Exam 4: Adjustments for Adjusted Gross Income

Charde,who is single,had a student loan for qualified education expenses on which interest was due.For 2014,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 2014?

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

For the deduction of self-employment taxes,which of the following statements is correct?

A qualified education loan is one incurred by the taxpayer solely to pay qualified education expenses incurred on behalf of the:

Qualifying moving expenses are treated as an itemized deduction for 2014.

Maria files her tax return married filing separately.She has not lived with her husband for over two years.Beginning in January 2014,by court ordered decree,she is to pay her husband $600 per month as separate maintenance.For 2014 how much will she be able to deduct as alimony?

To qualify for the moving expense deduction,an employee must change job sites,move a required distance,and change employers.

The educator's expense deduction is taken:

The student loan interest deduction may be limited based on the modified AGI of the taxpayer.

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

In order to meet the distance test criteria for qualifying moving expenses,the new job location must be:

If a divorce agreement executed in 2014 specifies that a portion of the amount of an alimony payment is contingent upon the status of a child,that portion is considered to be a child support payment.

What are the contribution amounts for a Health Savings Account for 2014?

What percentage of medical insurance premium payments are not deductible by self-employed taxpayers as a deduction for adjusted gross income on their 2014 tax returns?

For a taxpayer to be eligible to fund a Health Savings Account (HSA),he or she must be:

The maximum amount of the deduction for student loan interest for an eligible taxpayer is limited in the 2014 tax year to:

For the interest on a student loan to qualify for the student loan interest deduction,the student must be enrolled full-time.

Peter,having moved from Oregon to Florida in the current year,met all the requirements to deduct moving expenses.Which of the following expenses that he incurred is not deductible as qualified moving expenses?

For 2014,unreimbursed qualifying moving expenses are an itemized deduction.

Mike and Karen were divorced.Their only marital property was a personal residence with a fair market value of $1.5 million and a cost of $575,000.Under the terms of the divorce agreement,Mike would receive the house and Mike would pay Karen $125,000 each year for 5 years,or until Karen's death,whichever should occur first.Mike and Karen were not living together when the payments were made by Mike.Mike paid the $625,000 to Karen over the five-year period.Mike's recognized gain from the transfer of the house to him is: