R2 - Deductions and Adjustments

Question 1

How much is educator expense deduction

Answer 1

$300

Question 2

Max IRA contribution for under 50

Answer 2

$6,500

Question 3

Max IRA contribution for over 50

Answer 3

$7500

Question 4

Student Loan Interest Deduction

Answer 4

$2500

Question 5

When is student loan interest deduction phased out for MFJ

Answer 5

$185,000+

Question 6

HSA Contribution max for single

Answer 6

$3850

Question 7

HSA contribution max for families

Answer 7

$7750

Question 8

How much self employment tax can be deducted

Answer 8

50%

Question 9

How much is the Standard Deduction for singles

Answer 9

$13,850

Question 10

How much is the Standard Deduction for Head of Household

Answer 10

$20,800

Question 11

How much is the Standard Deduction for MFJ

Answer 11

$27,700

Question 12

How much is the Standard Deduction for MFS

Answer 12

$13,850

Question 13

Deduction amount for medical expenses

Answer 13

7.5% of AGI

Question 14

How much can you deduct for SALT

Answer 14

$10,000

Question 15

What are 3 non-deductible taxes

Answer 15

1. Federal Taxes
2. Inheritance Taxes for States
3. Business and Rental Property Taxes

Question 16

Home Mortgage Expense Deduction amount

Answer 16

Up to $750,000

Question 17

How much can you deduct for Casualty Loss

Answer 17

10% of AGI Loss

Question 18

Gambling losses can be deducted to the extent of:

Answer 18

Gambling Winnings