Day 4

Question 1

Who can deduct moving expenses?

Answer 1

Only US active military

MCQ-02009

Question 2

For SEP IRA plans, earned income is defined as:

Answer 2

Net self-employment earnings reduced by 1/2 of the self-employment tax

MCQ-12113

Question 3

Alimony: 2018 & before =

Answer 3

• Adjustment to payor
• Income to recipient

MCQ-08784

Question 4

Alimony: 2019 & after =

Answer 4

• Nothing for payor
• Included as income for recipient

MCQ-08784

Question 5

What are the requirements for additional standard deduction?

Answer 5

• 65 or older
• Blind

MCQ-15611

Question 6

What is the additional standard deduction?

Answer 6

$1,400

MCQ-15611

Question 7

What is the percentage of medical expenses deduction?

Answer 7

Excess expenses over 7.5% of AGI

MCQ-11782

Question 8

A deduction for interest expense on investment indebtedness is limited too:

Answer 8

Net Investment income (investment income less investment expense)

MCQ-01968

Answer 9

MCQ-07181

Question 10

Individual - Charitable Contribution deduction limitation for property:

Answer 10

Limited to 30% of AGI

MCQ-01926

Question 11

Charitable deduction limitation for ordinary income property:

Answer 11

Property held for one year or less

The lesser of adjusted basis or FMV of the stock at the time of donation

MCQ-14722