25 May Question 1. Tired of renting, Dr. Smith buys the academic robes
Question
1. Tired of renting, Dr. Smith buys the academic robes she will wear at her college’s graduation procession. The cost of this attire does not qualify as a uniform expense.
a. True
b. False
.
2. Frank, a recently retired FBI agent, pays job search expenses to obtain a position with a city police department. Frank’s job search expenses do qualify as deductions.
a. True
b. False
3. After graduating from college with a degree in chemistry, Alberto obtains a job as a chemist with DuPont.
Alberto’s job search expenses qualify as deductions.
a. True
b. False
.
4. Qualifying job search expenses aredeductible even if the taxpayer does not change jobs.
a. True
b. False
5. Madison is an instructor of fine arts at a local community college. If she spends $600 (not reimbursed) on art supplies for her classes, $250 of this amount can be claimed as a deduction forAGI.
a. True
b. False
6. Both traditional and Roth IRAs possess the advantage of tax-free accumulation of income within the plan.
a. True
b. False
7. When contributions are made to a traditional IRA, they are deductible by the participant. Later distributions from the IRA upon retirement are fully taxed.
a. True
b. False
8. By itself, credit card receipts will not constitute adequate substantiation for travel expenses.
a. True
b. False
.
9. The Federal per diem rates that can be used for “deemed substantiated” purposes are the same for all locations in the country.
a. True
b. False
10.For self-employed taxpayers, travel expenses are notsubject to the 2%-of-AGI floor.
a. True
b. False
.
11.A taxpayer who claims the standard deduction will notavoid the 2% floor on unreimbursed employee expenses.
a. True
b. False
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