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REG > Taxable Income for Individuals > Flashcards

Taxable Income for Individuals Flashcards

1
Q

Classify as gross income, adjustment, or itemized deduction

Interest

A

Gross Income

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2
Q

Classify as gross income, adjustment, or itemized deduction

Health Savings Account

A

Adjustment

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3
Q

Classify as gross income, adjustment, or itemized deduction

IRA Contribution (Traditional)

A

Adjustment

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4
Q

Classify as gross income, adjustment, or itemized deduction

Pension and Annuity

A

Gross Income

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5
Q

Classify as gross income, adjustment, or itemized deduction

Student Loan Interest

A

Adjustment

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6
Q

Classify as gross income, adjustment, or itemized deduction

IRA Income

A

Gross Income

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7
Q

Classify as gross income, adjustment, or itemized deduction

Charitable Contributions

A

Itemized Deduction

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8
Q

Classify as gross income, adjustment, or itemized deduction

Medical Expenses in Excess of 7.5% of AGI

A

Itemized Deduction

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9
Q

Classify as gross income, adjustment, or itemized deduction

Interest Expense (Home and Investment)

A

Itemized Deduction

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10
Q

Classify as gross income, adjustment, or itemized deduction

Rental Income/Loss

A

Gross Income

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11
Q

Classify as gross income, adjustment, or itemized deduction

K-1 Flow-Through Income/Loss

A

Gross Income

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12
Q

Classify as gross income, adjustment, or itemized deduction

Casualty/Theft Loss Attributable to Federal Declared Disaster

A

Itemized Deduction

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13
Q

Classify as gross income, adjustment, or itemized deduction

One-Half Self-Employment Taxes

A

Adjustment

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14
Q

Classify as gross income, adjustment, or itemized deduction

Unemployment Compensation

A

Gross Income

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15
Q

Classify as gross income, adjustment, or itemized deduction

Interest Withdrawal Penalty

A

Adjustment

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16
Q

Classify as gross income, adjustment, or itemized deduction

Wages

A

Gross Income

17
Q

Classify as gross income, adjustment, or itemized deduction

Self-Employed Retirement

A

Adjustment

18
Q

Classify as gross income, adjustment, or itemized deduction

Capital Gain/Loss

A

Gross Income

19
Q

Classify as gross income, adjustment, or itemized deduction

Social Security Benefits

A

Gross Income

20
Q

Classify as gross income, adjustment, or itemized deduction

State Tax Refunds

A

Gross Income

21
Q

Classify as gross income, adjustment, or itemized deduction

Taxes (SALT) or Property/Income or Sales Tax up to $10,000

A

Itemized Deduction

22
Q

Classify as gross income, adjustment, or itemized deduction

Alimony Paid before Decemeber 31, 2018

A

Adjustment

23
Q

Classify as gross income, adjustment, or itemized deduction

Self-Employed Health Insurance

A

Adjustment

24
Q

Classify as gross income, adjustment, or itemized deduction

Educator Expenses

A

Adjustment

25
Q

Classify as gross income, adjustment, or itemized deduction

Other Income

A

Gross Income

26
Q

Classify as gross income, adjustment, or itemized deduction

Moving Expenses

A

Adjustment

27
Q

Classify as gross income, adjustment, or itemized deduction

Alimony Recieved before December 31, 2018

A

Gross Income

28
Q

Classify as gross income, adjustment, or itemized deduction

Dividends

A

Gross Income

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