Question 1

For 2016,the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:

Accepted Answer

A) $12,900. 
B) $6,550. 
C) $13,100. 
D) $2,600. 
A) $12,900. 
B) $6,550. 
C) $13,100. 
D) $2,600.

Question 2

For 2016,taxpayers can take an above-the-line deduction for qualified tuition and related expenses paid during the year for the taxpayer,taxpayer's spouse,or a dependent.

Accepted Answer

A) True 
 B)False

Question 3

Expenses for home schooling or for non-athletic supplies for health or physical education courses qualify for the education expense deduction.

Accepted Answer

A) True 
 B)False

Question 4

The educator expense deduction is available to community college and university professors.

Accepted Answer

A) True 
 B)False

Question 5

Under a court-ordered decree of separate maintenance executed in 2016,Rebecca is required to pay her ex-husband,Carl,$4,750 a month until their youngest son turns age 18.At that time,the required payments are reduced to $2,100 per month.How much of each payment is deductible by Rebecca as alimony for 2016?

Accepted Answer

A) $4,750. 
B) $2,100. 
C) $0. 
D) $6,850. 
A) $4,750. 
B) $2,100. 
C) $0. 
D) $6,850.

Question 6

Eligible educators can deduct up to $250 of qualified educational expenses as an above-the-line deduction.

Accepted Answer

A) True 
 B)False

Question 7

A Health Savings Account HSA)is a tax-exempt savings account to pay for qualified medical expenses.

Accepted Answer

A) True 
 B)False

Question 8

Tuition,fees,books,supplies,room,board,and other necessary expenses of attendance are qualified education expenses for purposes of the student loan interest deduction.

Accepted Answer

A) True 
 B)False

Question 9

Taxpayers who contribute to or withdraw from an HSA during the year must:

Accepted Answer

A) do nothing. 
B) report it on Schedule A. 
C) file a Form 8889 and attach it to their Form 1040. 
D) attach a written note to their tax return. 
A) do nothing. 
B) report it on Schedule A. 
C) file a Form 8889 and attach it to their Form 1040. 
D) attach a written note to their tax return.

Question 10

What is a Health Savings Account HSA)?

Accepted Answer

A Health Savings Account HSA)i

Question 11

All of the following are requirements for a payment to be considered alimony except,

Accepted Answer

A) Payments are not required after the death of the recipient spouse. 
B) Payments are required by a divorce or separation agreement. 
C) Payments cannot be a transfer of services. 
D) Payments can either be in cash or property. 
A) Payments are not required after the death of the recipient spouse. 
B) Payments are required by a divorce or separation agreement. 
C) Payments cannot be a transfer of services. 
D) Payments can either be in cash or property.

Question 12

Define each of the following: alimony,child support,and a property settlement.

Accepted Answer

Each of these items is determined in con

Question 13

Under a 2016 divorce decree,Antoine is required pay $800 of alimony and $400 of child support each month for the next 10 years.In addition,Antoine makes a voluntary payment of $200 per month.How much of the total monthly payments are deductible by Antoine?

Accepted Answer

A) $400. 
B) $800. 
C) $1,000. 
D) $200. 
A) $400. 
B) $800. 
C) $1,000. 
D) $200.

Question 14

In 2016,Miguel accepted a new job and moved from San Diego to Boston to begin work.He incurred moving expenses for his household goods and furniture of $3,500.Prior to moving,Miguel flew to Boston to look for a new residence.The transportation and lodging for this trip to Boston was $900 and his meals were $150.The cost of his travel during the actual move to Boston was $500 which included $75 for meals.Calculate the amount of Miguel's moving expense deduction for 2016.

Accepted Answer

The answer of In 2016,Miguel accepted a new job and...

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

The Oroscos were granted a decree of divorce effective January 1,2016.In accordance with the decree,César Orosco is to pay his wife $24,000 a year until their only child,Ricardo now 11,turns 18,and then the payments will decrease by $11,000 per year.For 2016,how much can César deduct as alimony?

Accepted Answer

A) $35,000. 
B) $11,000. 
C) $13,000. 
D) None of these. 
A) $35,000. 
B) $11,000. 
C) $13,000. 
D) None of these.

Question 17

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

Accepted Answer

A) at least 50 miles farther than the new residence from the old job location. 
B) at least 50 miles farther than the old residence was from the old job location. 
C) 100 miles from the old residence. 
D) 100 miles from the old job location. 
A) at least 50 miles farther than the new residence from the old job location. 
B) at least 50 miles farther than the old residence was from the old job location. 
C) 100 miles from the old residence. 
D) 100 miles from the old job location.

Question 18

Employer contributions to fund an eligible Health Savings Account HSA)on behalf of an employee,are treated by the employee as:

Accepted Answer

A) Only deductible if they are a dollar-for-dollar match to employee contributions. 
B) Always deductible. 
C) Only deductible if they are less than the employee contributions. 
D) Never deductible. 
A) Only deductible if they are a dollar-for-dollar match to employee contributions. 
B) Always deductible. 
C) Only deductible if they are less than the employee contributions. 
D) Never deductible.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

For 2016,the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:

For 2016,taxpayers can take an above-the-line deduction for qualified tuition and related expenses paid during the year for the taxpayer,taxpayer's spouse,or a dependent.

Expenses for home schooling or for non-athletic supplies for health or physical education courses qualify for the education expense deduction.

The educator expense deduction is available to community college and university professors.

Eligible educators can deduct up to $250 of qualified educational expenses as an above-the-line deduction.

A Health Savings Account HSA)is a tax-exempt savings account to pay for qualified medical expenses.

Tuition,fees,books,supplies,room,board,and other necessary expenses of attendance are qualified education expenses for purposes of the student loan interest deduction.

Taxpayers who contribute to or withdraw from an HSA during the year must:

What is a Health Savings Account HSA)?

All of the following are requirements for a payment to be considered alimony except,

Define each of the following: alimony,child support,and a property settlement.

Under a 2016 divorce decree,Antoine is required pay $800 of alimony and $400 of child support each month for the next 10 years.In addition,Antoine makes a voluntary payment of $200 per month.How much of the total monthly payments are deductible by Antoine?

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

The Oroscos were granted a decree of divorce effective January 1,2016.In accordance with the decree,César Orosco is to pay his wife $24,000 a year until their only child,Ricardo now 11,turns 18,and then the payments will decrease by $11,000 per year.For 2016,how much can César deduct as alimony?

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

Employer contributions to fund an eligible Health Savings Account HSA)on behalf of an employee,are treated by the employee as:

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

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.

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

For 2016,the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:

For 2016,taxpayers can take an above-the-line deduction for qualified tuition and related expenses paid during the year for the taxpayer,taxpayer's spouse,or a dependent.

Expenses for home schooling or for non-athletic supplies for health or physical education courses qualify for the education expense deduction.

The educator expense deduction is available to community college and university professors.

Eligible educators can deduct up to $250 of qualified educational expenses as an above-the-line deduction.

A Health Savings Account HSA)is a tax-exempt savings account to pay for qualified medical expenses.

Tuition,fees,books,supplies,room,board,and other necessary expenses of attendance are qualified education expenses for purposes of the student loan interest deduction.

Taxpayers who contribute to or withdraw from an HSA during the year must:

What is a Health Savings Account HSA)?

All of the following are requirements for a payment to be considered alimony except,

Define each of the following: alimony,child support,and a property settlement.

Under a 2016 divorce decree,Antoine is required pay $800 of alimony and $400 of child support each month for the next 10 years.In addition,Antoine makes a voluntary payment of $200 per month.How much of the total monthly payments are deductible by Antoine?

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

The Oroscos were granted a decree of divorce effective January 1,2016.In accordance with the decree,César Orosco is to pay his wife $24,000 a year until their only child,Ricardo now 11,turns 18,and then the payments will decrease by $11,000 per year.For 2016,how much can César deduct as alimony?

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

Employer contributions to fund an eligible Health Savings Account HSA)on behalf of an employee,are treated by the employee as:

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

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.

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