Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

REG > Itemized Deductions and Limitations > Flashcards

Itemized Deductions and Limitations Flashcards

1
Q

What are the percentages for Social Security and Medicare?

A

Social Security - 14.9%
Medicare - 2.9%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Medical Expenses

A

in excess of 7.5% of AGI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Under QR SUPORT Test, what is the gross income limitation for 2024?

A

$5,050

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Nontaxable Fringe Benefits

How much life insurance, can you exclude from gross income?

A

Up to $50,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Nontaxable Fringe Benefits

How much educational expenses, can you exclude from gross income?

A

$5,250

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Nontaxable Fringe Benefits

How much dependent care assistance, can you exclude from gross income?

A

Up to $5,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Contributions

Maximum roth contribution?

A

$7,000 + $1,000 additional “catch up” if taxpayer(s) does not exceed $161,000 ($240,000 MFJ)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the itemized deduction?

State, Local, and Foreign Taxes
(SALT)

A

$10,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Home Mortgage Interest

A

Up to $750,000 indebtedness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the itemized deduction?

Investment Interest

A

Up to taxable investment income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the itemized deduction?

Charitable Contributions

A

Cash Contributions - 60% of AGI
Ordinary Income Property - 50% of AGI
Long-Term Capital Gain Property - 30% of AGI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the itemized deduction?

Casualty Losses

A

$100 and 10% of AGI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the itemized deduction?

Gambling Losses

A

Up to gambling winnings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the itemized deduction

Net Capital Loss Deduction and Loss Carryover Rules

A

For Individual Taxypayers Maximum of $3,000

For C corporations losses are not deductible but carried back 3 years and forward 5 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A U.S. Resident is subject to the …% for net investment income tax

A

3.8%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

State and local tax refunds are taxable if you…

A

Itemized in the prior years

17
Q

State and local tax refunds are nontaxable if you…

A

Took the standard deduction in prior years

18
Q

Standard Deduction

Single/Married Filing Separately

A

$14,600

19
Q

Standard Deduction

Married Filing Jointly

A

$29,200

20
Q

Standard Deduction

Head of Household

A

$21,900

21
Q

Additonal Standard Deductions

65+ or blind

One qualified taxpayer

A

$1,950 (Single)
$1,550 (MFJ)

22
Q

Additional Standard Deductions

Both 65+ and blind

One qualified taxpayer

A

$3,900 (Single)
$3,100 (MFJ)

23
Q

Additional Standard Deductions

65+ or blind
Both 65+ and blind

qualified two taxpayers

A

$3,100
$6,200

24
Q

A qualified appraisal for real property donations are required to be attached to a tax return for property values of?

A

$5,000 or more

25
Q

Written acknowledgement is required for donations of?

A

$250 or more

26
Q

What is the maximum deduction?

Business gifts

A

$25 per recipent

REG (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions