Examination Questions -45 Hour Federal Tax Law 204. Chlo e lived in Portland and accepted a job in Atlanta. Under an accountable plan, her employer reimbursed her or her actual traveling expenses from Portland to Atlanta and the cost of moving her furniture to Atlanta. Chloe's employer included $3,200 on her Form W-2, box 12, with Code P, However, Chloe's allowable moving expenses were $3,900. What amount can she deduct as moving expenses on Form 3903 -Moving Expenses? 0 A. $0 $350 $700 $3,200 205. Generally, the amount a taxpayer may deduct for the Student Loan Interest Deduction is the lesser of what amount or the amount of interest he or she actually paid? A. $1,000 B. $1,500 C. $2,000 D. $2,500 206. Renee works at Indigo Inc. and attends school part-time as part of her company's educational assistance program. In 2016 her company reimbursed her a total of $6,250 for tuition, books, supplies, fees, etc. related to her schooling. How much of this amount can Renee exclude from her gross income? A. $0, this is a company sponsored benefit and does affect the individual's return B, $5,250, the maximum exclusion allowed under an employer's educational assistance program C. $5,750 the maximum exclusion allowed under an employer's educational assistance program D. $6,250 the maximum exclusion allowed under an employer's educational assistance program Lesson 1:3 207. Stan figured his adjusted gross income for 2016 was $40,000. He paid medical expenses of $2,500. What amount of his medical expenses can he deduct on his tax return? A. $0 B. $500 C. $1.500 D. $4,000 208. In 2016, Bill Jones drove 3,800 miles for medical reasons. He spent $500 for gas, $30 for oil, and $100 for tolls and parking. Using either actual expenses or standard mileage rate, what is the largest amount he can include for car expenses in his medical expenses on his tax return? A. $630 B. $658 C. $688 D. $822