Business, 06.01.2021 17:40 wittlemarie

• 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.

Sheldon must take a required minimum distribution from his retirement plan by December 31, 2020 to avoid an additional tax due.

a True
b. False

Sheldon and Odessa's standard deduction is $

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• Sheldon and Odessa Sanford are married and elect to file Married Filing Jointly. • Sheldon is 73...

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