Questions from General Taxation

Q: Diane is a single taxpayer who qualifies for the earned income credit

Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2016, Diane’s wages are $17,700 and she receives dividend inc...

Q: Jose paid the following amounts for his son to attend Big State

Jose paid the following amounts for his son to attend Big State University in 2016: Tuition ……………………………………. $6,400 Room and board………………………. 4,900 Books………………………………………….967 A car to use at school……………...

Q: In 2016, Van receives $20,000 (of which

In 2016, Van receives $20,000 (of which $4,000 is earnings) from a qualified tuition program. He uses the funds to pay for his college tuition and other qualified higher education expenses. How much o...

Q: Steve and Sue are married with three dependent children. Their 2016

Steve and Sue are married with three dependent children. Their 2016 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,00...

Q: 1. Russ and Linda are married and file a joint tax

1. Russ and Linda are married and file a joint tax return claiming their three children, ages 4, 7, and 18, as dependents. Their adjusted gross income for 2016 is $105,300. What is Russ and Linda’s to...

Q: 1. The American Opportunity tax credit is 100 percent of the

1. The American Opportunity tax credit is 100 percent of the first of tuition and fees paid and 25 percent of the next . a. $600; $1,200 b. $1,100; $550 c. $2,000; $2,000 d. $1,100; $5,500 e. None of...

Q: 1. In 2016, Irene, an unmarried individual, pays

1. In 2016, Irene, an unmarried individual, pays $6,500 in qualified adoption expenses to an adoption agency for the final adoption of an eligible child who is not a child with special needs. In the s...

Q: 1. The cost of which of the following expenses is not

1. The cost of which of the following expenses is not deductible as a medical expense on Schedule A, before the 10 percent of adjusted gross income limitation? a. A psychiatrist b. Botox treatment to...

Q: 1. Which of the following donations are not deductible as a

1. Which of the following donations are not deductible as a charitable contribution? a. A donation of clothing to Goodwill Industries b. A cash contribution to a church c. A contribution of stock to a...

Q: 1.Which of the following is correct for Qualified Tuition Programs

1.Which of the following is correct for Qualified Tuition Programs? a. Contributions are deductible, and qualified educational expense distributions are tax free. b. Contributions are not deductible,...