Reg 1

Question 1

If a spouse dies at any point during the year, the surviving spouse may file as __________ filing ________

Answer 1

MARRIED; JOINTLY

Question 2

A qualifying surviving spouse is taxpayer that can use the married filing jointly status in __ years following the death year of their spouse. They must have not __________ and must have maintained the primary residence of a qualifying ______

Answer 2

2; REMARRIED; CHILD

Question 3

A taxpayer may file as a _____ of _________ if the taxpayer covering ___% of the cost and was doing so for the entire taxable year

Answer 3

HEAD; HOUSEHOLD; 75

Question 4

for a taxpayer to qualify as a surviving spouse, the taxpayer must maintain the house where the _________ lives during for the ________ year

Answer 4

DEPENDENT; WHOLE

Question 5

CARES Qualifying child rule: can’t be over __ years old (if not working) or must be a fulltime student under the age of __

Answer 5

19; 24

Question 5

SUPPORT Qualifying Relative: dependent must meet gross income limitation (less than $_,____) and taxpayer must have supplied more than ___________. They must have lived with the taxpayer for more than _______

Answer 5

5,050; ONE HALF (GREATER THAN 50%) OF SUPPORT; ONE YEAR

Question 6

Funds qualify as child support if 1) specific amt is _______or _________ on the child’s status 2) paid solely for the support of minor __________ 3) or payable by decree, instrument or agreement

Answer 6

FIXED; CONTINGENT; CHILDREN

Question 7

the first $__,______ of life insurance provided by an employer is a non taxable fringe benefit

Answer 7

50,000

Question 8

interest earned on series __ bonds may qualify for exclusion if the interest is used to pay tuition and fees for the taxpayer, spouse or dependent

Answer 8

EE

Question 9

under the tax benefit rule: when a taxpayer itemized taxes in py and receive a state tax refund, the benefit from itemized deductions above the standard deduction the taxpayer received is included in taxable income in the current year (T or F)

Answer 9

TRUE

Question 10

distributions from a traditional IRA are taxed as __________

Answer 10

ORDINARY INCOME

Question 11

Under a multi-support agreement, multiple people may claim a dependent as long as they can provide more than ___ percent support

Answer 11

10

Question 12

income from self employment activity doesn’t deduct salary paid to the individual (T or F)

Answer 12

TRUE

Question 13

personal items like health insurance for a taxpayer and their family members are deductible on schedule C on form 1040 (T OR F)

Answer 13

FALSE

Question 14

a residence is considered a personal/rental if the property if the property is rented for more than ___days and the personal use days are greater than 14 days or 10% of the rental days

Answer 14

14

Question 15

Winnings from the lottery are included taxable income and the _____ is deducted as an itemized deduction

Answer 15

COST

Question 16

qualified mortgage interest paid is an adjustment to arrive to adjusted gross income (T of F)

Answer 16

FALSE

Question 17

maximum deduction for SEP IRA is the lesser of ___,_______or ___% of net earnings

Answer 17

69,900; 20

Question 18

Amount of alimony that is dependent on a child reaching the age of 18 is considered ________ __________

Answer 18

CHILD SUPPORT

Question 19

____________ on mortgage payments, _______ taxes paid and medical expenses are deductible as itemized deductions

Answer 19

INTEREST; STATE

Question 20

State and local taxes withheld from cash basis taxpayer are deductible in the year ___________ and can deduct estimated state income tax liability

Answer 20

WITHHELD

Question 21

a taxpayer may deduct FMV of property donated. The limitation is __% of the taxpayer’s AGI

Answer 21

30

Question 22

additional standard deduction for an individual over 65 is $__,______ and $3,100 for couples filing jointly

Answer 22

1,550

Question 23

casualty losses are calculated as decline in fair market value but limited to the property’s ________ less the _________ proceeds. Each casualty loss is reduced by _______. Remaining casualty losses are only deductible to the extent the amount exceeds ___% of AGI

Answer 23

BASIS; INSURANCE; 100; 10

Question 24

for a second residence, mortgage __________ and __________ taxes are deductible

Answer 24

INTEREST; PROPERTY

Question 25

a personal property item that depreciated in value then donated to a qualifying org is deductible at the ________ value

Answer 25

CURRENT

Question 25

Charitable contributions subject to the 60% limit that are not fully deductible in the current year may be carried forward __ years until fully deducted

Answer 25

5

Question 26

Donation to a public charity like a church is limited to ___% of AGI

Answer 26

60

Question 27

Home improvements are deductible up to the point that they don’t increase ______ of the property.

Answer 27

FMV

Question 28

A single taxpayer with a deduction of more than $241,950 is allowed to take the QBI deduction from a service organization (T or F)

Answer 28

FALSE

Question 29

child tax credit is $________ for each child under __ and is not limited to the taxpayer’s tax liability. It is available for taxpayers with an AGI of $_____,______

Answer 29

2,000; 17; 400,000

Question 30

for safe harbor taxpayer can pay 90% of the current year’s tax or 100% of __tax liability if income was under ____k or 110% if py income was over ____k

Answer 30

PY; 150; 150

Question 31

A child’s unearned income is calculated by taking the net _________ income of the child and subtracting the allowable standard deduction of $___________ and an additional _________

Answer 31

UNEARNED; 1300; 1300

Question 32

When a taxpayer is a dependent of another taxpayer, the taxpayer may not deduct ___________ loan interest

Answer 32

STUDENT

Question 33

Medical expenses are limited to ____ percent of total AGI. i.e. if medical expense (doctors, prescriptions, physical therapy) are below the ____ percent, they are not deductible

Answer 33

7.5; 7.5