From the information given, the amount of the projected 2022 loss, if any that Ron May deduct on his income tax return for 2022 is "$14,000" (Option D) See explanation below.
<h3>What is the explanation for the above answer?</h3>
In general, Section 704(d) of the Code states that a partner's distributive share of a partnership loss (including capital loss) is limited to the adjusted basis of such partner's interest in the partnership (outside basis) at the end of the partnership year in which such loss occurred.
If a partner's share of partnership losses exceeds its outside basis in a given taxable year, the losses are permitted to the extent of basis, and any excess amount is carried over to the following taxable year in which the partner has outside basis available.
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Full Question:
Ron's investment in his XYZ partnership interest on December 31, 2021, was $12,000. As the result of a serious downturn in business, the partnership calculates Ron's share of the partnership's losses in 2022 will be $14,500. How much of this projected 2020 loss, if any, may Ron deduct on his income tax return for 2022?
A) $12,000
B) $2,500
C) $0
D) $14,000
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<h3><em>Answer:</em></h3><h3><em>Answer:For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 for 2022 ($58,000 for 2021; $57,000 for 2020). You can calculate your plan contributions using the tables and worksheets in Publication 560</em></h3>
Answer:
Explanation:
1. Start tracking your spending habits.
2.Get on a budget.
3. Re-evaluate your subscriptions.
4. Reduce electricity use.
5.Lower your housing expenses.
6. Consolidate your debt and lower interest rates.
7.Reduce your insurance premiums
8. Eat at home.
