Limits and Minimums

Question 1

Nontaxable portion of Group Term Life

Answer 1

Up to 50,000

Question 2

Social Security Tax Wage Base for 2020

Answer 2

$137,700

Question 3

Social Security Tax Percent

Answer 3

6.2%

Question 4

FICA/Medicare Tax Wage Base

Answer 4

Unlimited

Question 5

FICA/Medicare Tax Percent

Answer 5

1.45%

Question 6

Traditional IRA Contribution Phaseout Bracket

Answer 6

104,000-124,000

Question 7

Trad IRA Contribution Reduced Limit Calculation

Answer 7

Contribution Limit x[(AGI - Lower Limit)/20,000]

Question 8

Post 2017 Mortgage Interest Principal Limit

Answer 8

750,000

Question 9

Medical Expense Deductibility

Answer 9

Anything over 7.5% of AGI (anything greater is deductible)

Question 10

Pre-2017 Mortgage Interest Limit

Answer 10

$1,000,000

Question 11

Mortgage Refinance Interest Deducibility

Answer 11

If refinancing a pre-2017 loan continues to be $1,000,00. unless you borrow more than principal at time of refinance

Question 12

Qualified Business Income Tax Deduction

Answer 12

Lesser of 20% of QBI or 20% of taxable income

Question 13

Net Operating Loss Limit (after 2017)

Answer 13

80% of income in that year

Question 14

Child Tax Credit Amount

Answer 14

$2,000 per child

Question 15

Child Tax Credit Max Income and Reduction

Answer 15

$200,000 for Single/$400,000 for MFJ

Reduction of $50/$1,000 in excess of Max

Question 16

Dependent Care Credit

Answer 16

20% on up to $3,000 per qualifying child ($6,000 max)

Question 17

Short Term or Long Term Loss Limit

Answer 17

$3,000 x tax bracket

Question 18

Student Loan Interest Phase Out Range

Answer 18

MFJ - $140k-$170k
Single - $70k-$80k
MFS - $0

Question 19

QBI Tier 1

Answer 19

Below $326,600 (MFJ) $163,300 (Other)

Lesser of 20% QBI or 20% Adjustable Tax Income

Question 20

QBI Tier 2

Answer 20

326,600-426,600 (MFJ) $163,300-213,300 (Other)

20% QBI - 50% W2 wages

Question 21

QBI Tier 3

Answer 21

Above 426,600 (MFJ) 213,300 (Other)

Question 22

American Opportunity Credit Limit

Answer 22

$160,000-180,000 (MFJ)

$80,000-90,000 (Single)

Question 23

Lifetime Learning Credit Limit

Answer 23

$116,600-136,000 (MFJ)

$59,000-69,000 (Single)

Question 24

American opportunity Credit

Answer 24

First $2,000 @100%
Second $2,000 @ 25%
1st 4 years, no felonies, 50% time

Question 25

Lifetime Learning Credit

Answer 25

$10,000 @ 20 %

All years, at least 1 course

Question 26

Social Security Income Limits

Answer 26

$32,000-44,000 (MFJ)
$0 (MFS)
$25,000-34,000 (Other)

Question 27

Taxation of Social Security Income below limit

Answer 27

none

Question 28

Taxation of Social Security Income between limits

Answer 28

Lesser of

• 50% SS benefits
• 50% x [MAGI+(50%SS Bene)-Base Amount]

Question 29

Taxation of Social Security Income above limits

Answer 29

Lesser of:

• 85% of SS Bene
• 85% x [MAGI+(50% SS Bene)-Adjusted Base Amount] + Lesser of:
  
  • between base and adjusted calculation
  • OR $4,500 (single)/$6,000 (MFJ)/ $0 MFS