Tax Practice Questions

Question 4

In which of the forthcoming scenarios does the taxpayer miss to unite the residency proof for EIC purposes?

Select one:

a. A taxpayer who is 64 years old and subsistd in the United States for aggravate than half of the year 

This apology is loose.  A taxpayer who is 64 years old and subsistd in the United States for aggravate than half of the year unites the residency proof for EIC purposes.

b. A taxpayer whose cadet subsistd behind a while him all year.  He and his keep-aparticipator disconnected on May 29.

c. A taxpayer whose cadet subsistd behind a while him for 5 months and 28 days

d. A taxpayer whose worthy excite cadet subsistd behind a while him all year

Question 8

Lucy had the forthcoming remitance in tax year 2019:  Wages $25,900, agent remitance of $1,300 and lower blessings hired by the confederation of $1,700.  For purposes of EIC, how fur is considered earned remitance?

Select one:

a. $25,900

b. $30,200 

This apology is loose.  All items of remitance listed are not earned remitance for EIC.

c. $27,200

d. $27,600

Question 9

Which of the forthcoming suitably identifies a mode of eligibility for purposes of earned remitance belief?

Select one:

a. The taxpayer is not required to own a stipulationing cadet.

b. The taxpayer must own simply earned remitance. 

This apology is loose.  To be worthy to procure EIC, the taxpayer must own earned remitance; notwithstanding, may own had sourse of earned remitance as pursueeous.

c. The taxpayer must own restitution.

d. The taxpayer’s stipulationing cadetren must be lower 25 years old.

Question 10

Which of the forthcoming unites the age proof for purposes of EIC?

Select one:

a. Stuart’s son is 23 years old and subsistd behind a while him all year.  His son was a unmeasured-time ward and implys an onthread train.

b. Micheal’s son morose 19 years old on March 31st of the tax year and is subsistence behind a while his parents.  Michael’s son does not own a job and does not guile to imply nursery. 

This apology is loose.  Michael’s son was not lower the age of 19 at the end of the year.

c. Jacob is 22 years old.  His 23 year tally has subsistd behind a while him gone Jacob established subsistence on his own two years ago.  Jabob’s tally is a unmeasured-time ward and efforts odd jobs to succor behind a while his patronage. 

d. Natasha’s 30 year old daughter is permantly and quite disabled.  Natasha’s daughter subsistd behind a while her all year.

Question 11

Which of the forthcoming situations unites the residency proof accomplishments for purposes of EIC?

Select one:

a. Melissa is 18 years old and a unmeasured-time ward.  Melissa subsistd behind a while her grandwoman until May.  She then moved in behind a while her aunt and subsistd there until August, when she left and moved in behind a while her senior for the surplus of the year.

b. Orlando is 17 years old and subsistd behind a while his woman until June 28th, when he went to subsist behind a while his senior until December 1st.  Orlando then moved in behind a while a acquaintance. 

This apology is loose.  Orlando subsistd behind a while his woman and senior for for close than 6 months of the year.

c. Alex is 16 years old and subsistd behind a while his parent’s until May.  In May he was sent to a coming hindrance adroitness where he stayed through the surplus of the year.

d. Sterling is 18 years old, a unmeasured-time ward and subsistd behind a while her grandwoman until June 10th, when she rented an space and moved out on her own.

Question 12

Wilson and Zoey subsist unitedly and are not married.  Jason, their 4-year old son subsists behind a while them.  Also subsistence behind a while them the unmeasured year is Wilson’s sister Evie (age 12), Zoey’s daughter, Belle (age 8) and Zoey’s woman (age 64).  Wilson’s AGI is  $30,300 and Zoey’s AGI is $29,950.  Who would be a stipulationing cadet for Wilson

Select one:

a. Jason and Evie

b. Jason and Belle 

This apology is loose.  While one cadet unites the relation proof, the other does not.

c. Jason, Evie, and Belle

d. Jason

Question 13

Fiona and her daughter (age 2) subsistd behind a while Fiona’s grandwoman during the year.  Fiona is 23 years old and is a unmeasured-time ward.  Fiona efforted keep-apart-time and earned $9,450.  Fiona’s grandwoman procured Social Security blessings of $22,600 and agent remitance of $800.  Fiona guiles to finish a tax give-back; notwithstanding, her grandwoman is not required to finish a give-back.  Which of the forthcoming assertions is most obsequious?

Select one:

a. Fiona unites the relation, age, residency, and knee give-end proofs for EIC.  Fiona is a stipulationing cadet of her grandmother.

b. Gone Fiona’s grandwoman is not required to finish a give-back, Fiona can finish a give-end and vindication EIC for herself; notwithstanding cannot vindication EIC for her daughter consequently her daughter is a stipulationing cadet of her grandmother.

c. Fiona and her daughter unite all the proofs for EIC.  Fiona and her daughter are stipulationing cadetren of her grandmother. 

This apology is loose.  While it is penny that Fiona and her daughter are stipulationing cadetren of her grandmother, other axioms agent this apology to be loose. 

d. Gone Fiona’s grandwoman is not required to finish a give-back, Fiona can finish a give-end vindicationing her daughter as a stipulationing cadet.  Since all EIC proof accomplishments own been met, Fiona is worthy to procure the EIC for her daughter.

Question 14

Tyler is a stipulationing widower and has 10-year old brother boys.  Tyler had the forthcoming remitance for the year:

· Wages                           $28,750

· Interest remitance                $390

· Raffle winnings               1,500

Assuming all EIC accomplishments are met, what whole of EIC is Tyler worthy to procure?

Select one:

a. $3,702

b. $3,386

c. $3,776

d. $3,460 

This apology is loose

Question 16

Fred responsive his tax give-end definite year.  This year, Fred ruled to own his tax give-end responsive by a administrative.  During the consultation course, Fred’s tax preparer realized Fred demands to recompense the notice belief he took for his son definite year.  For which of the forthcoming reasons would a taxpayer be required to recompense an notice belief?

Select one:

a. The taxpayer procured tax-free noticeal protection for an charge used to apdivision a loftier notice belief on their give-back.

b. The taxpayer procured a pay-end of walk charges. 

This apology is loose.  Transportation charges aren’t subtractible when sagacious the notice belief; hence, there is no accomplishment to fame a pay-back.

c. The taxpayer procured a pay-end of uncompounded subsistence charges.

d. The taxpayer procured a convey from a referring-to to succor pay hall charges.

Question 17

Amy and Hobbes are married and finish a knee give-back.  Their three cadetren are 7, 9, and 18 years old.  Their fitted AGI is $58,000, and their tax burden on Form 1040, thread 12a is $3,647.  They own no other tax beliefs for the tax year.  What is the whole of their cadet tax belief/belief for other relyings on Form 1040, thread 13a?

Select one:

a. $4,000 

This apology is loose.  $4,000 is the climax whole of CTC behind a while two stipulationing cadetren lower age 17 and no tax burden restraint.

b. $3,647

c. $6,000

d. $4,500

Question 18

Tony purchased a branch in 2019 and procured a advance belief certificate (MCC) issued by the national empire.  The peculiar whole of the advance is $150,000, the cognizant indebtedness whole on the MCC is $100,000, and the advance agent hired during the year is $6,500.  Determine the agent hired on the cognizant indebtedness whole.

Select one:

a. $9,750

b. $6,500

c. $2,167 

This apology is loose.  $2,167 is not the whole of agent allocated to the cognizant indebtedness whole.

d. $4,333

Question 19

Bob had two jobs in 2019, earning a aggregate of $139,850 in taxcogent restitution.  He hired Social Security taxes of $7,492.70 from his earliest job and $1,178.00 from his remedy job.  What is the whole, if any, of Bob’s advance SST?

Select one:

a. $       0.00 

This apology is loose.  Bob is entitled to the belief consequently he had Social Security tax behind a whileheld from restitution for aggravate than one job, and the aggregate exceeded the boundary for the year.

b. $1,178.00

c. $   709.90

d. $   430.90

Question 20

Ellen and her mate disconnected in June, are peaceful legally married and achieve be filing disjoined give-backs.  She deficiencys to be cogent to vindication the cadet and relying pains belief for her 6-year-old son, who subsists behind a while her.  All of the forthcoming are modes that Ellen must unite to be considered personal and worthy to vindication the cadet and relying pains belief except:

Select one:

a. Ellen did not subsist behind a while her mate during the definite six months of the year. 

This apology is loose.  The taxpayer must unite this mode to be worthy to procure the cadet and relying pains belief.

b. Ellen hired aggravate than half the require of maintenance up her residence for the year.

c. Ellen’s mate must signalal a loose to remit her to vindication the relying pains belief.

d. Ellen’s residence was the residence of the stipulationing personal for aggravate than half the year.

Question 21

Judy’s charges for her third year at a university involve the forthcoming: $3,000 for developing, $500 for books, $2,500 for her dormitory space, and $2,200 for patronage.  What whole of the charges achieve stipulation for the American Opportunity Credit?

Select one:

a. $8,200

b. $6,000 

This apology is loose.  Some of the charges are not fitted notice charges for the American Opportunity Credit.

c. $3,500

d. $3,000

Question 23

Tom and Darla are married and own three cadetren, ages 5, 11, and 18 years old.  Their fitted AGI is $68,000, and their tax burden on Form 1040, thread 12a is $4,847.  They vindication $1,200 of notice beliefs on Schedule 3 (Form 1040), threads 3.  What is the whole of their cadet tax belief/belief for other relyings?

Select one:

a. $2,800 

This apology is loose.  $2,800 whole is the CTC behind a while two stipulationing cadetren minus the other nonrefundcogent tax beliefs ($4,000 – $1,200 = $2,800).

b. $3,647

c. $3,300

d. $4,500

Question 24

Sophia is a uncompounded mom behind a while a 17-year-old daughter whom she vindications as a relying on her tax give-back.  Sophia’s AGI is $35,000, and her tax burden is $1,724.  She has no other nonrefundcogent beliefs.  What is the whole of her cadet tax belief/belief for other relyings?

Select one:

a. $1,771

b. $   500

c. $2,000

d. $       0 

This apology is loose.  Sophia is worthy for the CTC/ODC.

Question 25

Mia and Noah own immodest cadetren, ages one month, 13, 15, and 19.  Their AGI is $96,500, and their tax burden is $8,267.  During the tax year, their 19-year-old son ruled to procrastinate going to nursery and got a job instead.  He earned restitution of $7,400 and conveyed most of his patronage.  They own no other nonrefundcogent tax beliefs.  What is the whole of their cadet tax belief/belief for other relyings?

Select one:

a. $6,000

b. $6,500

c. $4,000 

This apology is loose.  This whole is the CTC behind a while simply two stipulationing cadetren.

d. $8,000

Question 26

John has two sons.  David is 3-year-old, and Tommy morose 13 on May 1st in 2019.  John hired a national daypains provider $12,000 for David from January through December and $3,000 for Tommy from January through June.  John’s earned remitance is 60,000.  What is the climax whole of fitted charges John can use to aspect the cadet and relying pains belief?

Select one:

a. $  5,000

b. $  6,000

c. $  3,000 

This apology is loose.  $3,000 is the climax whole on which the cadet and depende

nt pains belief can be aspectd for one stipulationing cadet.

d. $15,000

Question 27

Aria and Logan Johnson own two cadetren, Sara, age 2, and Mia, age 4.  Logan is an engineer and Aria is a residencemaker.  The Johnsons hired $8,800 for Sara and Mia to imply daypains during the year.  Logan procured relying pains blessings from his mistress of $2,000.  Their AGI is $65,000, and their tax burden is $4,487.  How fur of the cadetpains charges can be used to vindication the cadet and relying pains belief?

Select one:

a. $4,000 

This apology is loose.  Under formal case, the whole of cadetpains charges that would be used to vindication the relying pains belief would be $4,000.  However, Aria and Logan must unite other qualifications to vindication the relying pains belief.

b. $6,000

c. $       0

d. $6,800

Question 29

Alicia’s 18-year-old son is a freshman at a national nursery.  She hired the required developing and fees for her son and procured a Form 1098-T.  She is wondering whether she is worthy to vindication an notice belief on her 2019 tax give-back.  Which of the forthcoming assertions is chasten?

Select one:

a. The phase-out whole based on the taxpayer’s AGI for the Lifetime Acquirements Belief is superior than for the American Opportunity Credit.

b. If the ward has been convicted of a misdemeanor for possessing or distributing a inferior material as of the end of 2019, he is not worthy for the American Opportunity Credit.

c. Twain the American Opportunity Belief and the Lifetime Acquirements Belief are nonrefundcogent tax beliefs.

d. The Lifetime Acquirements Belief offers a loftier climax belief whole than the American Opportunity Credit. 

This apology is loose.  The American Opportunity Belief offers a loftier climax belief whole than the Lifetime Acquirements Credit.

Question 30

Shelly, uncompounded, is a unmeasured-time simple train pedagogue.  She is agented in acquirements the basics of notice technology to rectify her exoteric job skills and enrolled in a cockney of IT courses at the national nursery.  Shelly hired $3,500 for developing and fees and $300 for textbooks from a national bookaccumulation (not required by the body).  She procured a Form 1098-T.  Her AGI is $56,000 and her tax burden on Form 1040, thread 12a is $5,500.  Shelly has never been convicted of a misdemeanor for possessing or distributing a inferior material.  Which notice belief is Shelly worthy to vindication and for what whole?

Select one:

a. Lifetime Acquirements Credit; $760

b. American Opportunity Credit; $2,375 

This apology is loose.  Shelly is not pursuing a extent or other customary testimonials, which is a accomplishment for American Opportunity belief.

c. Lifetime Acquirements Credit; $700

d. American Opportunity Credit; $2,450

Question 31

Joshua is a 25-year-old disequalize train ward who hired $15,000 in developing and fees to an worthy noticeal body in 2019.  He procured a Form 1098-T.  Joshua efforts keep-apart-time at a national secure and had restitution of $22,500.  He has no other remitance or nonrefundcogent tax beliefs.  His tax burden on Form 1040, thread 12a is $1,045.  What is the whole of his notice belief for 2019?

Select one:

a. $3,000

b. $1,045

c. $2,000

d. $2,500 

This apology is loose.  Joshua is not worthy for the American Opportunity Tax Credit.

Question 32

The Browns are twain managers and finish kneely behind a while a fitted AGI of $166,000.  Their relying son, Gary, is a unmeasured-time nursery ward.  During tax year 2019, they hired $10,500 in stipulationing notice charges for Gary’s remedy year of nursery.  On their tax give-back, how achieve the Browns vindication the tax blessing for Gary’s notice charges?

Select one:

a. They are not worthy to vindication a tax blessing for the notice charges. 

This apology is loose.  The Browns may be worthy to vindication a tax blessing.

b. They can vindication an conformation to remitance.

c. They can vindication the Lifetime Acquirements Credit.

d. They can vindication the American Opportunity Credit.

Question 34

Geoffrey was age 23 on 12/31/19.  He was a unmeasured-time ward and completed his 4th year of nursery in May of 2019.  His Germinate semester was hired for in December of the anterior year and belief on those charges has been vindicationed on the anterior year’s give-back.  After station, he was uncogent to experience possession, so he moved end in behind a while his parents and entered disequalize train in the droop of 2019.  Geoffrey’s parents are vindicationing him as a relying on their tax give-back, and they had an AGI of $57,000.  Geoffrey procured a 1098-T from the nursery behind a while Box 9 checked (disequalize ward).

Which of the forthcoming assertions is chasten?

Select one:

a. Geoffrey’s parents achieve vindication him as a relying and are worthy to procure a Lifetime Acquirements Credit.

b. Geoffrey’s parents achieve vindication him as a relying and are worthy to procure an American Opportunity Credit. 

This apology is loose.  Geoffrey’s parents cannot procure an American Opportunity Belief gone “disequalize ward” was checked in Box 9 of the 1098-T.

c. Geoffrey’s parents achieve vindication him as a relying and may procure an American Opportunity Belief for the charges for Geoffrey’s 4th year in nursery and procure a Lifetime Acquirements Belief for Geoffrey’s disequalize train charges in 2019.

d. Geoffrey’s parents achieve vindication him as a relying but are inworthy to vindication either an American Opportunity Belief or Lifetime Acquirements Belief for 2019.

Question 36

The Grays’ son, Joel, disequalized and procured his bachelor’s extent in June 2019.  In 2019, Joel morose age 24 and conveyed aggravate than half of his patronage.  The Grays finish kneely behind a while fitted AGI of $116,000.  Joel has fitted AGI of $26,000.  Who can vindication a tax belief for notice charges hired by Joel during 2019?

Select one:

a. Either the Grays or Joel (but not twain) can vindication an notice tax belief. 

This apology is loose.  Only one of them achieve be worthy for an notice belief.

b. Simply Joel can vindication the Lifetime Acquirements Belief or the American Opportunity Belief (if he qualifies), whichever is aggravate salutary.

c. Neither the Grays nor Joel can vindication an notice tax belief.

d. Simply the Grays can vindication the Lifetime Acquirements Belief or the American Opportunity Belief (if Joel qualifies), whichever is aggravate salutary.

Question 37

Linda hired her developing and succeeding procured a Pell convey (tax-free noticeal protection) crust keep-akeep-asevered of the developing.  All of the forthcoming are penny except:

Select one:

a. If the Pell convey was procured behind Linda vindicationed the notice belief on her give-back, she may own to recompense all or keep-akeep-asevered of the belief.

b. The Pell convey should curtail the whole of fitted charges for the notice belief.

c. Linda does not demand to prescribe her notice belief by the Pell convey gone it was procured behind she finishd her give-back.

d. If Linda vindicationed an notice belief and procured a liquidation for that identical year; Linda must reaspect the belief for a former year and fame the destruction as an joined tax on thread 12a (Form 1040). 

This apology is loose. Linda must reaspect the belief and fame the destruction as an joined tax on thread 12a (Form 1040).

Question 38

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Madison, 18, is in her leading year of nursery.  She subsists behind a while her parents and implys a national nursery.  Madison’s parents hold to vindication her as a relying gone she is a unmeasured-time ward and lower age 24.

Madison hired the forthcoming whole for fitted developing in 2019:

· $2,100 in March for the summer semester (2019)

Her parents hired the forthcoming wholes for fitted developing in 2019:

· $3,500 in June for the droop semester (2019)

· $3,300 in December for the germinate semester (2020)

What whole of fitted developing achieve Madison be remited to use in sagacious her 2019 American Opportunity Belief on her tax give-back?

Select one:

a. $2,100 

This apology is loose.  $2,100 is not the whole of fitted developing Madison would be remited to use if she otherwise fitted.

b. $5,600

c. $8,900

d. $       0

Question 39

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If used to pay developing at an worthy noticeal body, which of the forthcoming would curtail the whole of fitted notice charges a taxpayer could use to vindication notice belief on his tax give-back?

Select one:

a. A convey from a acquaintance 

This apology is loose.  Education charges hired for from a convey procured by the taxpayer are treated as hired by the taxpayer.

b. A Pell convey

c. A parentage inheritance

d. A ward advance

Question 40

Judi and May adopted a cadet in 2019.  Their preoption charges involve $3,500 of pursue fees, $6,880 of traveling fees, and $3,250 of attorney fees.  The cadet is not a distinctive demands cadet.  They besides procured a $2,250 liquidation from their mistress for adopting the cadet.  Their fitted AGI is $200,500.  What is the whole of their preoption belief in 2019?

Select one:

a. $11,380

b. $14,080 

This apology is loose.  $14,080 is the climax whole of the preoption belief a taxpayer can vindication in 2019.

c. $11,830

d. $13,630

Question 41

Junie Jones, a tax preparer, explains to Scott that the outlandish remitance taxes he hired may be vindicationed in which of forthcoming ways on his 2019 tax give-back?

Select one:

a. Twain on Schedule 3 (Form 1040), thread 1 and on Schedule A as “Other taxes” if he itemizes subtractions

b. Simply fameed on Schedule 3 (Form 1040), thread 1 

This apology is loose.  The outlandish tax belief can be fameed on thread 1 of Schedule 3 (Form 1040).  However, it is not the best apology.

c. Either on Schedule 3 (Form 1040), thread 1 or on Schedule A as “Other taxes” if he itemizes subtractions

d. Simply fameed on Schedule A as “Other taxes” if he can itemize subtractions

Question 43

Tom’s Tier II Railroad Concavity blessings are fameed on Form RRB-1099-R.  Tom’s tax preparer must underneathstand all the forthcoming to apdivision the taxcogent whole of Tier II Railroad Concavity blessings using the Simplified Method, except:

Select one:

a. The exoteric age of the taxpayer

b. How fur has been reexpert tax-free gone 1986

c. The age at which the taxpayer established scheme concavity 

This apology is loose.  The age at which the taxpayer established scheme concavity is one of the axioms the tax preparer must underneathstand when using the Simplified Method Worksheet.

d. The estimate of payments procured in the year

Question 45

Hank has conduced aggravate than the climax remitcogent whole to his IRA.  What is the forfeiture for advance aids to an IRA?

Select one:

a. 6% on the advance whole in the year the advance is defenceed

b. 6% per year on the advance whole for as crave as the advance debris in the assertion

c. 6% per year on the assertion et for as crave as the advance debris in the assertion

d. 6% on the assertion et in the year the advance is defenceed 

This apology is loose.  The assertion et is not material to the 6% forfeiture.

Question 46

Jack, 60, uninhabited in March on incapacity.  Before concavity, his mistress hired 100% of his incapacity security premiums and involved the whole in his restitution.  Jack procured a aggregate of $5,800 incapacity blessings this year.  How fur of Jack’s incapacity payments are taxable?

Select one:

a. $2,900 

This apology is loose. $2,900 is 50% of the incapacity payments.  The security premiums hired by Jack's mistress were involved in his restitution.

b. $5,800

c. $1,450

d. $       0

Question 47

Chuck is 65-years old and established receiving his pension in May 2019.  Chuck conduced to his pension guile (after-tax dollars) aggravate the years of his possession.  Chuck deficiencys to use the Simplified Method to particularize his tax-free division of the pension.  Which of the forthcoming pension or annuity guiles would not remit him to use the Simplified Method?

Select one:

a. Private annuity

b. Fitted employee guile 

This apology is loose.  If Chuck procures his pension from a fitted employee guile, then he can use the Simplified Method to aspect the tax-free division of the payments.

c. 403(b)

d. Fitted employee annuity

Question 49

Doris was 70 ½ on May 20, 2018.   The bank which held her IRA assertion had implied that she would be required to procure a Required Minimum Disposal (RMD) of $3,000.  She took her RMD on June 30, 2019, which was the year behind the year that she morose 70 ½.  Assume that her federal tax rate is 22%.  What whole of federal taxes must she pay on her $3,000 behind a whiledrawal? 

Select one:

a. $1,500

b. $   960

c. $   660 

This apology is loose.  $660 would be her formal tax on the $3,000 disposal ($3,000 x .22 = $660).

d. $2,160

Question 50

Steve, age 55, uninhabited definite year on incapacity due to end problems.  Before concavity, his mistress hired 75% of his incapacity security premiums.  Last year, Steve procured $1,350 per month from incapacity (for 12 months).  How fur of Steve’s incapacity payments are fameed as taxcogent remitance?

Select one:

a. $12,150

b. $  4,050 

This apology is loose.  $4,050 is the whole of incapacity procured, which would not be taxcogent remitance.

c. $16,200

d. $         0

Question 53

Kevin operates a floral retail accumulation as a sole proprietorship.  During tax year 2019, he had a net gain of $150,000.  What is the chasten whole of his self-possession tax?

Select one:

a. $19,645 

This apology is loose.  This whole used was definite year’s Social Securty boundary of $ 128,400. $128,400 × 12.4% + $128,400 × 2.9% = $19,645.  The advance hues are not taxed.

b. $22,950

c. $20,497

d. $21,194

Question 54

Justin, a pedagogue, elapsed a aggregate of $500 on classspace edibles for his third-grade wards.  He asks his tax preparer if he’s cogent to subtract any of these charges.  How fur is he cogent to subtract, if any, and where does he fame this whole on his tax give-back?

Select one:

a. The specie Justin has elapsed out-of-pocket is not subtractible.

b. Justin can fame $250 as an conformation to remitance on Schedule 1 (Form 1040), thread 10 and the cherishing $250 is not subtractible.

c. Justin can fame all his charges as an conformation to remitance on Schedule 1 (Form 1040), thread 10. 

This apology is loose.  Schedule 1 (Form 1040), thread 10 is the chasten assign to fame tutor charges; notwithstanding, a boundary applies.

d. Justin can subtract $250 as an conformation to remitance on Schedule 1 (Form 1040), thread 10. The surplus can be fameed on Schedule A, thread 21 as an unreimbursed employee charge.

Question 56

Steve (age 55) and May (age 48) are married and achieve finish a knee give-back.  Steve is an simple train pedagogue, and May is indolent.  During the year, Steve conduced $7,000 to his transmitted IRA and May conduced $6,000 to her transmitted IRA.  Steve had restitution of $10,500 for the year.  Steve besides procured $8,500 in unpossession restitution during the year.  They procured $1,580 in agent remitance and $3,560 in dividend remitance.  What would the cockney’s IRA subtraction be for the tax year?

Select one:

a. $  7,000

b. $10,500

c. $12,000 

This apology is loose.  $12,000 would be the climax aid for Steve and May if twain were lower age 55.  Other boundarys would use.

d. $13,000

Question 58

Jodie, age 52, finishd her tax give-end using the Married Filing Separately condition and subsistd behind a while her mate during the year.  Her fitted AGI is $68,000.  She is touching making a aid to her Roth IRA.  What whole is Jodie remited to conduce to her Roth IRA for the tax year?

Select one:

a. $7,000 

This apology is loose.  There is a fitted AGI boundary touching the taxpayer’s filing condition for contributing funds to a Roth IRA.

b. $       0

c. $3,000

d. $6,000

Question 60

The Jenkins, a married cockney who finish Married Filing Jointly, deficiency to set up Transmitted IRA assertions.  If neither are expert by a concavity guile at effort, what is the boundary of their fitted AGI in appoint for the Jenkins to be cogent to conduce to a Transmitted IRA?

Select one:

a. Close than $64,000 

This apology is loose.  Less than $64,000 is the whole at which the phase-out begins for Single, Head of Household expert by a concavity guile.

b. Close than $203,000

c. Close than $123,000

d. Limits do not use

Question 61

Randy, age 42, deficiencys to public an IRA for concavity.  Randy unites the eligibility accomplishments essential to bring-about an IRA aid.  Which of the forthcoming assertions touching Randy’s IRA aids is chasten?

Select one:

a. Randy can simply bring-about a Roth IRA aid. 

This apology is loose.  Randy may bring-about a aid to either a transmitted or a Roth IRA.

b. If Randy chooses to bring-about a aid to a transmitted IRA, his aid achieve be nondeductible due to his age.

c. Randy can simply bring-about a transmitted IRA aid.

d. Randy can conduce to a transmitted or Roth IRA; notwithstanding, his aid could be boundaryed.

Question 63

Jake is a self-employed carpenter.  Last year his net self-possession remitance was $25,200.  How fur would Jake’s self-possession tax be on thread 4 of Schedule 2 (Form 1040)?

Select one:

a. $3,856 

This apology is loose.  $3,856 is aspectd as: $25,200 x 15.3% = $3,856.

b. $1,928

c. $1,781

d. $3,561

Question 64

Sylvia disequalized from nursery definite year and established recompenseing her ward advances.  She procured a assertion from the bank showing she hired $2,750 in agent on her ward advances for the year.  Her aggregate remitance antecedently conformations is $38,500, and she unites all accomplishments to be cogent to subtract the agent.  How fur, if any, achieve Sylvia be remited to subtract as an conformation to her remitance?

Select one:

a. $       0 

This apology is loose.  Sylvia achieve be remited to subtract a sure whole of the ward advance agent.

b. $2,750

c. $1,375

d. $2,500

Question 65

Joseph cashed in a CD (certificate of defence) coming consequently he demanded specie straightly to buy a new car.  Unfortunately, the bank pregnant him an coming behind a whiledrawal forfeiture of 5% which wholeed to $250.  Can Joseph subtract the forfeiture on his taxes and, if so, how fur can be subtracted?

Select one:

a. No, Joseph achieve not be remited to subtract any of the coming behind a whiledrawal forfeiture.

b. Yes, Joseph can subtract $250 on thread 17 of Schedule 1 (Form 1040) as an conformation to remitance.

c. Yes, but simply half of the coming behind a whiledrawal forfeiture may be subtracted. 

This apology is loose.  The forfeiture on an coming behind a whiledrawal of savings can be subtracted as an conformation to remitance, but the restraint is not 50%.

d. Yes, but Joseph can simply subtract the coming behind a whiledrawal forfeiture if he uses Schedule A and itemizes his subtractions.

Question 66

Avery and Jenna divorced in December 2017.  Avery was appointed by the pursue to pay Jenna $750 each month for cadet patronage and $250 each month in living.  He made the payments for the unmeasured year.  How fur of the payments achieve Avery be cogent to vindication as a subtraction when he finishs his 2019 tax give-back?

Select one:

a. $12,000 

This apology is loose.  $12,000 is the unmeasured whole of twain the cadet patronage and living which Avery hired.  This aggregate involves wholes that are not considered living.

b. $  3,000

c. $         0

d. $  9,000

Question 67

Darren and Amy are married and filing disjoined give-backs for 2019.  During 2019, Darren hired $3,500 in agent on his ward advance.  His fitted AGI is $61,580.  How fur of the ward advance agent can Darren subtract as an conformation to remitance on his 2019 tax give-back?

Select one:

a. $       0

b. $3,500

c. $1,750 

This apology is loose.  $1,750 is 50% of the ward advance agent he hired during the year.  This is not the chasten incapability or restraint that achieve use.

d. $2,500

Question 68

In 2019, Charlotte had to relocate to another city as required by her mistress.  The new residence is 800 miles far from her former residence.  She hired $5,000 for melting requires and crew her car 800 miles to her new residence.  She hired $150 for one-night hall on the offend and $50 for meals during the offend.  She besides procured a $2,000 liquidation from her mistress.  How fur is Charlotte’s melting charge conformation?

Select one:

a. $5,294 

This apology is loose.  $5,294 whole involves all her charges.  There are restraints and incapabilitys that use.

b. $3,294

c. $3,344

d. $       0

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