Solution for QID #22381: 1)Sheldon and Odessa fase shery task Scenario 1: Rutest Ques | StudyHelpMe

1)Sheldon and Odessa fase shery task Scenario 1: Rutest Questions Basic Benario 2. Marsha Perry and Sage . Manic Scenario Retet Gestione 1 www. product WTATGE TE Basic Scenario 1: Sheldon and Odessa Sanford Interview Notes • Sheldon and Odessa Sanford are married and elect to file Married Filing Jointly. • Sheldon is 73 years old and Odessa is 64 years old. Odessa earned $33,000 in wages . • After 30 years of service, Sheldon retired from his job on February 1, 2018 . During his career, Sheldon contributed pre-tax dollars to a qualified 401(k) retirement plan through his employer . His retirement is fully taxable . Sheldon also received Social Security benefits of $7,600. • Sheldon and Odessa are not blind and cannot be claimed as dependents by another taxpayer . • Sheldon and Odessa are U .S . citizens and have valid Social Security numbers . Basic Scenario 1: Retest Questions 1 . The required minimum distribution rules are temporarily waived for tax year 2020 . a . True b . False 2 . What is the amount of Sheldon and Odessa’s standard deduction? a. $24,800 b. $26,100 c. $26,450 d. $27,400 Basic Scenarios Retest Questions 63   Basic Scenario 2: Marsha Perry Interview Notes • Marsha is 23 years old and single . She cannot be claimed as a dependent by another taxpayer . • Marsha earned wages of $18,500 and had $1,500 of federal income tax withholding in tax year 2020 . • Marsha gave birth to Shelby on November 10, 2020 . • Marsha paid all the cost of keeping up a home and support for Shelby . • Shelby and Marsha are U .S . citizens and have valid Social Security numbers . • Marsha filed Single with no dependents on her 2019 tax return and received a $1,200 Economic Impact Payment in May 2020. Basic Scenario 2: Retest Questions 3 . Marsha is not required to file a return, but should file a return to claim a refund of her federal income tax withholding . a . True b . False 4 . Marsha qualifies for the recovery rebate credit of $________ for Shelby. Note: Congress may have enacted additional legislation that will affect taxpayers after this publication went to print . Please answer questions based on the information provided in Publication 4491, VITA/TCE Training Guide and Publication 4012, VITA/ TCE Resource Guide . a. $300 b. $500 c. $600 d. $1,200 64 Basic Scenarios Retest Questions