Term
List the deductions for AGI. |
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Definition
- Educator Expenses
- IRA
- Student Loan Interest Expense
- Tuition & Fees
- HSA
- Moving Expenses
- One-Half Self-Employment FICA
- Self-Employed Health Insurance
- Self-employed Retirement
- Interest Withdrawal Penalty
- Alimony Paid
- Attorney fees in discrimination/whistleblower
- DPAD
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Term
| Which is a deduction for AGI: Child support or alimony? |
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Definition
Deduction for AGI = Alimony Paid.
Child support ND by payor/taxable to recipient. |
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Term
| What are the limits on IRA deductions? |
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Definition
For IRAs, the lesser of $5,lesser of $5,000, $10,000 both spouses.
Phase out percentage is 20% of maximum IRA deduction. |
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Term
| What are the limits on nondeductible IRAs? |
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Definition
Lesser of:
a. $5,000 for 2009
b. Individual's compensation
c. Limit not contributed to other IRAs |
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Term
| What is the time limit on Coverdell Education Savings Accounts? |
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Definition
Any amounts remaining when beneficiary reaches age of 30; distributed.
Left over:
Must be distributed to beneficiary, taxable and %10 penatly.
Rollover to another family member permitted, no %10 penalty. |
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Term
| What are the limits on deductions to Keogh plans? |
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Definition
Keogh plans are for self-employed taxpayers and employees.
Deductible less %25 net earnings from SE and 1/2 self employment tax; or $49,000.
Max annual addition may exceed the deductible amount for year. Limited to lesser of $49,000 (2009) or 100% net earnings if compensation is less than $49,000. |
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Term
| Describe self-employed deductions for AGI. |
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Definition
a. Self-employment tax.
- %50 self-employment tax.
b. Self-employed health insurance
- 100% deductible. |
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Term
| What are the requirements for moving expenses to be deductible? |
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Definition
| Change job sites, 50 miles from former residence, new location 39 weeks during 12 months following arrival. |
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Term
| What is the add'l deduction for elderly and/or blind? |
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Definition
65/older, $1,400 or 1,100 MFJ.
Blind = same amounts as above.
Both = $2,800/$2,200. |
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Term
| What taxpayers are not eligible to use the standard deduction? |
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Definition
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Term
| Identify the major classes of itemized deductions? |
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Definition
Medical/Dental expenses
Taxes Paid
Iterest
Gifts to charity
Casualty and theft
Miscellaneous deductions, %2 floor
Other (gambling |
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