Question
Brett and Lisa file taxes under the married filing jointly status. Lisa is a sales manager for an auto parts company, and Brett takes care
Brett and Lisa file taxes under the married filing jointly status. Lisa is a sales manager for an auto parts company, and Brett takes care of their three children. In 2022, Lisa receives a promotion associated with a move to a new division located over 500 miles from their existing home. The cost to move their household items is $8,700. Lisas employer reimburses her for $3,000 of those costs and also pays $2,100 for airfare for the entire family to fly to the new destination. What is Lisas moving expenses deduction for 2022?
a. | $0 | |
b. | $8,700 | |
c. | $3,600 | |
d. | $5,700 |
Milo named his wife, Khia, the beneficiary of a $100,000 insurance policy on his life. The policy provided that, upon his death, the proceeds would be paid at a rate of $4,000 per year plus interest over a 25-year period. Milo died June 25 of last year, and in the current year, Khia received a payment of $5,200 from the insurance company. What amount should she include in her gross income for the current year?
a. | $200 | |
b. | $4,000 | |
c. | $1,200 | |
d. | $5,200 |
Russell and Madalyn were divorced in 2014. Madalyn pays Russell alimony of $1,200 a month. The payment amount was agreed upon in the decree of divorce. To save money, Russell and Madalyn still live together. Are the alimony payments that Russell receives in 2022 included in his income?
a. | No, since Russell and Madalyn still live together, the payments are not considered alimony. | |
b. | Yes, alimony is always taxable. | |
c. | No, only some of it is tax-exempt because Madalyn pays Russell too much alimony. | |
d. | Yes, the payments meet all alimony payment requirements. |
Faisal works for American Motors. American Motors paid a $1,200 premium on Faisals health insurance in 2022. Faisal had an operation on his foot in 2022 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2022?
a. | Faisal must claim the $6,800 paid by the insurance company for the operation as income. | |
b. | Faisal must claim the $1,200 premium paid by his employer as income. | |
c. | Faisal must claim the $1,200 premium and the $6,800 insurance payment as income. | |
d. | None of these events are taxable on his 2022 return. |
Only answer is fine please help me
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