Question 1

Is the self-employed health insurance deduction available to individuals other than self-employed taxpayers? If so,to whom is it available?

Accepted Answer

The self-employed health insurance deduc

Question 2

Which of the following is not deductible as a moving expense?

Accepted Answer

A) The cost of a pre-move house hunting trip. 
B) Travel expenses during the move. 
C) Lodging for household members during the move. 
D) The cost of moving household goods. 
A) The cost of a pre-move house hunting trip. 
B) Travel expenses during the move. 
C) Lodging for household members during the move. 
D) The cost of moving household goods.

Question 3

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 4

Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2016,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 2016?

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 5

Books purchased for courses at the campus bookstore,independent of tuition charges,are eligible expenses for the tuition and fees deduction.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is deductible as a moving expense?

Accepted Answer

A) The cost of a pre-move house hunting trip. 
B) The cost of moving household goods. 
C) Meal costs incurred during the move. 
D) All of these are deductible as moving expenses. 
A) The cost of a pre-move house hunting trip. 
B) The cost of moving household goods. 
C) Meal costs incurred during the move. 
D) All of these are deductible as moving expenses.

Question 7

What is the key limitation related to income associated with deductibility of student loan interest?

Accepted Answer

The deduction may be limited based on th

Question 8

For self-employed taxpayers,3/4 of the amount of self-employment taxes are deductible as an above-the-line deduction.

Accepted Answer

A) True 
 B)False

Question 9

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

Question 10

In order to be eligible for the qualified tuition and related expense deduction,a qualifying student must be enrolled:

Accepted Answer

A) At least three quarter time. 
B) Full-time. 
C) For at least one course. 
D) At least half time. 
A) At least three quarter time. 
B) Full-time. 
C) For at least one course. 
D) At least half time.

Question 11

Jena is a self-employed fitness trainer who had net earnings from self-employment of $23,500.She paid $525 per month for health insurance over the entire last year.Jena is entitled to a for AGI deduction for health insurance of:

Accepted Answer

A) $0. 
B) $6,300. 
C) $6,500. 
D) $5,250. 
A) $0. 
B) $6,300. 
C) $6,500. 
D) $5,250.

Question 12

Shanika is a self-employed hair stylist and had net earnings from self-employment of $4,100.She paid $375 per month for health insurance over the last year.Shanika is entitled to a for AGI deduction for health insurance premiums of:

Accepted Answer

A) $0. 
B) $4,100. 
C) $375. 
D) $4,500. 
A) $0. 
B) $4,100. 
C) $375. 
D) $4,500.

Question 13

In order to qualify for a moving expense deduction,taxpayers must meet three tests.What are they?

Accepted Answer

The following three tests must be met fo

Question 14

The percentage of self-employed health insurance premiums that could be deductible as a for AGI deduction is:

Accepted Answer

A) 100%. 
B) 80%. 
C) 50%. 
D) 70%. 
A) 100%. 
B) 80%. 
C) 50%. 
D) 70%.

Question 15

Which of the following is not a deductible alimony payment?

Accepted Answer

A) Half of the mortgage payment on a home jointly owned with the ex-spouse when required by the decree of divorce. 
B) Payments for life insurance premiums required by the divorce decree. 
C) Payments for child support required by the divorce decree. 
D) Payments for dental expenses of the ex-spouse under terms of the divorce agreement. 
A) Half of the mortgage payment on a home jointly owned with the ex-spouse when required by the decree of divorce. 
B) Payments for life insurance premiums required by the divorce decree. 
C) Payments for child support required by the divorce decree. 
D) Payments for dental expenses of the ex-spouse under terms of the divorce agreement.

Question 16

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

Accepted Answer

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

Question 17

An eligible educator,in the K through 12 educational system,for purposes of the educator's expense deduction is:

Accepted Answer

A) A principal. 
B) A counselor. 
C) A teacher. 
D) All of these. 
A) A principal. 
B) A counselor. 
C) A teacher. 
D) All of these.

Question 18

An early withdrawal penalty is reported on Form:

Accepted Answer

A) 1099-DIV. 
B) 1098. 
C) W-2. 
D) 1099-INT. 
A) 1099-DIV. 
B) 1098. 
C) W-2. 
D) 1099-INT.

Question 19

There is an employment test,a distance test,and a time test that must be met in order to deduct qualifying moving expenses.

Accepted Answer

A) True 
 B)False

Question 20

Delores,who is single,received her degree in 2016,and took a job earning $62,500 per year.In 2016,she was required to begin making payments on her qualified education loans.In 2016 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

Is the self-employed health insurance deduction available to individuals other than self-employed taxpayers? If so,to whom is it available?

Which of the following is not deductible as a moving expense?

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

Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2016,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 2016?

Books purchased for courses at the campus bookstore,independent of tuition charges,are eligible expenses for the tuition and fees deduction.

Which of the following is deductible as a moving expense?

What is the key limitation related to income associated with deductibility of student loan interest?

For self-employed taxpayers,3/4 of the amount of self-employment taxes are deductible as an above-the-line deduction.

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

In order to be eligible for the qualified tuition and related expense deduction,a qualifying student must be enrolled:

Jena is a self-employed fitness trainer who had net earnings from self-employment of $23,500.She paid $525 per month for health insurance over the entire last year.Jena is entitled to a for AGI deduction for health insurance of:

Shanika is a self-employed hair stylist and had net earnings from self-employment of $4,100.She paid $375 per month for health insurance over the last year.Shanika is entitled to a for AGI deduction for health insurance premiums of:

In order to qualify for a moving expense deduction,taxpayers must meet three tests.What are they?

The percentage of self-employed health insurance premiums that could be deductible as a for AGI deduction is:

Which of the following is not a deductible alimony payment?

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

An eligible educator,in the K through 12 educational system,for purposes of the educator's expense deduction is:

An early withdrawal penalty is reported on Form:

There is an employment test,a distance test,and a time test that must be met in order to deduct qualifying moving 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 46 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

Is the self-employed health insurance deduction available to individuals other than self-employed taxpayers? If so,to whom is it available?

Which of the following is not deductible as a moving expense?

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

Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2016,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 2016?

Books purchased for courses at the campus bookstore,independent of tuition charges,are eligible expenses for the tuition and fees deduction.

Which of the following is deductible as a moving expense?

What is the key limitation related to income associated with deductibility of student loan interest?

For self-employed taxpayers,3/4 of the amount of self-employment taxes are deductible as an above-the-line deduction.

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

In order to be eligible for the qualified tuition and related expense deduction,a qualifying student must be enrolled:

Jena is a self-employed fitness trainer who had net earnings from self-employment of $23,500.She paid $525 per month for health insurance over the entire last year.Jena is entitled to a for AGI deduction for health insurance of:

Shanika is a self-employed hair stylist and had net earnings from self-employment of $4,100.She paid $375 per month for health insurance over the last year.Shanika is entitled to a for AGI deduction for health insurance premiums of:

In order to qualify for a moving expense deduction,taxpayers must meet three tests.What are they?

The percentage of self-employed health insurance premiums that could be deductible as a for AGI deduction is:

Which of the following is not a deductible alimony payment?

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

An eligible educator,in the K through 12 educational system,for purposes of the educator's expense deduction is:

An early withdrawal penalty is reported on Form:

There is an employment test,a distance test,and a time test that must be met in order to deduct qualifying moving 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 46 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