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Exam 7: Individual From Agi Deductions

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Question 31

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Colby is employed full time as a food technician for a local restaurant chain.This year he has incurred the following expenses associated with his employment: Colby was reimbursed $125 of the expenses from his employer's accountable plan.How much of the expenses are deductible by Colby?

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$0.
Unreimbursed emp...

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Question 32

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Larry recorded the following donations this year: $500 cash to a family in need $2,400 to a church $500 cash to a political campaign To the Salvation Army household items that originally cost $1,200 but are worth $300. What is Larry's maximum allowable charitable contribution if his AGI is $60,000?

A) $2,900.
B) $1,000.
C) $2,700.
D) $4,600.
E) None of the choices are correct.

F) All of the above
G) A) and B)

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Question 33

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Which of the following costs is deductible as an itemized medical expense?

Taxpayers may elect to deduct state and local sales taxes instead of deducting state and local income taxes.

Which of the following is a true statement?

Deductible medical expenses include payments to medical care providers such as doctors, dentists, and nurses and medical care facilities such as hospitals.

An individual who is eligible to be claimed as a dependent on another's return and has $1,000 of earned income may claim a standard deduction of $1,350.

Andres and Lakeisha are married and file jointly.Andres is 72 years old and in good health.Lakeisha is 62 years old and blind.What amount of standard deduction can Andres and Lakeisha claim in 2019? Standard deduction

Which of the following is a deductible miscellaneous itemized deduction?

The deduction for investment interest in excess of net investment income carries forward to the subsequent year.

Ned is a head of household with a dependent son, Todd, who is a full-time student.This year Ned made the following expenditures related to Todd's support: What amount can Ned include in his itemized deductions?

Taxpayers filing single and taxpayers filing married filing separately have the same basic standard deduction amount.

Chuck has AGI of $70,000 and has made the following payments this tax year: Calculate the amount of taxes that Chuck can include with his itemized deductions.

Taxpayers are allowed to deduct mortgage interest on up to $1,000,000 of acquisition debt for their qualified residence for acquisition debt incurred after December 15, 2017.

Taxpayers traveling for the primary purpose of receiving essential and deductible medical care may deduct the cost of travel.

The itemized deduction for taxes includes all types of state, local, and foreign taxes.

Bryan is 67 years old and lives alone.This year he has received $25,000 in taxable interest and pension payments, and he has paid the following expenses: Use Standard deduction. If Bryan files single, calculate his taxable income.

Which of the following is a true statement?

Jon and Holly are married and live in a retirement community.This year Jon celebrated his 65^th birthday and Holly turned 68 years old.For their ages, both Jon and Holly are in good health.This year the only significant expense that they incurred was an unreimbursed medical expense of $3,200.If Jon and Holly together have AGI of $42,000, what is the amount of their standard deduction this year?

Don's personal auto was damaged in a windstorm this year.Don purchased the auto several years ago for $32,000 and it was worth $18,000 at the time of the storm.The damage was superficial, so Don decided not to repair the car.Although Don collected $750 from his insurance company, the value of the car dropped after the storm to $15,000.What is Don's tax deduction related to the damage?