25 May Question 1. Under the Federal income tax formula for individuals, a choice mu
Question
1. Under the Federal income tax formula for individuals, a choice must be made between claiming deductions forAGI and itemized deductions.
a. True
b. False
2. Under the Federal income tax formula for individuals, the determination of adjusted gross income (AGI) precedes that of taxable income (TI).
a. True
b. False
3. Under the income tax formula, a taxpayer must choose between deductions forAGI and the standard deduction.
a. True
b. False
.
4. After Ellie moves out of the apartment she had rented as her personal residence, she recovers her damage deposit of $1,000. The $1,000 is not income to Ellie.
a. True
b. False
5. An “above the line” deduction refers to a deduction forAGI.
a. True
b. False
6. Because they appear on page 1 of Form 1040, itemized deductions are also referred to as “page 1 deductions.”
a. True
b. False
7. A decrease in a taxpayer’s AGI could increase the amount of medical expenses that can be deducted.
a. True
b. False
8. An increase in a taxpayer’s AGI could decrease the amount of charitable contribution that can be claimed.
a. True
b. False
9. All exclusions from gross income are reported on Form 1040.
a. True
b. False
10.The filing status of a taxpayer (e.g., single, head of household) must be identified before the applicable standard deduction is determined.
a. True
b. False
11.Lee, a citizen of Korea, is a resident of the U.S. Any rent income Lee receives from land he owns in Korea is not subject to the U.S. income tax.
a. True
b. False
12.The additional standard deduction for age and blindness is greater for married taxpayers than for single taxpayers.
a. True
b. False
13. The basicand additionalstandard deductions both aresubject to an annual adjustment for inflation.
a. True
b. False
14.Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.
a. True
b. False
.
15.Once they reach age 65, many taxpayers will switch from itemizing their deductions fromAGI and start claiming the standard deduction.
a. True
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