If $$20,000$ of credit card debt is cancelled for a borrower, the $$20,000$ would be:

a$.$ non$-$taxable income

b$.$ taxable income

c$.$ deferred income until the next tax year

d$.50\%$ taxable

If an employee receives tuition assistance from their employer, how much is not considered taxable income in the current tax year?

a$.$ $$4,700$

b$.$ $$5,250$

c$.$ $$6,500$

d$.$ $$13,850$

If there is interest income and$/$or dividend income exceeding $$1500,$ the taxpayer would be required to file which form with the $1040?$

a$.$ Schedule $B$

b$.$ Schedule C

c$.$ Schedule $1$

d$.$ Schedule $R$

Original Issue Discounts $($OIDs$)$ on bonds held for investment:

a$.$ Increase interest income for tax purposes

b$.$ Decrease interest income for tax purposes

c$.$ Have no impact on interest income for tax purposes.

d$.$ None of the above.

John withdrew $$16,000$ from a $529$ plan for his $12-$year$-$old son, John Jr$.$ John Jr$.$ is in $6^{th}$ grade and attends a pr middle school. Assuming that the $$16,000$ is all earnings in the $529$ plan, how much of the distribution would be considered taxable income?

a$.$ $$6,000$

b$.$ $$16,000$

$.$ $$0$

$.$ $$8000$