Homework Answers
Jennifer may deduct educator expenses, subject to certain limits as provided by the IRS, who says,
- The Educator Expense Deduction allows eligible educators to
deduct up to an amount of $250 worth of qualified expenses.
Qualified expenses include:
- Books and other classroom supplies,
- Technology and computer software used in the classroom during the process of teaching.
Therefore the answer is c. $250 is deducted as an adjustment to income on form 1040.
Add Answer to:
14. How do Jennifer's educator expenses affect her tax return? a. Jennifer can claim these expenses...
17. How does the Form 1095-A, Health Insurance Marketplace Statement, affect Jennifer's tax return? A. Jennifer...
17. How does the Form 1095-A, Health Insurance Marketplace Statement, affect Jennifer's tax return? A. Jennifer can claim an affordability exemption B. Jennifer must pay an individual shared responsibility payment. C. It does not affect the tax return D. Jennifer must file Form 8962, Premium Tax Credit (PTC), to reconcile the advanced premium tax credit 18. Jennifer's income is too high to qualify for the credit on Form 8880, Credit for Qualified Retirement Savings Contributions. True False 19. Jennifer's canceled...
Filing a return for a tax year for which the statute of limitations has expired. Amending...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
Transportation (LO 3.3) Martha is a self-employed tax accountant who drives her car to visit clients...
Transportation (LO 3.3) Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her deductible auto expense for the year? a. The deductible business auto expense is $ b. Where in her tax return should Martha claim this deduction? The expense should be deducted on Martha's Schedule...
10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross income. a. True b. False...
10. Archie can claim total deductible medical expenses
that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a
deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of...
Individual Tax
lease complete the 2019 Form 1040 (Stop after completing Line 12a, round up to the nearest dollar),Schedule-1 and Schedule A for the taxpayer: Julie Anderson is a project manager and her wage is 74,200. Julie's father passed away on April 14. She inherited her father’s cottage (vacation home) in Montana and 80,000 cash. She used the 80,000 to invest in an annuity product that pays her $ 10,000 per year for the next 10 years. The first yearly payment ($10,000)...
Required: ∙ Use the following information to complete Keith and Jennifer Hamilton’s 2018 federal income tax...
Required: ∙ Use the following information to complete Keith and
Jennifer Hamilton’s 2018 federal income tax return. If any
information is missing, use reasonable assumptions to fill in the
gaps. ∙ Form 1040, supporting schedules, and instructions to the
forms and schedules can be found at the IRS website (www.irs.gov).
Facts: 1. Keith Hamilton is employed as an airline pilot for Flyby
Airlines which is based in Las Vegas, Nevada, but he flies out of
Toledo Metro Airport. Jennifer is...
can someone check this for me False 1. Pete and Shirley are filing a joint return....
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
17. How does the Form 1095-A, Health Insurance Marketplace Statement, affect Jennifer's tax return? A. Jennifer can claim an affordability exemption B. Jennifer must pay an individual shared responsibility payment. C. It does not affect the tax return D. Jennifer must file Form 8962, Premium Tax Credit (PTC), to reconcile the advanced premium tax credit 18. Jennifer's income is too high to qualify for the credit on Form 8880, Credit for Qualified Retirement Savings Contributions. True False 19. Jennifer's canceled...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
Transportation (LO 3.3) Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her deductible auto expense for the year? a. The deductible business auto expense is $ b. Where in her tax return should Martha claim this deduction? The expense should be deducted on Martha's Schedule...
10. Archie can claim total deductible medical expenses
that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a
deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of...
Required: ∙ Use the following information to complete Keith and
Jennifer Hamilton’s 2018 federal income tax return. If any
information is missing, use reasonable assumptions to fill in the
gaps. ∙ Form 1040, supporting schedules, and instructions to the
forms and schedules can be found at the IRS website (www.irs.gov).
Facts: 1. Keith Hamilton is employed as an airline pilot for Flyby
Airlines which is based in Las Vegas, Nevada, but he flies out of
Toledo Metro Airport. Jennifer is...
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
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