Question
NEED HELP ASAP Question 5 A qualifying child cannot include: a. A married son who files a joint return but is not required to file.
NEED HELP ASAP
Question 5
A qualifying child cannot include:
a. | A married son who files a joint return but is not required to file. | |
b. | A daughter who is away at college. | |
c. | A brother who is 28 years of age and disabled. | |
d. | A grandmother. |
QUESTION 6
Evan and Eileen Carter are husband and wife and file a joint return for 2019. Both are under 65 years of age. They provide more than half of the support of their daughter, Pamela (age 30), who is a full-time medical student. Pamela receives a $5,000 scholarship covering her tuition at college. Evan and Eileen furnish all of the support of Belinda (Evans grandmother), who is age 80 and lives in a nursing home. They also support Peggy (age 66), who is a friend of the family and lives with them the entire year. Assuming all other dependency tests not mentioned are met, how many dependents may the Carters claim?
a. | None | |
b. | One | |
c. | Two | |
d. | Three |
QUESTION 7
Morris is a single individual who has total tentative itemized deductions in 2018 of $6,300, which includes $2,000 for state income taxes. After filing his 2018 state income tax return on April 15, 2019 he receives a refund of $275.
a. | Morris must include $275 as income on his 2019 federal income tax return. | |
b. | Morris must amend his 2018 federal tax return to reflect state income taxes of $1,725 ($2,000 - $275). | |
c. | If Morris itemizes his tax return in 2019 he must reduce his state tax deduction by $275. | |
d. | Morris must include $200 as income on his 2019 federal income tax return. | |
e. | Morris excludes from his 2019 income the $275 state income tax refund received. |
QUESTION 8
Wayne, a single taxpayer, purchases a new home valued at $725,000, in 2018, borrowing $625,000 from Century National Bank. He also pays $7,250 in points and $4,500 in loan origination fees. During 2018 he pays interest of $71,000 on the loan. He also pays $32,000 in real estate taxes during 2018. Wayne pays state income taxes of $25,000.
What is Wayne's allowable interest deduction on Schedule A in 2018?
a. | $ - 0 - | |
b. | $ 7,250 | |
c. | $71,000 | |
d. | $78,250 | |
e. | $82,750 |
QUESTION 9
Wayne, a single taxpayer, purchases a new home valued at $725,000, in 2018, borrowing $625,000 from Century National Bank. He also pays $7,250 in points and $4,500 in loan origination fees. During 2018 he pays interest of $71,000 on the loan. He also pays $32,000 in real estate taxes during 2018. Wayne pays state income taxes of $25,000.
What is Wayne's allowable taxes deduction on Schedule A in 2018?
a. | $ - 0 - | |
b. | $ 10,000 | |
c. | $ 25,000 | |
d. | $ 32,000 | |
e. | $ 57,000 |
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