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Tax Planning > Above Below Credits and Exclusions > Flashcards

Above Below Credits and Exclusions Flashcards

1
Q

Municipal Bond Interest

A

Exclusion

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2
Q

Accident and Health Plans: Employer Premiums

A

Exclusion

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3
Q

Fringe Benefit

A

Exclusion

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4
Q

Inheritances and Gifts

A

Exclusion

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5
Q

Accident and Health Plans: Amounts received

A

Exclusion

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6
Q

Scholarships

A

Exclusion

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7
Q

Personal Residence Sale (up to $250k/$500k)

A

Exclusion

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8
Q

Adoption Assistance from an employer

A

Exclusion

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9
Q

Death Benefits

A

Exclusion

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10
Q

Dependent Care Assistance Programs

A

Exclusion

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11
Q

Educational Assistance Program up to $5250

A

Exclusion

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12
Q

Debt Discharged (in certain situations)

A

Exclusion

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13
Q

Meals and Lodging for Employees

A

Exclusion

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14
Q

Interest on Education Savings Bonds

A

Exclusion

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15
Q

Compensatory Damages Compensation

A

Exclusion

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16
Q

Support Payments Received (Child Support + post 2018 alimony)

A

Exclusion

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17
Q

Educator Expenses up to $300

A

Above the line

18
Q

Business expenses for government officials who work on a fee basis, performing artists, and members of the military reserve forces (reservists) who traveled more than 100 miles to perform reserve services

A

Above the line

19
Q

HSA Savings Contributions

A

Above the line

20
Q

Moving expenses for active-duty members of the U.S. Armed Forces

A

Above the line

21
Q

1/2 self employment tax

A

Above the line

22
Q

Retirement account contributions for self-employed individuals and small business owners

A

Above the line

23
Q

The cost of health insurance premiums for self-employed workers, including dental and long-term care insurance

A

Above the line

24
Q

Early withdrawal penalties

A

Above the line

25
Q

Pre-2019 Alimony Payments

A

Above the line

26
Q

Traditional IRA Contributions

A

Above the line

27
Q

Student Loan Interest

A

Above the line

28
Q

Unreimbursed Medical and Dental Expenses over 7.5% over AGI

A

Below the line

29
Q

State and Local Taxes (SALT) up to $10k

A

Below the line

30
Q

Interest Paid on Primary and Secondary Residence on up to $750k of debt

A

Below the line

31
Q

Gifts to charity limited to 60% AGI for cash

A

Below the line

32
Q

Casualty and Theft Losses over 10% of AGI and above insurance reimbursement

A

Below the line

33
Q

Earned Income for low income families

A

Refundable Tax Credit

34
Q

Additional Child Tax

A

Refundable Tax Credit

35
Q

American Oppurtunity

A

Refundable Tax Credit

36
Q

Premium Tax (medical expenses)

A

Refundable Tax Credit

37
Q

Child and Dependent Care

A

Non refundable Tax Credit

38
Q

Child Tax

A

Non refundable Tax Credit

39
Q

Retirement Savings Contribution for low income

A

Non refundable Tax Credit

40
Q

Lifetime Learning

A

Non refundable Tax Credit

Tax Planning (3 decks)

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