1) Keith, single with an AGI of $101,000, purchased a new home in 2010. In 2021, he paid $1,200 in private mortgage insurance. How much of this is deductible on his 2021 Schedule A?

$120

$930

$1,080

$1,200

2)

Steve files head of household. In 2021, he received $23,000 in social security benefits, $10,000 in retirement income, and $4,000 in interest and dividend income. Steve's taxable social security benefits are __________.

$0

$250

$11,500

$19,550

3)

On Form 5329, an IRA distribution penalty exception may NOT be used by a taxpayer who __________.

Was unemployed and paid health insurance premiums.

Was permanently and totally disabled.

Received the distribution as part of a series of substantially equal periodic payments paid over the life expectancy of the participant (or joint life expectancies of the participant and beneficiary).

Had to pay their spouse part of the funds in their IRA under a qualified domestic relations order (QDRO).

4)

Trisha wants to be a full-time photographer. Which of the following is a way she can demonstrate that this is a business and not a hobby?

Attending workshops and photography classes.

Taking photos during vacations and shopping around for a buyer after she returns home.

Taking pictures at family events.

Purchasing her photography equipment with funds from her personal checking account.