Exam 4: Adjustments for Adjusted Gross Income

In 2015, 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 2015.

Sharon 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. Sharon is entitled to a for AGI deduction for health insurance premiums of:

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:

In 2011 through 2015, Shannon borrowed a total of $35,000 for higher education expenses on qualified education loans while supporting herself with a full-time job. In 2015, 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:

For 2015, the maximum amount of deductible student loan interest is $2,500.

Rena had the following moving expenses during 2015: Rena moved to start a new job and met all the required tests for moving expense deductibility. What is the total amount of moving expenses that can be deducted on her 2015 return?

Maria files her tax return married filing separately. She has not lived with her husband for over two years. Beginning in January 2015, by court ordered decree, she is to pay her husband $600 per month as separate maintenance. For 2015 how much will she be able to deduct as alimony?

Qualified self-employed taxpayers can deduct, as a for AGI deduction, 80% of health insurance payments for 2015.

Paola is a freshman in the UC-Davis degree program in veterinary medicine. In 2015, Paola paid $3,000 in tuition, $500 for books, and $250 for supplies for class. Paola also paid room and board of $3,500. What is the total qualifying education expense for the student loan interest deduction for Paola in 2015?

If an employer contributes to an employee's HSA, the payment will:

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.

For 2015, taxpayers are eligible to take a student loan interest deduction of up to:

Which of the following is deductible as a moving expense?

Under a 2015 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?

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?

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

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

Which of the following is not a deductible alimony payment?

Self-employment tax is calculated on the gross earnings of the business.

Charde, who is single, had a student loan for qualified education expenses on which interest was due. For 2015, 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 2015?