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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 66
Penny is 57 years old and she participates in her employer's 401(k) plan.During the year, she contributed $2,000 to her 401(k) account.Penny's AGI is $26,000 after deducting her 401(k) contribution.What is Penny's 2011 saver's credit in each of the following alternative scenarios?
a.Penny is not married and has no dependents.
b.Penny files as a head of household and she has three dependents.c.Penny files as a head of household and she has one dependent.d.Penny is married and files a joint return with her husband.They have three dependents.e.Penny files a separate tax return from her husband.She claims two dependent children on her return.
a.Penny is not married and has no dependents.
b.Penny files as a head of household and she has three dependents.c.Penny files as a head of household and she has one dependent.d.Penny is married and files a joint return with her husband.They have three dependents.e.Penny files a separate tax return from her husband.She claims two dependent children on her return.
Explanation
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a.Since Penny does not file as married f...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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