Question
27) Angelo is divorced and lives alone exceptduring the summer, when his daughter, Mary, age 13, lived with him. Mary's mother will claim her as
27) Angelo is divorced and lives alone exceptduring the summer, when his daughter, Mary, age 13, lived with him. Mary's mother will claim her as a dependent on her return. Which filing status can Angelo use?
Select one:
a. Married filing separately
b. Married filing jointly
c. Head of Household
d. Single
28) Jasper and Heather were divorced in 2020. The divorce decree states that Jasper will receive $500 per month in alimony payments from Heather. Which of the following statements is correct?
Select one:
a. Heather can deduct the alimony she pays to Jasper only if she itemizes deductions on Schedule A
b. Heather cannot claim an adjustment to income for the alimony she pays to Jasper
c. Jasper can exclude up to 50% of alimony received, depending on his 2019 modified AGI
d. Jasper needs to include all the alimony received on Form 1040
29) Which of the following types of interest is not taxable in the year it is posted to the taxpayer's account?
Select one:
a. Interest in a savings account
b. Interest in an investment account
c. Interest on an IRA
d. Interest on life insurance proceeds remaining with the insurance company
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started