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