Question 1

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

Accepted Answer

A property settlement does not result in

Question 2

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

Accepted Answer

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

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

What is a Health Savings Account (HSA)?

Accepted Answer

A Health Savings Account (HSA)

Question 5

What are the two limitations associated with the deduction for health insurance for self-employed individuals?

Accepted Answer

First, the deduction cannot exceed netea

Question 6

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

Accepted Answer

Each of these items is determined in con

Question 7

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

Accepted Answer

A)  An employee (or spouse) who works for an employer with a high deductible health plan. 
B)  An employee of a company that offers no health coverage and the employee has purchased a high deductible health plan on their own. 
C)  A self-employed individual. 
D) All of these. 
A)  An employee (or spouse) who works for an employer with a high deductible health plan. 
B)  An employee of a company that offers no health coverage and the employee has purchased a high deductible health plan on their own. 
C)  A self-employed individual. 
D) All of these.

Question 8

The cost of self-employed health insurance premiums are deductible above-the line at a rate of 80% of the cost.

Accepted Answer

A) True 
 B)False

Question 9

Under a divorce agreement executed in 2015, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A)  The cost of moving household goods. 
B)  Lodging for household members during the move. 
C)  Transportation expenses during the move. 
D) Pre-move house hunting expenses. 
A)  The cost of moving household goods. 
B)  Lodging for household members during the move. 
C)  Transportation expenses during the move. 
D) Pre-move house hunting expenses.

Question 11

Which of the following expenses does not qualify as a moving expense?

Accepted Answer

A)  Lodging. 
B)  Travel expenses. 
C)  House hunting expenses. 
D) Transportation of household goods. 
A)  Lodging. 
B)  Travel expenses. 
C)  House hunting expenses. 
D) Transportation of household goods.

Question 12

Self-employed persons are allowed a for AGI deduction equal to one-half of the self-employment tax imposed.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

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

Question 14

If a divorce agreement executed in 2015 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.

Accepted Answer

A) True 
 B)False

Question 15

The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment. These rules "lookback" to the following years for the calculation:

Accepted Answer

A)  Years 1 and 2. 
B)  Years 3 and 4. 
C)  Years 1 through 3. 
D) Years 4 through 6. 
A)  Years 1 and 2. 
B)  Years 3 and 4. 
C)  Years 1 through 3. 
D) Years 4 through 6.

Question 16

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 17

Madison is a teacher at a parochial elementary school. If she spends $600 on art supplies for her classes, $250 of this amount can be claimed as a deduction for AGI.

Accepted Answer

A) True 
 B)False

Question 18

Sade, who is single and self-employed as a graphic artist, had net earnings from self-employment of $7,250 for the year. She paid $285 a month for health insurance premiums over the last year. Sade is entitled to a for AGI deduction for health insurance of:

Accepted Answer

A)  $0. 
B)  $285. 
C)  $3,420. 
D) $3,830. 
A)  $0. 
B)  $285. 
C)  $3,420. 
D) $3,830.

Question 19

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 20

The Oroscos were granted a decree of divorce effective January 1, 2015. 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 2015, how much can César deduct as alimony?

Accepted Answer

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

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

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

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

What is a Health Savings Account (HSA)?

What are the two limitations associated with the deduction for health insurance for self-employed individuals?

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

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

The cost of self-employed health insurance premiums are deductible above-the line at a rate of 80% of the cost.

Under a divorce agreement executed in 2015, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony.

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

Which of the following expenses does not qualify as a moving expense?

Self-employed persons are allowed a for AGI deduction equal to one-half of the self-employment tax imposed.

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

If a divorce agreement executed in 2015 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.

The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment. These rules "lookback" to the following years for the calculation:

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

Madison is a teacher at a parochial elementary school. If she spends $600 on art supplies for her classes, $250 of this amount can be claimed as a deduction for AGI.

Sade, who is single and self-employed as a graphic artist, had net earnings from self-employment of $7,250 for the year. She paid $285 a month for health insurance premiums over the last year. Sade is entitled to a for AGI deduction for health insurance of:

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

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, Income From Flow-Through Entities

Tax Credits

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

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

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

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

What is a Health Savings Account (HSA)?

What are the two limitations associated with the deduction for health insurance for self-employed individuals?

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

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

The cost of self-employed health insurance premiums are deductible above-the line at a rate of 80% of the cost.

Under a divorce agreement executed in 2015, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony.

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

Which of the following expenses does not qualify as a moving expense?

Self-employed persons are allowed a for AGI deduction equal to one-half of the self-employment tax imposed.

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

If a divorce agreement executed in 2015 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.

The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment. These rules "lookback" to the following years for the calculation:

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

Madison is a teacher at a parochial elementary school. If she spends $600 on art supplies for her classes, $250 of this amount can be claimed as a deduction for AGI.

Sade, who is single and self-employed as a graphic artist, had net earnings from self-employment of $7,250 for the year. She paid $285 a month for health insurance premiums over the last year. Sade is entitled to a for AGI deduction for health insurance of:

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

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, Income From Flow-Through Entities

Tax Credits

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