Individual Tax

Question 1

Total IRA deduction for individuals?

Answer 1

$5,500 per person.

Question 2

What IRA withdrawals can you take before 59 and a half without receiving a penalty?

Answer 2

1. First time homebuyer
2. Education expenses
3. Med expenses in excess of 10% of AGI

Question 3

Total IRA deduction phase out for Single and MFJ

Answer 3

1. $62 - $72

2. $99 - $119

Question 4

How much can you take as an IRA deduction if you are 50 years old & up?

Answer 4

$6,500

Question 5

Maximum loss from a Section 1244 Stock and how is it treated?

Answer 5

$50,000 - treat as ordinary loss and anything extra treat as capital.

Question 6

Penalty for false information for taxes - i.e. gave incorrect social security number

Answer 6

$500

Question 7

Accuracy-related penalty amount for a corporation

Answer 7

Lesser of 10% or $10M

Question 8

How much is a penalty for erroneous refund - i.e. asking for $3K refund when you only should get $1K

Answer 8

20% of the overage

Question 9

How much is the penalty for filing a return late?

Answer 9

5% per month - up to 25% max