Michael Ricker was laid off by his employer and chose to have his retirement pla

Question

Michael Ricker was laid off by his employer and chose to have his retirement plan distributed to him in a lump sum. He received $5100. in a limp sum distribution during the year. Since Michael does not qualify for any of the special tax options, he will report the payment on his form 1040A. Michael was mariried and domiciled in Wisconsin during his entire period of employment. He and hiis spouse lived together during the year but will file separate returns. What amount will Michael report?

A $2550. B $3200 C $4500 D $5100.

Explanation / Answer

Micheal will the full amount of any unemployment compensation received.

Acopy of Form 1099-G recieved from the state tells you how much unemployment is received during the previous year and enables to report it in return.

So, Micheal will report $5100

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