89

Marks: 1

The form used by a custodial parent to release the exemption to a noncustodial parent is?

Choose one answer.

a.None of theseb.Form 4562c.Form 1040d.Form 2120e.Form 8332

Question

90

Marks: 1

If you are under 59 and you withdraw money from your traditional IRA, which of the following is the exception to the additional penalty tax?

Choose one answer.

a.You are disabledb.You have unreimbursed medical expenses that are more than 7.5% of your AGIc.All of thesed.You are the beneficiary of a deceased IRA ownere.None of these

Question

91

Marks: 1

The amounts contributed to an IRA from Jan 1stthrough April 15thmay count either for this year's IRA or last year's IRA contribution.

Choose one answer.

a.Falseb.True

Question

92

Marks: 1

Cliff (W2 wages:$16,228) and Deb (W2 wages:$2,600) send their daughter Julia (born10-1-2006) to daycare whilethey both worked.They paid $200 per month for daycare. They are filing MFJ. They can claim thecredit for child and dependent care expenses.What is their eligible amount of work-related daycare expenses?

Choose one answer.

a.$2,600b.None of thesec.$2,400d.$0e.$1,800

Question

93

Marks: 1

A rollover from a qualified retirement plan to another must be done within ____ after distribution.

Choose one answer.

a.None of theseb.30 daysc.60 daysd.1 yeare.90 days

Question

94

Marks: 1

All taxpayers must have medical expenseslessthan7.5% of adjusted gross income in orderto claim the excess medical expenses onSchedule A.

Choose one answer.

a.Trueb.False

Question

95

Marks: 1

Charitable contributions must be made in money or other property before the close of thetax year to be deductible in that year.

Choose one answer.

a.Falseb.True

Question

96

Marks: 1

You can deduct all the following except:

Choose one answer.

a.Money you contribute to a nonprofit churchb.Life Insurance premiumsc.None of thesed.Dental expensese.Travel expenses directly related to medical care

Question

97

Marks: 1

Mini Problem #1

Curtis Akers is a waiter at the Dine and Dance Inn.He did not keep any records of his tips because he never consulted with his tax advisor. Here is his W-2.

What is the total amount of tips to be reported on Form 4137, line 2?

Choose one answer.

a.None of theseb.$7,369c.$2,729d.$5,049e.$2,320

98

Marks: 1

Mini Problem #1

Curtis Akers is a waiter at the Dine and Dance Inn.He did not keep any records of his tips because he never consulted with his tax advisor.Here is his W-2.

What is the total amount of social security and Medicare tax (on unreported tip income) thatwill be reported on form 4137, line 13?

Choose one answer.

a.$386b.$564c.$209d.$174e.None of these

Question

99

Marks: 1

Mini Problem 2

Wayne and Wanda are filing MFJ with a dependent child age 4. Wayne worked full time and earned $25,000. Wanda became afull-timestudent for the fall term (Aug thru Dec)and they have no other income. Their federal taxable income was $2,300 and their federal tax liability before any credits is $231.While Wanda was astudent,they paid $3,000 for childcare.

What is the amount of line 6 from their 2441?

Choose one answer.

a.None of theseb.$3,000c.$0d.$1,250e.$1,750

Question

100

Marks: 1

Mini Problem 2

Wayne and Wanda are filing MFJ with a dependent child age 4. Wayne worked full time and earned $25,000.Wanda became afull-timestudent for the fall term (Aug thru Dec)and they have no other income.Their federal taxable income was $2,300 and their federal tax liability before any credits is $231.While Wanda was astudent,they paid $3,000 for childcare.

What is the amount of line 9 on their 2441?

Choose one answer.

a.$375b.$900c.$363d.$0e.None of these