Deductions

Question 1

Moving Expenses

Answer 1

50 more miles than old commute, only travel and moving household goods-no lodging or meals

Question 2

deductions before AGI

Answer 2

S (Student Loan)
H (Health Savings)
I (IRA)
T (tuition)
I (Interest withdrawal penalty)
M Moving Expenses
A Alimony Paid
S Self Employment health Ins
S Self Emplyoemnt retirement
D Domestic Production
O One half of self emplyoment
P Paid atty fees
E Educator Expense

Question 3

Are contributions to Roth IRA’s deductible

Answer 3

NO, traditional-yes

Question 4

earned income for keough profit sharing plan for contribution to plan

Answer 4

Net self employed earnings-deductible keough contribution-1/2 self-employment tax

Question 5

tax liability for early distribution

Answer 5

marginal tax rate plus 10% penalty

Question 6

deduction for investment indebtedness

Answer 6

limited to net investment income(investment income less noninterest investment expenses

Question 7

what type of org is educational org for charitable contributions

Answer 7

30%-church is 50%

Question 8

what can NOL be

Answer 8

only casualty and business losses

Question 9

what method must a corporation use to write-off bad debts

Answer 9

Direct charge-off only certain institutions can use reserve method

Question 10

can suspended passive activity losses be carried back

Answer 10

no forward indefinitely

Question 11

allowance for rental real estate activity passive loss

Answer 11

25,000 but reduced by amount AGI is over 100,000 *.5 so if agi is over 150,000 does not apply