R2-Individual Tax - Adjustment, Deduction, and Credits Flashcards
Can you take all Adjustments?
Yes, you ALWAYS take every adjustment.
Adjustment/Itemized Deduction - What is above & below the line.
Adjustment is above the line (AGI). Itemized Deductions are below the line.
Educator Expense - Adjustment or Itemized Deduction?
Adjustments
IRA - Adjustment or Itemized Deduction?
Adjustments
Student Loan Interest Expense - Adjustment or Itemized Deduction?
Adjustments
Tuition and Fee Deduction - Adjustment or Itemized Deduction?
Adjustments
Health Savings Account - Adjustment or Itemized Deduction?
Adjustments
Moving Expenses - Adjustment or Itemized Deduction?
Adjustments
One-Half Self-Employent FICA - Adjustment or Itemized Deduction?
Adjustments
Self-Employment Health Insurance - Adjustment or Itemized Deduction?
Adjustments
Self-Employment Retirement - Adjustment or Itemized Deduction?
Adjustments
Interest Withdrawl Penalty - Adjustment or Itemized Deduction?
Adjustments
Alimony Paid - Adjustment or Itemized Deduction?
Adjustments
Attorney Fees Paid in Certain Discrimination/Whistleblower Cases - Adjustment or Itemized Deduction?
Adjustments
Alimony Paid - Adjustment or Itemized Deduction?
Adjustments
Domestic Production Activity Deduction - Adjustment or Itemized Deduction?
Adjustments
What is a deduction to arrive at adjusted gross income
Adjustments
Are One Half Self Employment FICA, Self-Employed Health Ins., and Self Employed Retirement deducted at Schedule C?
Not Deducted on Schedule C
What is a deduction after adjusted gross income
Itemized Deduction / Standard
How much can an eligible educator deduct? Single? Married?
$250 Single / $500 Marries
What are the 4 types of IRA’s?
Deductible IRA (standard), Nondeductible IRA, Roth IRA, Coverdell Education Savings Account (IRA)
Are earnings accumulated taxed for Deductible IRAs? Withdrawn?
Earnings accumulate tax-free. Withdraws are taxed at Ordinary Income.
When are you not permitted to deduct a contribution to an IRA?
Excessive AGI & Active Participant in Another Plan
What is the income limit for Deductible IRAs Single & Married?
$60-70K for Single/HoH and $96-116K for Joint.