Questions and Answers of Taxation of Individuals

Why would someone saving for college consider investing in something other than a 529 plan?
How are life insurance proceeds taxed if a policy is cashed out early?
How are life insurance proceeds taxed when paid after the insured individual’s death?
Indicate the amount (if any) that Michael can deduct as ordinary and necessary business deductions in each of the following situations and explain your solution.a. From time to time, Michael rents a
What is the difference between earned and unearned income?
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has
Using the IRS Web site (www.irs.gov), how large is the current estimated “tax gap” (i.e., the amount of tax underpaid by taxpayers annually)? What group of taxpayers represents the largest
Nola is a tax novice and has a fairly simple tax question. Besides tax services, what are some sources that she can use to answer her question?
In reviewing the tax rate schedule for married filing jointly, Jorge and Anita note that the tax on $150,000 is $28,925 plus 28 percent of the taxable income over $148,850. What does the $28,925
Can both employees and self-employed taxpayers claim the home office deduction? Explain.
Does the deductible amount of a taxpayer’s home mortgage interest potentially depend on when the taxpayer executed the mortgage? Explain.
What is the limitation on a deductible IRA contribution for 2019?
In 2019, Jasmine and Thomas, a married couple, have taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have
In 2019, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported
Augustana received $100,000 of qualified dividends this year. Under what circumstances might the entire $100,000 of income not be taxed at the same rate?
In 2019, for a taxpayer with $50,000 of taxable income, without doing any actual computations, which filing status do you expect to provide the lowest tax liability? Which filing status provides the
Doug Jones submitted his 2019 tax return on time and elected to file a joint tax return with his wife, Darlene. Doug and Darlene did not request an extension for their 2019 tax return. Doug and
Where does the qualified business income (QBI) deduction fit into the individual income tax formula and what type of deduction is it?

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