C. Martha qualifes as a dependent, therefore, no matter how much additonal income she may have, she is not required to file a separate tax return.
â—¯ D. Martha qualfies as a dependent, but she is still required to file a separate lax return because she received noney from Social Security
c. There are two tax advantages associaled with Holly's education expenses. First, Bey cas claim a tiftme tearning tax credt of 1 _(_())_(_()) as the Neals' income is below the income phase out for the credt. Second, the $2,500 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 elgibulty. (Round to the meanest cent)
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