REG 2 Flashcards
This deck covers individual tax topics: 1. Adjustments and itemized deductions 2. Tax calculations and credits 3. Other taxes 4. Other items 5. Tax Standards and Research
What is a maximum deduction for educator expenses?
$250
What are the four types of individual retirement accounts?
Deductible IRA
Nondeductible IRA
Roth IRA
Coverdell Education Savings Accounts
What is the maximum IRA contribution deduction for 2013?
Limited to the lesser of:
$5,500 or the individual’s compensation
What are the deductible IRA ‘excessive AGI’ thresholds for 2013?
Single/HOH: $59-69,000
MFJ: $95-115,000
What are the rules for the ‘additional catch-up contribution’?
Individuals who are 50 years of ago (by December 31) or older are allowed an additional contribution of $1,000.
What is the maximum annual contribution per beneficiary for a Coverdell Education Savings Account?
$2,000
What is the maximum deduction for student loan interest?
$2,500
What are the AGI phase-out limits for the student loan interest deduction?
Single: $55,000 - $70,000
MFJ: $110,000 - $140,000
What is the maximum tuition and fees deduction for 2013?
$4,000 for AGI equal to or less than:
Single: $65,000
MFJ: $130,000
$2,000 for AGI between:
Single: $65,000 - $80,000
MFJ: $130,000 - $160,000
No deduction for taxpayers with AGI in excess of $80,000 single, or $160,000 MFJ.
What is the maximum pre-tax contribution amount for a Health Savings Account?
$3,250 for individual or $6,450 for families
What costs are allowable moving costs?
Travel and lodging
Tolls and parking fees
Transportation of household goods and personal effects to the new location.
What is the maximum deductible amount for a Keough (profit sharing) Plan?
$51,000 or 25% net earnings
What are the standard deduction amounts for 2013?
Single: $6,100
HOH: $8,950
MFJ: $12,200
MFS: $6,100
What is the standard deduction for a dependent?
The greater of:
$1,000, or
Earned income plus $350
What is the maximum allowable deduction for contributions?
50% of AGI
