Questions from Individual Taxation

Q: What is the total dollar amount of personal and dependency exemptions which

What is the total dollar amount of personal and dependency exemptions which a married couple with two children (ages 11 and 14, both of which are qualified children) and $80,000 of adjusted gross inco...

Q: In June of 2019, Kevin inherits stock worth $125,

In June of 2019, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in dividends from the stock. How much of these amounts, if any, should Kevin include in his gross income for 2...

Q: For each of the following independent cases, indicate the amount of

For each of the following independent cases, indicate the amount of gross income that must be included on the taxpayer’s 2019 income tax return. a. Malchia won a $4,000 humanitarian award. b. Rob won...

Q: Greg died on July 1, 2019, and left Lea,

Greg died on July 1, 2019, and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. H...

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

Go to the IRS website (www.irs.gov/newsroom) and note the name of the most recent news release.

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

Go to the IRS website (www.irs.gov) and print out a copy of the most recent Schedule F of Form 1040.

Q: Go to the Turbo Tax Blog (http://blog.turbotax

Go to the Turbo Tax Blog (http://blog.turbotax.intuit.com/) and search the blog for an article on the deduction of student loan interest. What is the maximum deduction that can be taken in a year?

Q: As part of the property settlement related to their divorce, Cindy

As part of the property settlement related to their divorce, Cindy must give Allen the house that they have been living in, while she gets 100 percent of their savings accounts. The house was purchase...

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 2019: How much of the above is a qualified higher education expense for purposes of his Qualified Tuition Program?

Q: In 2019, Van receives $20,000 (of which

In 2019, 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...