25 May Question 1. Which, if any, of the following is a deduction forAGI?
Question
1. Which, if any, of the following is a deduction forAGI?
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 paid | 12,000 |
| Child support paid | 6,000 |
| Gift from aunt | 20,000 |
Marvin’s AGI is:
| a. | $32,000. |
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