1. Carlos is a self-employed, single taxpayer. In 2018 he earned a net profit of $50,000 from...
Question:
1. Carlos is a self-employed, single taxpayer. In 2018„ he earned a net profit of $50,000 from his contracting business. He had no other Income. He would like to claim a deduction for the $8.000 he paid in medical insurance premiums during the year. He was not eligible for coverage under any other plan. Carlos should:
a. Enter this amount as an expense on Schedule C or C-EZ
b. Churn the deduction on Schedule SE
c. Claim the deduction directly on Schedule 1 (Form 1040).
d. Deduct this amount as a qualifying medical expense on Schedule A.
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2. Which of the following taxpayers may not be able to claim full benefits for some common itemized deductions?
a. Andre, a single taxpayer whose adjusted gross income was $270,000.
b. Dianne, whose adjusted gross income was $150,000 and will file married Wing separately
b. Jim and Susan, who are married and file a joint return. Their adjusted gross income was $310,000.
d. Beginning in 2018, the Income-based phaseout of certain itemized deductions does not apply. Mark for Mow up
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