Question
Scenario 8: Joanne Oak What is the net long term capital gain reported on Joanne's Schedule D? a. $2,450 b. $2,100 c. $1,750 d. $350
Scenario 8: Joanne Oak
What is the net long term capital gain reported on Joanne's Schedule D?
a. $2,450 b. $2,100 c. $1,750 d. $350
24. Which of the following can be claimed as a business expense on Joanne's Schedule C?
a. Car washes b. Tickets for illegal parking c. Tolls d. Snacks and lunches
25. What is the amount Joanne can take as a student loan interest deduction on her Form 1040, Schedule 1? $__________________
26. How many miles can Joanne use to calculate her standard mileage deduction?
a. 1,500 b. 2,500 c. 4,000 d. 11,000
27. What is the amount of Joanne's lifetime learning credit? $_______________
28. Joanne will have to pay $________ additional tax because she received the early distribution from her IRA.
29. How can Joanne prevent having a balance due next year?
a. She can increase the withholding on her Form W-4. b. She can make estimated tax payments. c. She can use the IRS withholding calculator to estimate her withholding for next year. d. All of the above
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