CORRECT WELL DETAILED ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Married Filing Jointly: Social Security Taxes - ANSWER Below $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax - ANSWER Below $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
States that tax social security income - ANSWER Colorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses - ANSWER Federal income
Social Security
1
, Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income - ANSWER child support payments, welfare benefits, cash rebates,
damage awards for personal injury or sickness, gifts, alimony for divorce after 2018,
healthcare benefits, money reimbursed from qualifying adoptions, life insurance policy
when someone dies, money from a qualified scholarship except if spent on rent, personal
expenses.
Is Gofund me taxable? - ANSWER False
Can you amend your tax return from married filing jointly to married filing separately? -
ANSWER
Are guaranteed payments considered wages in Box 1 on 1040? - ANSWER The
payments are recorded on schedule k-1 and included as income on schedule E of their form
1040
Form 8812 - ANSWER Additional Child Tax Credit
Form 1040 - ANSWER The standard Internal Revenue Service (IRS) form that
individuals use to file their annual income tax returns.
2
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Married Filing Jointly: Social Security Taxes - ANSWER Below $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax - ANSWER Below $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
States that tax social security income - ANSWER Colorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses - ANSWER Federal income
Social Security
1
, Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income - ANSWER child support payments, welfare benefits, cash rebates,
damage awards for personal injury or sickness, gifts, alimony for divorce after 2018,
healthcare benefits, money reimbursed from qualifying adoptions, life insurance policy
when someone dies, money from a qualified scholarship except if spent on rent, personal
expenses.
Is Gofund me taxable? - ANSWER False
Can you amend your tax return from married filing jointly to married filing separately? -
ANSWER
Are guaranteed payments considered wages in Box 1 on 1040? - ANSWER The
payments are recorded on schedule k-1 and included as income on schedule E of their form
1040
Form 8812 - ANSWER Additional Child Tax Credit
Form 1040 - ANSWER The standard Internal Revenue Service (IRS) form that
individuals use to file their annual income tax returns.
2
