Chapter 2 Flashcards
1
Q
For 2023, what is the minimum percentage of Social Security benefits that must be included in a low-income taxpayer’s gross income?
A
85%
2
Q
LTCG Tax Rates
A
3
Q
Is healthcare deductible? Is life insurance deductible?
A
health care is. Life insurance is not.
4
Q
Before 2018, is alimony deductible?
A
Alimony paid was deductible. Alimony received was taxable.
5
Q
After 2018, is alimony deductible?
A
Alimony paid is not deductible. Alimony received is not taxable.
6
Q
Life insurance proceeds received
A
Not taxable, but paying life insurance premiums is NOT deductible
7
Q
A
8
Q
A
