Carter incurred the following expenses in the current year: USD500 for the preparation of a personal income tax return, USD100 for custodial fees on an IRA, USD150 for professional publications, and USD2,000 for union dues. Carter's current year adjusted gross income is USD75,000. Carter, who is not self-employed, itemizes deductions. What will Carter's deduction be for miscellaneous itemized deductions after any limitations in the current year?
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A Subscriptions to professional journals. B Medical expenses. C Moving expenses. D Gambling losses to the extent of winnings.
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A Medical expense. B Charitable contributions. C Tax return preparation fee. D Interest expense.
5 .Which expense, both incurred and paid in the same year, can be claimed as an itemized deduction subject to the two percent-of-adjusted-gross-income floor?
A Employee's unreimbursed moving expense. B Self-employed health insurance. C Employee's unreimbursed business car expense. D One-half of the self-employment tax.
7 .Which of the following is a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor?
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10 .How may taxes paid by an individual to a foreign country be treated?
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