R1 Flashcards
1
Q
max amount of exclusion for educator expenses?
A
$5,250
2
Q
max amount to include of social security benefits in gross income?
A
85%
3
Q
GROSS INCOME
PICK WARBIRDS other
A
P- pension
I- IRA income
C- cap gain/loss
K- k-1 flow through
W- wages A- alimony R- rental inc B- business incom I- interest R- refunded state tax D- dividends S- social sec benefits
4
Q
include in Gross income? Damages received as compensation for personal (physical) injuries:
A
NOO
not unless it’s compensation for damages for non-physical injuries/illnusses
5
Q
if a SSTB, and income exceeds 214,900
A
sorry, NO QBI DEDUCTION!
