Group 1: Multiple Choice Questions, Chapter 1

Income Tax Fundamental 2020

Which of the following recent tax changes is not scheduled to expire after 2025?

1. 1. Suspension of personal exemptions
   2. General lowering of individual tax rates
   3. Restrictions on the deduction of casualty and theft losses
   4. Reduction of corporate tax rates to 21 percent
2. LO 1.1

Which of the following tax forms are used by individuals in 2019?

2. 1. 1040A
   2. 1040-EZ
   3. 1040-SR
   4. 1120
3. LO 1.2

Partnership income is reported on:

3. 1. Form 1040
   2. Form 1120
   3. Form 1040X
   4. Form 1065
4. LO 1.2

On which of these would wage income be reported?

4. 1. Schedule 1
   2. Schedule 2
   3. Schedule 3
   4. Form 1040
5. LO 1.3

Which of the following is a deduction for adjusted gross income in 2019?

5. 1. Personal casualty losses
   2. Medical expenses
   3. Student loan interest
   4. Charitable contributions
   5. None of the above
6. LO 1.3

All of the following are itemized deductions in 2019 except:

1. Charitable contributions
2. Alimony payments
3. State and local taxes
4. Medical expenses
5. All of the above are itemized deductions