Question

Question 14
Which of the following items is not tax-deductible by the taxpayer in 2019 on Schedule A (total allowable itemized deductions) as an education-related expense that is part of the taxpayer's miscellaneous itemized deduction subject to the 2%-of-AGI floor) ?

1) Certain education-related transportation and travel costs
2) Tuition, books, supplies, lab fees, and similar items

3) Costs of research and typing when writing a paper as part of an educational program

4) All of the above are not tax-deductible in 2019.

Question 15
Dina Durham purchased U.S. savings bonds which she had issued in her name and that of her child as co-owners. Dina let her child redeem the bonds and keep all the proceeds. The interest is taxable to her child.

   1) True
   2) False

Answer 1

Question 14

Answer : All of the above are not tax-deductible in 2019

Explanation:

All miscellaneous deductions subject to 2% of your AGI are eliminated for Tax Years 2018-2025 so all of the above expenses are not tax deductible

Question 15

Answer: False

Explanation:

The interest is taxable to Dina Durham because when a bond is redeemed by a co-owner, the IRS taxes the person who originally contributed the money to buy the bond. This means that a parent who buys a bond and lists a son or daughter as a co-owner will owe taxes on the interest if the child someday redeems the bond, even if the parent doesn’t receive any proceeds.