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Which, if any, of the following is a deduction for AGI?

Question

1. Which, if any, of the following is a deduction forAGI?

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a. Contributions to a traditional Individual Retirement Account.

b. Child support payments.

c. Funeral expenses.

d. Loss on the sale of a personal residence.

e. Medical expenses.

.

2. Which, if any, of the following is a deduction forAGI?

a. State and local sales taxes.

b. Interest on home mortgage.

c. Charitable contributions.

d. Unreimbursed moving expenses of an employee.

e. None of the above.

3. Which, if any, of the statements regarding the standard deduction is correct?

a. Some taxpayers may qualify for two types of standard deductions.

b. Not available to taxpayers who choose to deduct their personal and dependency exemptions.

c. May be taken as a forAGI deduction.

d. The basic standard deduction is indexed for inflation but the additional standard deduction is not.

e. None of the above.
4. Which, if any, of the following statements relating to the standard deduction is correct?

a. If a taxpayer dies during the year, his (or her) standard deduction must be prorated.

b. If a taxpayer is claimed as a dependent of another, his (or her) additional standard deduction is allowed in full (i.e., no adjustment is necessary).

c. If spouses file separate returns, both spouses must claim the standard deduction (rather than itemize their deductions fromAGI).

d. If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.

e. None of the above.

5. During 2014, Marvin had the following transactions:

Salary$50,000
Bank loan (proceeds used to buy personal auto)10,000
Alimony paid12,000
Child support paid6,000
Gift from aunt20,000

Marvin’s AGI is:

a.$32,000.
b.$38,000.
c.$44,000.
d.$56,000.
e.$64,000.

6. During 2014, Esther had the following transactions:

Salary$70,000
Interest income on Xerox bonds2,000
Inheritance from uncle40,000
Contribution to traditional IRA5,500
Capital losses2,500

Esther’s AGI is:

a.$62,000.
b.$64,000.
c.$67,000.
d.$102,000.
e.$104,000.

.

7. During 2014, Sarah had the following transactions:

Salary$ 80,000
Interest income on City of Baltimore bonds1,000
Damages for personal injury (car accident)100,000
Punitive damages (same car accident)200,000
Cash dividends from Chevron Corporation stock7,000

Sarah’s AGI is:

a.$185,000.
b.$187,000.
c.$285,000.
d.$287,000.
e.$387,000.

.

8. In 2014, Cindy had the following transactions:

Salary$90,000
Short-term capital gain from a stock investment4,000
Moving expense to change jobs(11,000)
Received repayment of $20,000 loan she made to her sister in 2009 (includes no interest)20,000
State income taxes(5,000)

Cindy’s AGI is:

a.$114,000.
b.$103,000.
c.$98,000.
d.$94,000.
e.$83,000.

9. Sylvia, age 17, is claimed by her parents as a dependent. During 2014, she had interest income from a bank savings account of $2,000 and income from a part­time job of $4,200. Sylvia’s taxable income is:

a. $4,200 – $4,550 = $0.

b. $6,200 – $5,700 = $500.

c. $6,200 – $4,550 = $1,650.

d. $6,200 – $1,000 = $5,200.

e. None of the above.

10.Tony, age 15, is claimed as a dependent by his grandmother. During 2014, Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part­time job of $700. Tony’s taxable income is:

a. $1,700.

b. $1,700 – $700 – $1,000 = $0.

c. $1,700 – $1,050 = $650.

d. $1,700 – $1,000 = $700.

e. None of the above.

11.Merle is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2014, she received $4,800 in Social Security benefits, $2,500 in bank interest, and $1,800 in cash dividends from stocks. Merle’s taxable income is:

a. $4,300 – $1,000 – $3,100 = $200.

b. $4,300 – $3,100 = $1,200.

c. $4,300 – $1,000 – $1,550 = $1,750.

d. $9,100 – $1,000 – $3,100 = $5,000.

e. None of the above.

12.Wilma, age 70 and single, is claimed as a dependent on her daughter’s tax return. During 2014, she had interest income of $2,500 and $800 of earned income from baby sitting. Wilma’s taxable income is:

a. $750.

b. $900.

c. $1,750.

d. $2,200.

e. None of the above.

13.Kyle and Liza are married and under 65 years of age. During 2014, they furnish more than half of the support of their 19-year old daughter, May, who lives with them. She graduated from high school in May 2013. May earns $15,000 from a part-time job, most of which she sets aside for future college expenses. Kyle and Liza also provide more than half of the support of Kyle’s cousin who lives with them. Liza’s father, who died on January 3, 2014, at age 90, has for many years qualified as their dependent. How many personal and dependency exemptions should Kyle and Liza claim?

a. Two.

b. Three.

c. Four.

d. Five.

e. None of the above.

14.Evan and Eileen Carter are husband and wife and file a joint return for 2014. Both are under 65 years of age. They provide more than half of the support of their daughter, Pamela (age 25), who is a full-time medical student. Pamela receives a $5,000 scholarship covering her tuition at college. They furnish all of the support of Belinda (Evan’s grandmother), who is age 80 and lives in a nursing home. They also support Peggy (age 66), who is a friend of the family and lives with them. How many dependency exemptions may the Carters claim?

a. Two.

b. Three.

c. Four.

d. Five.

e. None of the above.

15.In which, if any, of the following situations may the individual not be claimed as a dependent of the taxpayer?

a. A former spouse who lives with the taxpayer (divorce took place last year).

b. A stepmother who does not live with the taxpayer.

c. A married daughter who lives with the taxpayer.

d. A half brother who does not live with the taxpayer and is a citizen and resident of Canada.

e. A cousin who does not live with the taxpayer.
16.During 2014, Lisa (age 66) furnished more than 50% of the support of the following persons:

· Lisa’s current husband who has no income and is not claimed by someone else as a dependent.

· Lisa’s stepson (age 19) who lives with her and earns $6,000 as a dance instructor. He dropped

out of school a year ago.

· Lisa’s ex­husband who does not live with her. The divorce occurred two years ago.

· Lisa’s former brother­in­law who does not live with her.

Presuming all other dependency tests are met, on a separatereturn how many personal and dependency exemptions may Lisa claim?

a. Two.

b. Three.

c. Four.

d. Five.

e. None of the above.

17. A qualifying child cannotinclude:

a. A nonresident alien.

b. A married son who files a joint return.

c. A daughter who is away at college.

d. A brother who is 28 years of age and disabled.

e. A grandmother.

18.Ellen, age 12, lives in the same household with her father, grandfather, and uncle. The cost of maintaining the household is provided by her grandfather (40%) and her uncle (60%). Disregarding tie-breaker rules, Ellen is a qualifying child as to:

a. Only her father.

b. Only her grandfather and uncle.

c. Only her uncle.

d. All parties involved (i.e., father, grandfather, and uncle).

e. None of the above.

19.Millie, age 80, is supported during the current year as follows:

Percent of Support
Weston (a son)20%
Faith (a daughter)35%
Jake (a cousin)25%
Brayden (unrelated close family friend)20%

During the year, Millie lives in an assisted living facility. Under a multiple support agreement, indicate which parties can qualify to claim Millie as a dependent.

a. Weston and Faith.

b. Faith.

c. Weston, Faith, Jake, and Brayden.

d. Faith, Jake, and Brayden.

e. None of the above.

20.The Hutters filed a joint return for 2014. They provide more than 50% of the support of Carla, Melvin, and Aaron. Carla (age 18) is a cousin and earns $2,800 from a part-time job. Melvin (age 25) is their son and is a full-time law student. He received from the university a $3,800 scholarship for tuition. Aaron is a brother who is a citizen of Israel but resides in France. Carla and Melvin live with the Hutters. How many personal and dependency exemptions can the Hutters claim on their Federal income tax return?

a. Two.

b. Three.

c. Four.

d. Five.

e. None of the above.

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