Comprehensive Test No. 9

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1. CHECK ALL THAT APPLY: What is a "standard deduction"?

Explanation

Publication 17; Page 139; Student Study Guide-Glossary

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About This Quiz
Comprehensive Test No. 9 - Quiz

COMPREHENSIVE TEST NO. 9 assesses understanding of standard deductions, eligibility criteria, and itemization in tax filing. It covers scenarios affecting deductions, decision-making for itemizing, and rules for specific... see moretax years, enhancing tax filing proficiency. see less

2. True or False: I borrow $18,782 against the equity in my home in 2014. I used all of the money to have an in ground pool installed in my back yard. I can deduct the interest paid on this loan as fully deductible mortgage interest.

Explanation

Publication 17; Page 153

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3. Yes or No: Might a cash method taxpayer who made an improvement to his/her main home during 2014, and who paid traditionally-charged points on the loan obtained to finance it, be able to deduct in full the amount of the points paid for the year paid - namely 2014, if the loan is secured by the main home?

Explanation

Publication 17; Page 155

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4. True or False: For tax year 2014 a taxpayer cannot deduct mortgage interest paid to an individual that was not reported to him/her on Form 1098, Mortgage Interest Statement.

Explanation

Publication 17; Page 159

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5. Check the statement(s) below that correctly describe a "CHARITABLE CONTRIBUTION".

Explanation

Publication 17; Page 160; Glossary in Study Guide

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6. Not considering any specific situations, what is the maximum charitable contribution deduction for a taxpayer for 2014?

Explanation

Publication 17; Page 166

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7. True or False: A taxpayer filing a joint return with his/her spouse is entitled to a higher standard deduction if he/she is age 65 or older or blind, and, an even higher standard deduction if his/her spouse is age 65 or older or blind and they do not itemize deductions.

Explanation

Publication 17; Page 139

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8. What form must be used to file a 2014 federal income tax return if a taxpayer wants to deduct any of his/her charitable contributions?

Explanation

Publication 17; Page 160

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9. Yes or No: Might a cash method taxpayer who made an improvement to his/her second home during 2014, and who paid traditionally-charged points on the loan obtained to finance it, be able to deduct in full the amount of the points paid for the year paid - namely 2014, if the loan is secured by the second home?

Explanation

Publication 17; Page 155

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10. Sometimes a taxpayer may not be eligible for the standard deduction. Check the situation(s) below wherein a taxpayer's standard deduction would be "zero".

Explanation

Publication 17; Page 139

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11. CHECK ALL THAT APPLY: If you are entitled to a standard deduction, why should you choose to itemize your deductions?

Explanation

Publication 17; Page 140

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12. True or False: For tax year 2014 there is a limit on certain itemized deductions if a taxpayer's adjusted gross income (AGI) is more than $254,200 if single ($279, 650 or more if head of household, more than $305,050 if married filing jointly or qualifying widow(er), or $152,525 or more if married filing separately.  

Explanation

Publication 17; Page 140-Caution in third column

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13. For 2014, if you use your car to do volunteer work for a qualified organization and you don't want to figure the actual cost of operating your vehicle, what amount may you deduct on your return for the standard mileage rate for this volunteer work?

Explanation

Publication 17; Page 162

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14. True or False: If someone pays you mortgage interest of $600 or more (including certain points), they should send you Form 1098, Mortgage Interest Statement.

Explanation

Publication 17; Page 157

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15. True or False: A taxpayer has a son or daughter that he /she will claim as a dependent on his/her tax return. The taxpayer is not married and will not file a joint return. The taxpayer will be entitled to higher standard deduction if the dependent is age 65 or older or blind and the taxpayer does not itemize deductions.

Explanation

Publication 17; Page 140

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16. Interest is the amount you pay for the use of borrowed money. Of the different types of interest listed below, choose the item(s) that could be deducted as itemized deductions on Schedule A (Form 1040).

Explanation

Publication 17; Pages 152-159; Instructions for Schedule A

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17. Home mortgage interest is generally any interest you pay on a loan secured by your main home or second home. Check the item(s) below that could be deducted as home mortgage interest on Schedule A of Form 1040.

Explanation

Publication 17; Page 153

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18. Check the medical and dental expenses below that would be includible in figuring a taxpayer's medical and dental expense deduction for tax year 2014.

Explanation

Publication 17; Pages 144-146

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19. Check the tax(s) below that could be deducted on Schedule A (Form 1040) it the taxpayer were able to itemize deductions.

Explanation

Publication 17; Pages 148-152; Instructions for Schedule A

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20. "Points" are certain charges paid or treated as paid by a borrower to obtain a home mortgage, or certain charges paid by the home seller to the lender to arrange financing for the buyer. Check the item(s) below that could be considered points if paid in connection with obtaining a home mortgage.

Explanation

Publication 17; Pages 155 & 157

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CHECK ALL THAT APPLY: What is a "standard deduction"?
True or False: I borrow $18,782 against the equity in my home in 2014....
Yes or No: Might a cash method taxpayer who made an improvement to...
True or False: For tax year 2014 a taxpayer cannot deduct mortgage...
Check the statement(s) below that correctly describe a...
Not considering any specific situations, what is the maximum...
True or False: A taxpayer filing a joint return with his/her spouse is...
What form must be used to file a 2014 federal income tax return if a...
Yes or No: Might a cash method taxpayer who made an improvement to...
Sometimes a taxpayer may not be eligible for the standard deduction....
CHECK ALL THAT APPLY: If you are entitled to a standard deduction, why...
True or False: For tax year 2014 there is a limit on certain itemized...
For 2014, if you use your car to do volunteer work for a qualified...
True or False: If someone pays you mortgage interest of $600 or more...
True or False: A taxpayer has a son or daughter that he /she will...
Interest is the amount you pay for the use of borrowed money. Of the...
Home mortgage interest is generally any interest you pay on a loan...
Check the medical and dental expenses below that would be includible...
Check the tax(s) below that could be deducted on Schedule A (Form...
"Points" are certain charges paid or treated as paid by a...
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