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

Q

Alimony RECEIVED (Divorce b/f 1.1.2019)

A

Included in Gross Income

Q

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

A

Included in Gross Income

Q

Interest on the LIfe Insurance Annuity

A

Included in Gross Income

Q

Scholarships for Room/Board

A

Included in Gross Income

Q

Lawsuit damages for Damages to Reputation

A

Included in Gross Income

Q

Lawsuit Punitive Damages

A

Included in Gross Income

Q

Unemployment

A

Included in Gross Income

Q

Inheritances

A

NOT Included in Gross Income

Q

Life Insurance Proceeds

A

NOT Included in Gross Income

Q

Municipal Bond Income (city/state/local interest)

A

NOT Included in Gross Income

Q

Child Support

A

NOT Included in Gross Income

Q

Welfate Money

A

NOT Included in Gross Income

Q

Scholarships for Tuition, Books, Supplies

A

NOT Included in Gross Income

Q

Lawsuit Damages for Personal Injury

A

NOT Included in Gross Income

Q

Lawsuit Damages for Loss of Income

A

NOT Included in Gross Income

Q

Loans you Have to Repay

A

NOT Included in Gross Income

Q

Personal Losses

A

NEVER DEDUCTIBLE

Q

What is the limit of deductable taxes?

A

$10000