01 May Under the income tax formula, a taxpayer must choose between deductions for AGI and the standard deductio
Question
Question 1 (1 point)
Under the income tax formula, a taxpayer must choose between deductions for AGI and the standard deduction.
True
False
Question 2 (1 point)
An increase in a taxpayer’s AGI could decrease the amount of charitable contribution that can be claimed.
True
False
Question 3 (1 point)
The additional standard deduction for age and blindness is greater for married taxpayers than for single taxpayers.
True
False
Question 4 (1 point)
In 2013, Ed is 66 and single. If he has itemized deductions of $7,300, he should not claim the standard deduction alternative.
True
False
Question 5 (1 point)
Dan and Donna are husband and wife and file separate returns for the year. If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.
True
False
Question 6 (1 point)
Debby, age 18, is claimed as a dependent by her mother. During 2013, she earned $1,100 in interest income on a savings account. Debby’s standard deduction is $1,450 ($1,100 + $350).
True
False
Question 7 (1 point)
For the year a spouse dies, the surviving spouse is considered married for the entire year for income tax purposes.
True
False
Question 8 (1 point)
If an individual does not spend funds that have been received from another source (e.g., interest on municipal bonds), the unexpended amounts are not considered for purposes of the support test.
True
False
Question 9 (1 point)
In 2013, Hal furnishes more than half of the support of his ex-wife and her father, both of whom live with him. The divorce occurred in 2012. Hal may claim the father-in-law and the ex-wife as dependents.
True
False
Question 10 (1 point)
Ed is divorced and maintains a home in which he and a dependent friend live. Ed does not qualify for head of household filing status.
True
False
Question 11 (1 point)
When the kiddie tax applies and the parents are divorced, the applicable parent (for determining the parental tax) is the one with the greater taxable income.
True
False
Question 12
For 2013, Stuart has a short-term capital loss, a collectible long-term capital gain, and a long-term capital gain from land held as investment. The short-term loss is first applied to the collectible capital gain.
True
False
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