• Matthew is a 6th grade teacher at a public school. Matthew and Rebecca are married and choose to file Married Filing Jointly on their 2023 tax return. • Matthew worked a total of 1,500 hours in 2023. During the school year, he spent $733 on unreimbursed classroom expenses. • Rebecca retired in 2020 and began receiving her pension on November 1st of that year. She explains that this is a joint and survivor annuity. She has already recovered $1,259 of the cost of the plan. • Matthew settled with his credit card company on an outstanding bill and brought the Form 1099-C to the site. They aren’t sure how it will impact their tax return for tax year 2023. The Monroes determined that they were solvent as of the date of the canceled debt. • Rebecca received $200 from Jury duty. • Their daughter, Safari, is in her second year of college pursuing a bachelor’s degree in Biochemistry at a qualified educational institution. She received a scholarship and the terms require that it be used to pay tuition. Box 2 was not filled in and Box 7 was not checked on her Form 1098-T for the previous tax year. The Monroes provided Form 1098-T and an account statement from the college that included additional expenses. The Monroes paid $865 for books and equipment required for Safari's courses. This information is also included on the college statement of account. The Monroes claimed the American Opportunity Credit last year for the first time. • Safari does not have a felony drug conviction. • They are all U.S. citizens with valid Social Security numbers. 15. What is the taxable portion of Rebecca's pension from Riverside Enterprises using the simplified method? a. $0 b. $18,741 c. $19,419 d. $20,000 unanswered

To determine the taxable portion of Rebecca's pension from Riverside Enterprises using the simplified method, we need more information than what is provided. The simplified method is used to calculate the taxable and non-taxable portions of a pension or annuity. The IRS provides a worksheet in Publication 575 to help with this calculation. The simplified method involves dividing the total cost of the pension or annuity by the total number of expected monthly payments (based on life expectancy tables provided by the IRS) to determine the non-taxable portion of each payment. Once the non-taxable portion is calculated, it is subtracted from each pension payment to determine the taxable portion. Since Rebecca has already recovered $1,259 of the cost of the plan, this amount would be subtracted from the total cost to determine the remaining cost basis. However, without knowing the total cost of the annuity, the number of expected payments, and the amount of each pension payment, we cannot calculate the taxable portion of the pension using the simplified method. Therefore, with the information provided, we cannot determine the correct answer to the question. Rebecca would need to use the IRS worksheet and the relevant details about her pension to calculate the taxable portion.

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