Questions from General Taxation

Q: Under the terms of a divorce decree executed May 1, 2017

Under the terms of a divorce decree executed May 1, 2017, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax b...

Q: What is usually the largest miscellaneous deduction for individual taxpayers? Are

What is usually the largest miscellaneous deduction for individual taxpayers? Are any special reporting issues associated with it?

Q: For AGI, or above-the-line, deductions:

For AGI, or above-the-line, deductions: a. Increase AGI. b. Reduce tax credits. c. Are available only for MFJ. d. Can reduce overall tax liability.

Q: Student loan interest is reported on Form: a.

Student loan interest is reported on Form: a. 1098-SA. b. 1098-E. c. 1099-S. d. 1098-GA.

Q: Taxpayers eligible to take the student loan interest deduction do not include

Taxpayers eligible to take the student loan interest deduction do not include: a. A student who is claimed as a dependent on another’s return. b. A self-supporting student. c. The parents of a depend...

Q: In 2013 through 2016, Korey, who is single, borrowed

In 2013 through 2016, Korey, who is single, borrowed a total of $25,000 for higher education expenses on qualified education loans. In 2017, while still living at home and being claimed by his parent...

Q: For 2017, the maximum aggregate annual contribution that a taxpayer,

For 2017, the maximum aggregate annual contribution that a taxpayer, under age 55, can make to a Health Savings Account (HSA) for family coverage is: a. $1,300. b. $3,350. c. $6,750. d. $13,100.

Q: To be eligible to fund a Health Savings Account (HSA),

To be eligible to fund a Health Savings Account (HSA), a taxpayer must meet which of the following criteria: a. An employee (or spouse) who works for an employer with a high deductible health plan. b...

Q: To be eligible to deduct moving expenses, a taxpayer:

To be eligible to deduct moving expenses, a taxpayer: a. Must meet the time test. b. Must meet the distance test. c. Must meet one of the change of job location, time, or distance tests. d. Must meet...

Q: Deductible expenses for moving do not include: a.

Deductible expenses for moving do not include: a. The cost of transporting household goods. b. Hotel costs while moving to the new location. c. Meals incurred during the move. d. Storage of household...