R1

Question 1

When a person starts to catch up on child support and alimony what is paid first?

Answer 1

Child support THEN alimony

Question 2

Qualifying child CARE test

Answer 2

Close relative
Age Limit
Residency and Filing requirements
Eliminate gross income test
Support Test

Question 3

Qualifying Relative SUPORT

Answer 3

Suport test
Under a specific amount of (taxable gross income test
Preludes dependent filing a joint return test
Only citizens test (US, Mexico, Canada)
Relative Test
or Taxpayer lives with individual for whole year test

Question 4

what is taxable damages for physical personal injury or punitive damages?

Answer 4

punitive damages

Question 5

can corporations deduct capital losses in excess of capital gains of a year?

Answer 5

no

Question 6

In order to qualify as surviving spouse:

Answer 6

must be 2 years following death of a spouse AND must have a dependent child

Question 7

Charitable contributions maximum allowable deductions:

Answer 7

Cash 60% of AGI
Ordinary income property 50% of AGI
longterm capital gain 30% of AGI
**excess can be carry forward 5 years

Question 8

if you withdraw early from an IRA account you pay taxes and penalties on:

Answer 8

pay taxes on the entire amount and pay penalty on amount not rolled over to another Roth IRA account

Question 9

if you itemize deddeuctions the refund amount is includable in gross income only to the extent that the

Answer 9

original deduction provided a tax benefit