The Smiths are considering filing separately this year; nonetheless, they have been told there are new limitations imposed for the 2020 tax year when the alimony payments are made from one ex-spouse to another. In previous years, alimony was deductible by the payer and counted as income for the receiver. Starting with a divorce agreement in 2019, alimony amounts have been modified. All of the statements below regarding alimony are true, except for: a) Alimony will not be deductible for the payer. b) Lines 11 and 31a from the previous Form 1040 were eliminated in 2019. c) Income received will not be counted as taxable income for the receiving ex-spouse. d) An employer may report the alimony on W-2 forms.

QUESTION 2:

For tax years 2018 through 2026, which of the following expenses are deductible on Schedule A?

a) Dues and professional expenses. b) Educator expenses. c) Licenses and regulatory fees. d) Home equity loan