Term
| When determining if social security benefits are taxable only one-half of the taxpayer's benefits are added to modified AGI to determine whether the base amount has been exceeded. |
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Definition
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| Taxpayers are allowed to borrow money from their IRA's? |
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| Supplemental Tier II railroad retirement are not taxable on the Oregon return. |
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Definition
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| If a taxpayer uses federal form 4972 to tax all or part of his lump-sum distributions, he will have an addition on the Oregon return |
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Single taxpayer, age 65 has the following income and losses for the year:
Taxable Pension $14,200
Rental Loss $3000.00
Interest Income $2,300
Gift $1,000
Compute the applicable Oregon Retirement Credit
A) $0.00 B)$585 C)$675 D)$1,278 E)$1,350 |
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Definition
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| A single taxpayer, age 37 and blind, will qualify for either the Credit for the Severely Disabled or the extra standard deduction amount, but not both, on their return |
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Definition
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| Social Security benefits received by a widowed parent on behalf of a minor child are attributed to the parent for income tax purposes |
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Definition
| False, why? Only if looking at support |
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| A Roseburg High School teacher, age 40 closes out his state retirement plan to cover the costs of moving to a new job at Utah State University, Because his withdrawl was used for a job related move, it is not subject to the 10% early withdrawl penalty |
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Filing MFJ, you have a AGI of $35,700 before calculating taxable Social Security, no adjustments to income, municipal bond interest of $2,800 and social security benefits of $6,800. How much social security is taxable?
A)None B) $2,950 C)$3,400 D)6,800 |
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Definition
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Term
| The 10% tax on premature distributions from a qualified retirement plan will not apply if the distribution is made after the death of the employee |
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Definition
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| All social security benefits and most Railroad Retirment benefits included in Federal income are also taxed by Oregon |
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Definition
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| Mary James is 59 years old and has not been doing well. She had to withdraw $5,000 for her IRA for personal reasons (to pay some bills). If all other requirements are met, Mary will be eligible for the Oregon Retirement Income Credit |
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Definition
| False, on old enough (62) and must be medical expenses |
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Term
| On a single return social security benefits may be taxable if 1/2 of net social security plus AGI (without computations for social security) plus tax exempt interest exceeds $25,000 |
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Definition
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Term
| Part of your social security benefits may be taxable if filing status is MFS and 1/2 of your social security plus AGI (without computations for social security) plus tax exempt interest, and you did not live with your spouse any part of the year, exceeds |
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Definition
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Term
| You can take our your entire balance form an IRA and treat is as a lump-sum distribution for the 5-year or 10-year averaging, but you cannot roll over a lump-sum distribution into an IRA |
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Definition
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For purposes of an IRA, which of the following is considered to be compensation?
A) interes & dividend income B)Rental income C)Retirement income D)Alimony E)Sahre of partnership income, when no services are provided |
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Definition
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Term
| Unless an exemption to the penalty applies. Or unless a lump-sum distribution is rolled over into an IRA, a taxpayer under the age of 59 1/2 will pay a penalty of 10% on the taxable portion of an early distribution from a qualified retirment plan |
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