which of the following statements is true concerning a qtp and coverdell esa. a , a...
which of the following statements is true concerning a qtp and coverdell esa. a , a coverdell esa is subject to a modified agi limitation and a qtp is not. B both only apply to under graduate and graduate expenses. C, contributions to both are deductible. D, neither is subject to contributions limits
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which of the following statements is true concerning a
qtp and coverdell esa. a , a...
which of the following statements is true?a, a married couple must file jointly in order to...
which of the following statements is true?a, a married couple must file jointly in order to take either the student loan interest deduction or the tuition and fees deduction B, room and board expenses can be deducted under the tuition and fees deduction c there is no limit on the amount of qualified expenses that can be deducted d. there is no modified agi limitation on either the student loan interest deduction or the tuition and fees deduction
q1 Which of the following statements is false about health savings accounts (HSAs)? a. Distributions from...
q1 Which of the following statements is false about health savings accounts (HSAs)? a. Distributions from HSAs which are used for qualifying medical expenses are not subject to tax or penalty. b. Deductible contributions to HSAs are unlimited. c. Taxpayers qualifying for Medicare do not qualify to make HSA contributions. d. Distributions from HSAs which are not used for medical expenses are generally subject to a 20 percent penalty and income taxes. e. HSAs must be paired with qualifying high-deductible...
1. Which of the following statements concerning insurance underwriting is (are) correct? I. Underwriting is the...
1. Which of the following statements concerning insurance underwriting is (are) correct? I. Underwriting is the selection and pricing of insurance applications that are offered to an insurer. II. Underwriting attempts to avoid adverse selection by individuals who purchase insurance. A I only B. II only C. Both I and II D. Neither I nor II 2. Which of the following statements concerning modified endowment contracts (MECs) is (are) correct? I. Any policy that is paid up prior to age...
All the following statements concerning HSAs are correct, EXCEPT: A. Group of answer choices HSA distributions used by t...
All the following statements concerning HSAs are correct, EXCEPT: A. Group of answer choices HSA distributions used by the participant-taxpayer for the family’s medical expenses are excluded from the taxpayer’s gross income. B. Any HSA distributions not used for medical expenses are subject to federal income taxes. C. If HSA contributions are less than the prescribed limits, the account earnings are included in the account holder’s gross income for federal income tax purposes. D. Contributions will be deductible even if...
9. Which of the following statements concerning Roth IRAs is correct? a. in the event of...
9. Which of the following statements concerning Roth IRAs is correct? a. in the event of distributions from a Roth IRA, the earnings are deemed withdraw first. b. A distribution from a Roth IRA must include both earnings and contributions c. if the entire Roth IRA is distributed within 5r years to buy a car, only the earnings are subject to income tax, but the entire amount may be subject to penalty. d. if distributions are made within 5 years...
Taxation Question 14) Which of the following statements is not true regarding the education credits? A)...
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
All the following statements concerning HSAs are correct, EXCEPT: HSA distributions used by the participant-taxpayer for...
All the following statements concerning HSAs are correct, EXCEPT: HSA distributions used by the participant-taxpayer for the family's medical expenses are excluded from the taxpayer's gross income. Any HSA distributions not used for medical expenses are subject to federal income taxes. If HSA contributions are less than the prescribed limits, the account earnings are included in the account holder's gross income for federal income tax purposes. Contributions will be deductible even if individuals do not itemize.
Taxation Question 35) Which of the following statements regarding adoption credits is not true? A) Qualified...
Taxation Question
35) Which of the following statements regarding adoption credits is not true? A) Qualified expenses do not include employer reimbursements. B) An eligible child may be up to the age of 18. C) The credit may be claimed regardless of the taxpayer's modified AGI amounts. D) Qualified expenses include adoption fees, attorney fees and court costs
Which of the following statements regarding the self-employment tax is true? Income and expenses from self-employment...
Which of the following statements regarding the self-employment tax is true? Income and expenses from self-employment are reported on Schedule D (Form 1040). Self-employment income is subject to both Federal income tax and self-employment tax. One half of self-employment tax is deductible as an itemized deduction. All self-employment income is subject to both Medicare and Social Security tax.
Which of the following statements is true concerning the FHIR standard? (select all that apply) Developed...
Which of the following statements is true concerning the FHIR standard? (select all that apply) Developed by HL7 Based on RESTful API Can only retrieve documents Can use XML or JSON for data representation
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
All the following statements concerning HSAs are correct, EXCEPT: HSA distributions used by the participant-taxpayer for the family's medical expenses are excluded from the taxpayer's gross income. Any HSA distributions not used for medical expenses are subject to federal income taxes. If HSA contributions are less than the prescribed limits, the account earnings are included in the account holder's gross income for federal income tax purposes. Contributions will be deductible even if individuals do not itemize.
Taxation Question
35) Which of the following statements regarding adoption credits is not true? A) Qualified expenses do not include employer reimbursements. B) An eligible child may be up to the age of 18. C) The credit may be claimed regardless of the taxpayer's modified AGI amounts. D) Qualified expenses include adoption fees, attorney fees and court costs
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