Which of the following credits can result in a refund even if the individual had no income tax liability?
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1 .Which itemized deduction is included in the category of unreimbursed expenses that are deductible only to the extent that the aggregate amount of such expenses exceeds 2% of the taxpayer's adjusted gross income?
A Subscriptions to professional journals. B Medical expenses. C Moving expenses. D Gambling losses to the extent of winnings.
2 .Which itemized deduction is included in the category of unreimbursed expenses that are deductible only to the extent that the aggregate amount of such expenses exceeds 2% of the taxpayer's adjusted gross income?
A Medical expense. B Charitable contributions. C Tax return preparation fee. D Interest expense.
3 .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.
4 .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?
A USD 0 B USD 1,250 C USD 2,750 D USD 750
5 .Which of the following is a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor?
A Real estate tax. B Gambling losses up to the amount of gambling winnings. C Employee business expenses. D Medical Expenses.
7 .Mr. and Mrs. Sloan incurred the following expenses during the year when they adopted a child:Child's medical expensesUSD5,000Legal expenses8,000Agency fee3,000Without regard to the limitation of the credit, what amount of the above expenses are qualifying expenses for the adoption credit?
A USD5,000 B USD11,000 C USD10,160 D USD16,000
8 .How may taxes paid by an individual to a foreign country be treated?
A As an adjustment to gross income. B As an itemized deduction subject to the 2% floor. C As a nondeductible expense. D As a credit against federal income taxes due.
9 .Which of the following statements about the child and dependent care credit is correct?
A The maximum credit is USD600. B The child must be under the age of 18 years. C The child must be a direct descendant of the taxpayer. D The credit is nonrefundable.
10 .Frank and Mary Wood have 2 children, Becky, age 10, and Matt, age 14. The Woods incur expenses of USD4,000 for after school-care for each child. Their only income is from wages. Frank's wages are USD60,000, and Mary's wages are USD2,500. What amount of Child and Dependent Care Credit may the Woods claim on their joint tax return?
A USD1,600 B USD500 C USD1,200 D USD800
