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10/19/2018
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Course 611052- 1040 Basics Part II
  Final Exam
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611052v - 1040 Basics Part II

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Taxation
10 CPE Credit Hours

10/19/2018
Final Exam
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Read 'Chapter 17: Individual Retirement Arrangements' & answer the following question(s):
1. You cannot make contributions to an IRA if you are 80 years old.
2. You can contribute to a Roth IRA for your spouse provided the contributions satisfy the spousal IRA limit.
3. You can keep funds in your traditional IRA indefinitely.
4. Generally, distributions from a Roth IRA are taxable in the year that you receive them.
5. You are not required to take distributions from your Roth IRA at any age.
6. You can set up a Roth IRA at any time.
7. You can make contributions to a Roth IRA at any time.
Read 'Chapter 18: Alimony' & answer the following question(s):
8. Not all payments required under a divorce instrument are considered alimony for tax purposes.
9. All payments required under a divorce instrument are considered alimony for tax purposes.
10. If your alimony payments decrease or terminate during the first three calendar years, you may be subject to the recapture rule.
Read 'Chapter 19: Education-Related Adjustments' & answer the following question(s):
11. Student loan interest includes both required and voluntary interest payments.
12. You can change your return by filing Form 1040X.
13. For purposes of the standard deduction, earned income includes any part of a scholarship or fellowship grant that you must include in your gross income.
Read 'Chapter 20: Standard Deduction' & answer the following question(s):
Read 'Chapter 21: Medical and Dental Expenses' & answer the following question(s):
14. In order to claim medical expenses for your spouse:
15. Birth control pills prescribed by a doctor qualify as a medical expense.
16. Bottled water qualifies as a medical expense.
17. In order for a tax to be deductible, it must be imposed on you.
18. You can deduct state and local income taxes.
19. Deductible real estate taxes generally do not include taxes charged for the local benefits and improvements that increase the value of the property.
Read 'Chapter 22: Taxes' & answer the following question(s):
Read 'Chapter 23: Interest Expense' & answer the following question(s):
20. Prepaid mortgage interest is deductible in the year paid.
21. You generally cannot deduct the full amount of points in the year paid.
Read 'Chapter 24: Contributions' & answer the following question(s):
22. Money or property given to public parks and recreation facilities are deductible as charitable contributions.
23. Money or property given to political groups are deductible as charitable contributions.
Read 'Chapter 25: Nonbusiness Casualty and Theft Losses' & answer the following question(s):
24. Deductible casualty losses can result from sonic booms.
25. Deductible casualty losses can result from terrorist attacks.
Read 'Chapter 26: Car Expenses and Other Employee Business Expenses' & answer the following question(s):
26. Your trip is considered entirely for business if you were outside the United States for a week or less, combining business and nonbusiness activities.
27. You can deduct your travel expenses when you attend a convention if you can show that your attendance benefits your trade or business.
Read 'Chapter 27: Tax Benefits for Work-Related Education' & answer the following question(s):
28. Education you need to meet the minimum education requirements for your present trade or business is qualifying work-related education.
29. Education that maintains or improves skills in your present work is considered qualifying work-related education.
Read 'Chapter 28: Miscellaneous Deductions' & answer the following question(s):
30. You can claim a depreciation deduction on your computer or cell phone that you use in your work as an employee if its use is for the convenience of your employer and is:
31. Fines and penalties paid to a governmental unit for violating the law are nondeductible.
Read 'Chapter 29: Limit on Itemized Deductions' & answer the following question(s):
32. Gambling losses are subject to the overall limit on itemized deductions.
33. Medical and dental expenses are not subject to the overall limit on itemized deductions.
34. The overall limit on itemized deduction does not apply to investment interest expense.
Read 'Chapter 30: How to Figure Your Tax' & answer the following question(s):
35. Changes to accelerated depreciation of certain property is a common tax preference item for AMT purposes.
36. The addition of personal exemptions is a common adjustment for AMT purposes.
Read 'Chapter 31: Tax on Investment Income of Certain Minor Children' & answer the following question(s):
37. Part of a child's investment income may be subject to tax at the parent's tax rate if the child's investment income was less than $1,600.
38. If you qualify and elect to include your child's interest and dividend income on your tax return, your child will not have to file a return.
39. To claim the child and dependent care credit, you must keep up a home.
40. The home you keep up in order to claim the child and dependent credit must be the main home for both you and the qualified person.
Read 'Chapter 32: Child and Dependent Care Credit' & answer the following question(s):
Read 'Chapter 33: Credit for the Elderly or the Disabled' & answer the following question(s):
41. For purposes of the credit for the elderly or disabled, if you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired.
42. You can take the credit for the elderly or disabled if you are a qualifying individual and your income is not more than certain limits.
Read 'Chapter 34: Child Tax Credit' & answer the following question(s):
43. An 18 year old child is considered a qualifying child for purposes of the child tax credit.
44. To claim the child tax credit, you must file Form 1040 or Form 1040A.
Read 'Chapter 35: Education Credits' & answer the following question(s):
45. The Lifetime Learning Credit is available for all years of postsecondary education and for courses to acquire or improve job skills.
46. The Hope Credit is available only until the first two years of postsecondary education are completed.
Read 'Chapter 36: Earned Income Credit' & answer the following question(s):
47. To claim the earned income credit, your filing status cannot be married filing separately.
48. To claim the earned income credit, your filing status cannot be married filing jointly.
Read 'Chapter 37: Other Credits' & answer the following question(s):
49. Currently, there is NO tax credit allowed for placing a qualified electric vehicle in service during the year.
50. Credit for excess social security tax withheld is a refundable credit.
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