Training Day 10- Wave 5

37 Questions | Total Attempts: 83

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Training Day 10- Wave 5 - Quiz

Gordon and Lana Thompson ? CLICK ON THE NAME ABOVE TO DOWNLOAD THE TAX FILE NEEDED TO ANSWER THE ASSESSMENTS. You will need Turbo Tax PREMIER 2009 for this activity.


Questions and Answers
  • 1. 
    How many assets did Gordon place in service for the rental properties in 2009?
    • A. 

      1

    • B. 

      4

    • C. 

      7

    • D. 

      8

  • 2. 
    How many dishwashers has Gordon purchased for his properties over the last 10 years?
    • A. 

      1

    • B. 

      4

    • C. 

      6

    • D. 

      8

  • 3. 
    How much of the Thompson's social security benefits were taxable?
    • A. 

      $16,875

    • B. 

      $19,870

    • C. 

      $31,233

    • D. 

      $36,745

  • 4. 
    What is the total cost basis for all the stock the Thompsons sold in 2009?
    • A. 

      $3,201

    • B. 

      $4,775

    • C. 

      $34,502

    • D. 

      $37,703

  • 5. 
    What is the prior depreciation for the stoves in the rental units?
    • A. 

      $393

    • B. 

      $475

    • C. 

      $1,900

    • D. 

      $2,240

  • 6. 
    Does Gordon consider himself to be a real estate professional?
    • A. 

      Yes

    • B. 

      No

  • 7. 
    What is the Thompsons’ taxable income minus their capital gains?
    • A. 

      $32,973

    • B. 

      $67,900

    • C. 

      $157,197

    • D. 

      $179,814

  • 8. 
    How much of Lana's IRA contribution is an excess contribution?
    • A. 

      $2,500

    • B. 

      $3,000

    • C. 

      $5,000

    • D. 

      $6,000

  • 9. 
    How much tax is the tax penalty on Lana's excess contribution?
    • A. 

      $150

    • B. 

      $180

    • C. 

      $250

    • D. 

      $300

  • 10. 
    How much of Gordon's IRA distribution is taxable in 2009?
    • A. 

      $2,500

    • B. 

      $3,000

    • C. 

      $3,698

    • D. 

      $4,598

  • 11. 
    Do the Thompsons plan on paying their full tax due when they file their 09 return?
    • A. 

      Yes

    • B. 

      No

  • 12. 
    How much did the Thompsons pay for new exterior doors in 2009?
    • A. 

      $489

    • B. 

      $645

    • C. 

      $984

    • D. 

      $1,629

  • 13. 
    Are the Thompsons increasing their standard deduction by certain real estate taxes, new motor vehicle taxes or a net disaster loss?
    • A. 

      Yes

    • B. 

      No

  • 14. 
    How is the tax liability for the Thompsons being computed?
    • A. 

      Tax table

    • B. 

      Tax computation worksheet

    • C. 

      Sch D tax worksheet

    • D. 

      Qualified dividends and capital gains tax worksheet

  • 15. 
    How much of a credit do the Thompsons get for having installed new exterior doors and windows in their home in 2009?
    • A. 

      $489

    • B. 

      $645

    • C. 

      $984

    • D. 

      $1,629

  • 16. 
    Did Lana receive a 1099-R from Morgan Stanley and Co. Inc in 2009?
    • A. 

      Yes

    • B. 

      No

  • 17. 
    Did Gordon request that tax be withheld from his bingo winnings in 2009?
    • A. 

      Yes

    • B. 

      No

  • 18. 
    What portion of the Thompson's medical expenses exceeds 7.5% of their AGI?
    • A. 

      $10,953

    • B. 

      $16,283

    • C. 

      $15,454

    • D. 

      $31,737

  • 19. 
    What amount did the Thompsons make as payments for their 2008 tax liability during 2008?
    • A. 

      $1,523

    • B. 

      $1,973

    • C. 

      $2,290

    • D. 

      $12,000

  • 20. 
    Did the Thompsons make any estimated tax payments in 2009?
    • A. 

      Yes

    • B. 

      No

  • 21. 
    How much did Gordon pay for new dishwashers in the apartments?
    • A. 

      $800

    • B. 

      $1,440

    • C. 

      $1,860

    • D. 

      $2,890

  • 22. 
    How much was the cost of the land included in Gordon's rental properties?
    • A. 

      $29,730

    • B. 

      $42,000

    • C. 

      $62,400

    • D. 

      $81,100

  • 23. 
    What is the MACRS convention for the rental assets placed in service in 2007?
    • A. 

      Half-year

    • B. 

      Mid-quarter

    • C. 

      Mid-month

  • 24. 
    How much money do the Thompsons intend to send to the IRS when they file their 2009 return?
    • A. 

      $88

    • B. 

      $400

    • C. 

      $1,000

    • D. 

      $2,051

  • 25. 
    What is the amount of MACRS deduction for the assets placed in service prior to 2009 on the Falcon Drive property?
    • A. 

      $2,960

    • B. 

      $5,640

    • C. 

      $34,466

    • D. 

      $45,866

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