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5.0
FEDERAL INCOME TAXATION FOR
INDIVIDUALS - FINAL EXAM
QUESTIONS LATEST 2024-2025 AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
For AGI deductions
✓ ANS: - business deductions (Sch C --> Sch 1 --> 1040, 8)
✓ - ½ self employment tax (Sch SE)
✓ - Rent/royalty expenses (Sch E -> Sch 1 -> 1040, 8)
✓ - Student loan interest
✓ - up to $2500
✓ - Capital gain/loss (Sch D -> 1040, line 7)
✓ - net short-term/long-term on SchD for total
✓ - max loss allowed is $3000
✓ - IRA deduction
✓ - self-employed health insurance
Examstudy - Stuvia US | Wednesday, 18 December 2024
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From AGI deductions
✓ ANS: -Qualified Business Income deudction
✓ - Standard deduction or Itemized ded. (greater)
✓ - Itemized deductions:
✓ - Medical Expenses
✓ - Limit: Total Medical Expenses - 7.5% of AGI
✓ - Investment interest expense
✓ - Mortgage interest
✓ - Gifts to Charity
✓ - State/local taxes (up to $10K mfj)
Kiddie tax
✓ ANS: Kid's UNEARNED income in excess of >$2600 is taxed at parent's
marginal tax rate
✓
✓ Applies if >2600 AND:
✓ Child is under 18 at year-end
✓ Child is 18 but earned income is less than half of their support
✓ Child is over 18 and under 24, and a full-time student, and earned
income is less than half of their support
Child tax credit
Examstudy - Stuvia US | Wednesday, 18 December 2024
5.0
FEDERAL INCOME TAXATION FOR
INDIVIDUALS - FINAL EXAM
QUESTIONS LATEST 2024-2025 AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
For AGI deductions
✓ ANS: - business deductions (Sch C --> Sch 1 --> 1040, 8)
✓ - ½ self employment tax (Sch SE)
✓ - Rent/royalty expenses (Sch E -> Sch 1 -> 1040, 8)
✓ - Student loan interest
✓ - up to $2500
✓ - Capital gain/loss (Sch D -> 1040, line 7)
✓ - net short-term/long-term on SchD for total
✓ - max loss allowed is $3000
✓ - IRA deduction
✓ - self-employed health insurance
Examstudy - Stuvia US | Wednesday, 18 December 2024
, | OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
From AGI deductions
✓ ANS: -Qualified Business Income deudction
✓ - Standard deduction or Itemized ded. (greater)
✓ - Itemized deductions:
✓ - Medical Expenses
✓ - Limit: Total Medical Expenses - 7.5% of AGI
✓ - Investment interest expense
✓ - Mortgage interest
✓ - Gifts to Charity
✓ - State/local taxes (up to $10K mfj)
Kiddie tax
✓ ANS: Kid's UNEARNED income in excess of >$2600 is taxed at parent's
marginal tax rate
✓
✓ Applies if >2600 AND:
✓ Child is under 18 at year-end
✓ Child is 18 but earned income is less than half of their support
✓ Child is over 18 and under 24, and a full-time student, and earned
income is less than half of their support
Child tax credit
Examstudy - Stuvia US | Wednesday, 18 December 2024
