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Lesson 4 Tax 515

1.      Discuss the different requirements for disclosing items to both the IRA owner and the IRS and when each applies.

2.      List out the different reports required by the IRA owner and the IRS for an IRA account and what the use of each is.

3.      Taxpayers are required to report and pay taxes on certain distributions from IRA accounts. Explain the criteria for when a distribution is made as to when a taxpayer must pay tax or not on the distribution amount.

4.      After reviewing the different types of penalties that might apply to an IRA owner and their actions, explain the different types of penalties and when each would be in effect.

5.      Discuss the general filing information requirements for IRA accounts, to include the various forms and the use of each.

6. In reviewing the different forms that are required through the IRA and tax process that impacts the IRA account owner, discuss who is required to fill out each of these forms, as well as who is responsible for withholding the funds for inclusion in the IRA account.

Professional Development Question

Professional Development Question

Assume you are sitting down with an investment advisor to discuss the opening of either a

Traditional or Roth IRA account for you future. Determine what types of questions you would ask this advisor, specific to the penalties, distributions, filings, and withholding rules you might expect. How would the answers to these questions impact your choice bet

 

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February 28, 2022by

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An impoverished 69-year-old man is diagnosed with cancer of the pancreas. There is no hope for cure, but radiation and chemotherapy, which could cost more than $150,000, may extend his life for a few months. If this patient unambiguously requests treatment, his doctors may struggle with the decision but will probably provide the treatment, ignoring the cost as a matter of principle.

On the other hand, a health department — or a hospital — proposes an action that would prevent many cases of some forms of pancreatic cancer. It could be offering free education on the effects of alcohol on the pancreas.

In both instances, health experts must make tough decisions that entail weighing the costs of an action against its benefits in extending human life. Why is the value of extending human life the determining factor in the first example and the cost of the intervention the determining factor in the second? These two scenarios expose tangled issues of ethics, cost, and cost-effectiveness and highlight a troubling structural bias against prevention.

Many people reject any attempt to put a dollar value on human life. From such a perspective, any withholding of potentially life-extending interventions on the basis of their costs is unethical. But within every organization and throughout society, limits on funding make it impossible to pay for every conceivable intervention. That reality forces health leaders to make painful decisions about what to pay for.

In your paper:

  1. Discuss this scenario in respect to ethics, cost and cost-effectiveness.
  2. What should a physician do in this case?
  3. If the treatment is refused, how would you go about finding a way to obtain treatment for this man?

Length: Submit a 3-page paper.

 

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February 28, 2022by

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Jacob and Alice Smith, married filing jointly, are both 36 years of age. They have two sons, and a daughter. Jacob and Alice have earned income of $93,500 and $58,300 respectively, and their allowable itemized deductions are $12,400. They had the following transactions during 2013:a. On March 31, 2013, they sold their personal residence for $160,000. Their basis in the residence was $108,000. Six months later, they purchased new residence for $130,000. They had incurred $6,000 of selling expenses. b. Alice exchanged land obtained before the marriage for an office building. She had a basis in the land, which was worth $100,000, of $50,000. The office building was worth $105,000.c. Jacob sold property for $45,000. He had inherited the property from an aunt who had an adjusted basis of $10,000 in the property. The property was worth $30,000 at the time of the aunt’s death. d. Jacob and Alice sold stock which they had received as a wedding present. The donor had an adjusted basis of $8,000 in the stock. The stock was worth $12,00 at the time of the gift. Jacob and Alice received $10,000 for the stock. Compute Jacob and Alice’s lowest taxable income. Treat all income as ordinary income.

 

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February 28, 2022by

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Module One Discussion – The Cost of Making Choices

Directions: For this forum, create a thread to respond substantively to each question or directive that makes up the discussion forum.  This thread will serve as your primary post.  Be sure to label your responses to coincide with each section in the forum to add clarity and distinct insights for each response.

Your primary post word range (for all sections combined; not each one separately) is between 150 and 350 words maximum.  You can write approximately 10% below the 150 word minimum or approximately 10% above the 350 word maximum, but anything outside the 10% leeway will bring about automatic point deductions depending on how far outside the range your primary post is.

In addition to your primary post, you must also respond substantively and directly on point to at least 2 of your fellow classmates’ primary posts in order to further enhance the discussion and fulfill the assignment requirements.  Do not repeat material from your primary post, and do not engage in chit-chatting or provide material that does not provide more insights into the discussion topics. Also be sure to write different things to different students.

NB: Your primary post accounts for approximately 80 to 85% of your score, while the follow-up posts make up approximately 15 to 20%.___________________________________________________________________________

Discussion: Answer each section below in separate paragraphs.

  1. Describe opportunity cost, and then explain whether or not it’s an out-of-pocket cost.
  2. If you were offered a job that required you to completely stop attending college (onsite or online), explain how would you apply the concept of opportunity cost to help you decide whether or not to take the job or continue your college education?  In your explanation, be sure to include all of the factors you can think of that would go into your decision.
  3. 1.  Set forth the law of diminishing marginal utility.

  C.  2. Are there any exceptions to this law?  Explain why or why not.

 

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February 28, 2022by