Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

15 points Save Ar QUESTION 4 Eric and Chrissy file a joint tax return. During the year, they had to relocate from Dallas to Houston

image text in transcribed
15 points Save Ar QUESTION 4 Eric and Chrissy file a joint tax return. During the year, they had to relocate from Dallas to Houston because of Chrissy's job as a financial planner. Eric is a self-employed electrician. They had the following items of income and expenses: Chrissy's wages of $100,000 Moving expenses reimbursed by Chrissy's employer of $1,500 Eric's self-employment Schedule income of $50,000 Eric's personal health insurance premiums totaling $6,500 (he is eligible to participate in Chrissy's employer provided health insurance plan, but it is cheaper to buy his own Insurance) Unreimbursed travel expenses for Eric to travel to his monthly National Guard training of $450 (he travels 125 miles each way) [all are under the federal per diem ratesi ignoring any issues related to self-employment tax, what is their AGI from these transactions? $152,550 $151,050 $151,500 $144,550 14 points Save Answ. QUESTIONS During the year, Philip and Donna paid $1,700 of interest on their qual ted student loans. They file a joint return and their MAGI is $143,000. What is their student loan interest deduction? $1,247 5453 $2,500 $1,700 14 points Save Answer QUESTION 6 Loretta files as Head of Household and claims her adult son, Bobby Gene, as a dependent. During the year, she paid the following expenses for Bobby Gene: Root canal of 5750 Real estate taxes of $1,500 Gambling losses of $500 Assuming Bobby Gene is a dependent, which of these expenses may she deduct on her return? Root canal Real estate taxes and root canal Gambling losses Real estate taxes 15 points Save Ar QUESTION 4 Eric and Chrissy file a joint tax return. During the year, they had to relocate from Dallas to Houston because of Chrissy's job as a financial planner. Eric is a self-employed electrician. They had the following items of income and expenses: Chrissy's wages of $100,000 Moving expenses reimbursed by Chrissy's employer of $1,500 Eric's self-employment Schedule income of $50,000 Eric's personal health insurance premiums totaling $6,500 (he is eligible to participate in Chrissy's employer provided health insurance plan, but it is cheaper to buy his own Insurance) Unreimbursed travel expenses for Eric to travel to his monthly National Guard training of $450 (he travels 125 miles each way) [all are under the federal per diem ratesi ignoring any issues related to self-employment tax, what is their AGI from these transactions? $152,550 $151,050 $151,500 $144,550 14 points Save Answ. QUESTIONS During the year, Philip and Donna paid $1,700 of interest on their qual ted student loans. They file a joint return and their MAGI is $143,000. What is their student loan interest deduction? $1,247 5453 $2,500 $1,700 14 points Save Answer QUESTION 6 Loretta files as Head of Household and claims her adult son, Bobby Gene, as a dependent. During the year, she paid the following expenses for Bobby Gene: Root canal of 5750 Real estate taxes of $1,500 Gambling losses of $500 Assuming Bobby Gene is a dependent, which of these expenses may she deduct on her return? Root canal Real estate taxes and root canal Gambling losses Real estate taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Audit Control And Security

Authors: Robert R. Moeller

1st Edition

0471406767, 9780471406761

More Books

Students also viewed these Accounting questions

Question

Does it have correct contact information?

Answered: 1 week ago