Question 1

Which of the following is not a requirement for an alimony deduction?

Accepted Answer

A) The payments must be in cash. 
B) The payments must cease upon the death of the payee. 
C) The payee must have a dependent child. 
D) The payer and payee must not live in the same household at the time of the payments. 
A) The payments must be in cash. 
B) The payments must cease upon the death of the payee. 
C) The payee must have a dependent child. 
D) The payer and payee must not live in the same household at the time of the payments.

Question 2

In lieu of making cash payments of alimony directly to a former spouse,payments to a third party on behalf of the former spouse can qualify as alimony.

Accepted Answer

A) True 
 B)False

Question 3

Unreimbursed qualifying moving expenses are an above-the-line deduction for 2017.

Accepted Answer

A) True 
 B)False

Question 4

Delores,who is single,received her degree in 2017,and took a job earning $62,500 per year.In 2017,she was required to begin making payments on her qualified education loans.In 2017 she paid $1,350 in interest on those loans.How much can she claim as an educational loan interest deduction for the year?

Accepted Answer

Since Delores is under the mod

Question 5

Student loan interest is deductible only by the person who actually attended the educational institution.

Accepted Answer

A) True 
 B)False

Question 6

If a divorce agreement executed in 2017 specifies that a portion of the amount of an alimony payment is contingent upon the age or status of a child,that portion is considered to be a child support payment.

Accepted Answer

A) True 
 B)False

Question 7

With a Health Savings Account (HSA),contributions grow tax free,but distributions used for to pay for medical expenses are taxed.

Accepted Answer

A) True 
 B)False

Question 8

Why is it important to distinguish between a property settlement and alimony?

Accepted Answer

A property settlement does not result in

Question 9

In 2013 through 2017,Shannon borrowed a total of $35,000 for higher education expenses on qualified education loans while supporting herself with a full-time job.In 2017,she had modified adjusted gross income of $50,000.The first year interest on the loan was $850.The amount that Shannon can claim on her tax return is:

Accepted Answer

A) $0. 
B) $425. 
C) $640. 
D) $850. 
A) $0. 
B) $425. 
C) $640. 
D) $850.

Question 10

Qualification under the 900-hour working test for the educator's expense deduction is measured by:

Accepted Answer

A) The calendar year. 
B) 3 consecutive months. 
C) 5 consecutive months. 
D) The academic year. 
A) The calendar year. 
B) 3 consecutive months. 
C) 5 consecutive months. 
D) The academic year.

Question 11

For the moving expense distance test,the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location.

Accepted Answer

A) True 
 B)False

Question 12

For 2017,unreimbursed qualifying moving expenses are an itemized deduction.

Accepted Answer

A) True 
 B)False

Question 13

If a taxpayer incurs an early withdrawal of savings penalty,the taxpayer is entitled to report the penalty as a for AGI deduction on Form 1040.

Accepted Answer

A) True 
 B)False

Question 14

Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2017,Sam paid $3,000 in tuition,$500 for books,and $250 for supplies for class.Sam also paid room and board of $3,500.What is the total qualifying education expense for the student loan interest deduction for Sam in 2017?

Accepted Answer

A) $3,000. 
B) $3,750. 
C) $7,250. 
D) $3,500. 
A) $3,000. 
B) $3,750. 
C) $7,250. 
D) $3,500.

Question 15

The maximum amount of the deduction for student loan interest for an eligible taxpayer is limited in the 2017 tax year to:

Accepted Answer

A) $1,500. 
B) $2,000. 
C) $2,350. 
D) $2,500. 
A) $1,500. 
B) $2,000. 
C) $2,350. 
D) $2,500.

Question 16

What is an "eligible educational institution" as it relates to the deductibility of student loan interest?

Accepted Answer

An eligible institution is generally a p

Question 17

What is meant by a penalty on early withdrawal of savings and under what circumstances is it deductible?

Accepted Answer

Banks often require minimum or fixed dep

Question 18

In order to open a Health Savings Plan (HSA)account,a taxpayer must qualify under which category:

Accepted Answer

A) An employee (or spouse)who works for an employer with a high deductible health plan. 
B) A self-employed individual. 
C) An uninsured employee of a company that does not offer health coverage,who purchases high-deductible health coverage on his or her own. 
D) Any one of these. 
A) An employee (or spouse)who works for an employer with a high deductible health plan. 
B) A self-employed individual. 
C) An uninsured employee of a company that does not offer health coverage,who purchases high-deductible health coverage on his or her own. 
D) Any one of these.

Question 19

Freya,who is single,had a student loan for qualified education expenses on which interest was due.For 2017,the total interest payments were $2,000.Assuming she has AGI under $65,000,how much may she deduct in arriving at adjusted gross income for 2017?

Accepted Answer

A) $2,000. 
B) $2,500. 
C) $1,700. 
D) $0. 
A) $2,000. 
B) $2,500. 
C) $1,700. 
D) $0.

Question 20

Distributions from Health Savings Accounts (HSAs)are subject to tax,if they are used to pay for qualified medical expenses.

Accepted Answer

A) True 
 B)False

Which of the following is not a requirement for an alimony deduction?

In lieu of making cash payments of alimony directly to a former spouse,payments to a third party on behalf of the former spouse can qualify as alimony.

Unreimbursed qualifying moving expenses are an above-the-line deduction for 2017.

Student loan interest is deductible only by the person who actually attended the educational institution.

If a divorce agreement executed in 2017 specifies that a portion of the amount of an alimony payment is contingent upon the age or status of a child,that portion is considered to be a child support payment.

With a Health Savings Account (HSA),contributions grow tax free,but distributions used for to pay for medical expenses are taxed.

Why is it important to distinguish between a property settlement and alimony?

Qualification under the 900-hour working test for the educator's expense deduction is measured by:

For the moving expense distance test,the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location.

For 2017,unreimbursed qualifying moving expenses are an itemized deduction.

If a taxpayer incurs an early withdrawal of savings penalty,the taxpayer is entitled to report the penalty as a for AGI deduction on Form 1040.

Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2017,Sam paid $3,000 in tuition,$500 for books,and $250 for supplies for class.Sam also paid room and board of $3,500.What is the total qualifying education expense for the student loan interest deduction for Sam in 2017?

The maximum amount of the deduction for student loan interest for an eligible taxpayer is limited in the 2017 tax year to:

What is an "eligible educational institution" as it relates to the deductibility of student loan interest?

What is meant by a penalty on early withdrawal of savings and under what circumstances is it deductible?

In order to open a Health Savings Plan (HSA)account,a taxpayer must qualify under which category:

Freya,who is single,had a student loan for qualified education expenses on which interest was due.For 2017,the total interest payments were $2,000.Assuming she has AGI under $65,000,how much may she deduct in arriving at adjusted gross income for 2017?

Distributions from Health Savings Accounts (HSAs)are subject to tax,if they are used to pay for qualified medical expenses.

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters

Exam 4: Adjustments for Adjusted Gross Income

Which of the following is not a requirement for an alimony deduction?

In lieu of making cash payments of alimony directly to a former spouse,payments to a third party on behalf of the former spouse can qualify as alimony.

Unreimbursed qualifying moving expenses are an above-the-line deduction for 2017.

Student loan interest is deductible only by the person who actually attended the educational institution.

If a divorce agreement executed in 2017 specifies that a portion of the amount of an alimony payment is contingent upon the age or status of a child,that portion is considered to be a child support payment.

With a Health Savings Account (HSA),contributions grow tax free,but distributions used for to pay for medical expenses are taxed.

Why is it important to distinguish between a property settlement and alimony?

Qualification under the 900-hour working test for the educator's expense deduction is measured by:

For the moving expense distance test,the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location.

For 2017,unreimbursed qualifying moving expenses are an itemized deduction.

If a taxpayer incurs an early withdrawal of savings penalty,the taxpayer is entitled to report the penalty as a for AGI deduction on Form 1040.

Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2017,Sam paid $3,000 in tuition,$500 for books,and $250 for supplies for class.Sam also paid room and board of $3,500.What is the total qualifying education expense for the student loan interest deduction for Sam in 2017?

The maximum amount of the deduction for student loan interest for an eligible taxpayer is limited in the 2017 tax year to:

What is an "eligible educational institution" as it relates to the deductibility of student loan interest?

What is meant by a penalty on early withdrawal of savings and under what circumstances is it deductible?

In order to open a Health Savings Plan (HSA)account,a taxpayer must qualify under which category:

Freya,who is single,had a student loan for qualified education expenses on which interest was due.For 2017,the total interest payments were $2,000.Assuming she has AGI under $65,000,how much may she deduct in arriving at adjusted gross income for 2017?

Distributions from Health Savings Accounts (HSAs)are subject to tax,if they are used to pay for qualified medical expenses.

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters