Questions from General Taxation

Q: If a taxpayer holding Series I Bonds does not make an election

If a taxpayer holding Series I Bonds does not make an election with respect to the taxation of the bonds, how is the interest that accrues each year on the bonds taxed?

Q: Sally and Charles Heck received the following dividends and interest during 2016

Sally and Charles Heck received the following dividends and interest during 2016:  Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 (on Page 2-35) for them f...

Q: Calculate the child credit for the following taxpayers. Please show your

Calculate the child credit for the following taxpayers. Please show your work. a. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8-year-old son: b. Jerry and Ann...

Q: Clarita is a single taxpayer with two dependent children, ages 10

Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the ye...

Q: Go to the IRS website (www.irs.gov)

Go to the IRS website (www.irs.gov) and redo Problem 10 above using the most recent interactive Form 2441, Child and Dependent Care Expenses. Print out the completed Form 2441.

Q: Mary and John are married and have AGI of $100,

Mary and John are married and have AGI of $100,000 and two young children. John doesn’t work, and they pay $6,000 a year to day care providers so he can shop, clean, and read a little bit in peace. Ho...

Q: Martha has a 3-year-old child and pays $

Martha has a 3-year-old child and pays $10,000 a year in day care costs. Her salary is $45,000. How much is her child and dependent care credit?

Q: Marty and Jean are married and have 4-year-old

Marty and Jean are married and have 4-year-old twins. Jean is going to school fulltime for 9 months of the year, and Marty earns $45,000. The twins are in day care so Jean can go to school while Marty...

Q: Susan is a single taxpayer, 26 years of age, with

Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did not have minimum essential coverage for 9 months in 2016. Compute Susan’s individual shared responsib...

Q: Susan and Stan Collins live in Iowa, are married and have

Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2016, Susan’s income is $38,000 and Stan’s is $12,000 and both are self-employed. They also have $500 in intere...