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Exam 6: Individual Deductions

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Question 21

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Clark is a registered nurse and full time employee of the Hays Hospital. To maintain his nursing license Clark has incurred the following expenses: Clark was reimbursed $1,250 of his expenses from his Hays Hospital accountable reimbursement plan. What amount can he include with his remaining itemized deductions if his AGI this year is$52,000?

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$1,010 = [($1,650 + $400 + $80...

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Question 22

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Which of the following is a true statement?

A) Employees can claim business expense deductions as miscellaneous itemized deductions not subject to the 2 percent of AGI limitation.
B) Employees cannot claim business expense deductions.
C) Employees can claim business expense deductions for AGI.
D) Employees can claim business expense deductions as miscellaneous itemized deductions subject to the 2 percent of AGI limitation.
E) None of the choices are true.

F) D) and E)
G) A) and B)

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Question 23

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Bunching itemized deductions is one form of tax evasion.

In 2017, personal and dependency exemptions are $6,350 for single taxpayers.

Opal fell on the ice and injured her hip this winter. As a result she paid $3,000 for a visit to the hospital emergency room and $750 for follow-up visits with her doctor. While she recuperated, Opal paid $500 for prescription medicine and $600 to a therapist forrehabilitation. Insurance reimbursed Opal $1,200 for these expenses. What is the amount of Opal's qualifying medical expense?

Constance currently commutes 25 miles from her house to her existing part time job in the suburbs.Next week she begins a new full time job in another state, and this job location is 100 miles from her existing home. Because of the additional distance Constance is selling her house, and she has rented an apartment that is only 2 miles from her new job. Constance expects to pay the following moving expenses.Cost of searching for an apartment Cost of van to move furniture and possessions of the deduction.

Which of the following is a true statement?

Which of the following is a true statement?

This year Darcy made the following charitable contributions: Determine the maximum amount of charitable deduction for Darcy's contribution of the painting if her AGI is$80,000 this year. You may assume that both the stock and painting have been owned for 10 years and that the painting was used by the State Art Museum consistent with museum's charitablepurpose.

This fall, Josh paid $5,000 for his tuition and fees at State University (a qualifiededucation institution) . Assume that Josh is Marsha and Jeff's son and that Marsha and Jeff claim Josh as a dependent. Marsha and Jeff's modified AGI is $100,000. How much of Josh's $5,000 tuition and fees payments can Marsha and Jeff deduct this year?(Assume the 2016 rules apply for purposes of the qualified education expense deduction.)

To deduct a moving expense, the taxpayer must be employed or self-employed for aspecific amount of time after the move.

Simone donated a landscape painting (tangible capital gain property) to a library, apublic charity. She purchased the painting five years ago for $50,000, and on the date of the gift, it had a fair market value of $200,000. What is her maximum charitable contribution deduction for the year if her AGI is $300,000 (before considering theitemized deduction phase-out) ?

Deductible medical expenses include payments to medical care providers such as doctors, dentists, and nurses and medical care facilities such as hospitals.

Grace is employed as the manager of a sandwich shop. This year she earned a salary of $45,0810) 0 and incurred the following expenses associated with her employment: What amount of miscellaneous itemized deductions can Grace claim on Schedule A if these are her only miscellaneous itemized deductions?

Jenna (age 50) files single and reports AGI of $40,000. This year she has incurred the following medical expenses: Calculate the amount of medical expenses that will be included with Jenna's other itemized deductions.

Which of the following is a miscellaneous itemized deduction that is not subject to the 2 percent of AGI floor?

Which of the following is a true statement?

Which of the following costs are deductible as an itemized medical expense?

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property. Determine Alexandra's AGI for 2017.

Misti purchased a residence this year. Misti is a single parent and lives with her 1-year old daughter. This year, Misti received a salary of $63,000 and made the following payments: Misti files as a head of household and claims two exemptions. Calculate her taxable income this year.