Exam 4: Adjustments for Adjusted Gross Income

David, who is single, received his degree in 2015, and took a job earning $62,500 per year. In 2015, he was required to begin making payments on his qualified education loans. In 2015 he paid $1,350 in interest on those loans. How much can he claim as an educational loan interest deduction for the year?

For 2015, unreimbursed qualifying moving expenses are an itemized deduction.

The self-employed health insurance deduction is also available to a partner in a partnership and to a shareholder in a Subchapter S corporation who owns more than 2% of the stock in the corporation.

What percentage of medical insurance premium payments are deductible by self-employed taxpayers as a deduction for adjusted gross income on their 2015 tax returns?

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.

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

The deduction for qualified tuition and related expenses includes:

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

For 2015, 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.

Rebecca is required under a divorce agreement effective January 1, 2015 to pay $800 of alimony and $250 of child support per month for 10 years. Rebecca also makes a voluntary payment of $150 per month. How much of each monthly payment can Rebecca deduct as alimony in 2015?

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

In order to qualify for a Health Savings Plan (HSA), a taxpayer must be:

Deductible moving expenses may include moving household goods and personal effects from the old residence to the new residence.

As a for AGI deduction, the expense for self-employed health insurance premiums:

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

The for AGI deduction for the self-employment tax is based upon:

Rick and Lenora were granted a divorce in 2014. In accordance with the decree, Rick made the following payments to Lenora in 2015: How much should Lenora include in her 2015 taxable income as alimony?

Qualified education expenses for the purpose of deductible student loan interest include expenses for:

Due to a company consolidation, Rob transfers from Boston to San Diego. Under a new job description, he is reclassified from department manager to a staff member. His moving expenses, which are not reimbursed, are as follows: Rob's deductible moving expense is:

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