Federal Tax Test 2 Flashcards by Courtney Dunagan

Q

Alimony Paid (divorce b/f 1.1.2019)

A

Deductions FOR AGI

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Q

Student Loan Interest

A

Deductions FOR AGI

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Q

Traditional IRA Contributions

A

Deductions FOR AGI

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Q

Moving Expenses (only Military)

A

Deductions FOR AGI

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Q

Educator Expenses (limited to 250)

A

Deductions FOR AGI

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Q

Charitable Contributions

A

Deductions FROM AGI (Itemized)

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Q

Real Estate Taxes Paid

A

Deductions FROM AGI (Itemized)

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Q

State/Local Taxes Paid VS. SALES TAX

A

Deductions FROM AGI (Itemized)

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Q

Home Mortgage Interest

A

Deductions FROM AGI (Itemized)

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Q

Medical Expenses in Excess of 7.5% of AGI

A

Deductions FROM AGI (Itemized)

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Q

Property Taxes Paid

A

Deductions FROM AGI (Itemized)

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Q

Personal Casualty Loss (Less a $100 floor)

A

Deductions FROM AGI (Itemized)

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Q

Hobby Expenses

A

Deductions FROM AGI (Itemized)

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Q

Gambling Losses to the Extent You Win

A

Deductions FROM AGI (Itemized)

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Q

Wages

A

Included in Gross Income

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Q

Dividends/Interest Received

A

Included in Gross Income

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Q

Cash Prizes

A

Included in Gross Income

Q

Gambling Winnings

A

Included in Gross Income

Q

Business Income (Calculate NET of Income of Business)

A

Included in Gross Income

Q

Farm Income

A

Included in Gross Income

Q

Hobby INCOME (Can’t deduct Expenses)

A

Included in Gross Income

Q

Interest on FEDERAL Bonds

A

Included in Gross Income

Q

Interest on a Tax Refund

A

Included in Gross Income

Q

Rental Income

A

Included in Gross Income

Alimony RECEIVED (Divorce b/f 1.1.2019)

Included in Gross Income

Capital Gains/Losses (NET Losses Limited to $3000)

Included in Gross Income

Interest on the LIfe Insurance Annuity

Included in Gross Income

Scholarships for Room/Board

Included in Gross Income

Lawsuit damages for Damages to Reputation

Included in Gross Income

Lawsuit Punitive Damages

Included in Gross Income

Unemployment

Included in Gross Income

Inheritances

NOT Included in Gross Income

Life Insurance Proceeds

NOT Included in Gross Income

Municipal Bond Income (city/state/local interest)

NOT Included in Gross Income

Child Support

NOT Included in Gross Income

Welfate Money

NOT Included in Gross Income

Scholarships for Tuition, Books, Supplies

NOT Included in Gross Income

Lawsuit Damages for Personal Injury

NOT Included in Gross Income

Lawsuit Damages for Loss of Income

NOT Included in Gross Income

Loans you Have to Repay

NOT Included in Gross Income

Personal Losses

NEVER DEDUCTIBLE

What is the limit of deductable taxes?

$10000