Additional Income and Adjustments to Income Question 1 Ellen and her husband were legally divorced in

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Additional Income and Adjustments to Income

Question 1

Ellen and her husband were legally divorced in 2017. After the divorce, Ellen retained physical custody of their children. Ellen received the following amounts from her ex-husband, on behalf of the children or as ordered by the court through a divorce decree:

Court-ordered child support of $1,000 per month.

Court-ordered alimony of $500 per month.

How much of this income should be reported on Ellen's federal return?

Question 2

Karen and Pete are married and will file a joint return. They brought all their tax documents to Jamal to prepare their return. The three documents are a Form W-2 for Karen ($55,300), a Form W-2 for Pete ($22,400), and unemployment compensation for Pete of $5,200.

What will be their total income reported on their 2022 Form 1040. line 9?

Question 4 of 40.

Duke and his wife were legally divorced in 2021. After the divorce, Duke retained physical custody of their son. Duke received the following amounts from his ex-wife, on behalf of their son or as ordered by the court through a divorce decree:

Court-ordered child support of $2,000 per month.

Court-ordered alimony of $1,000 per month.

How much of this income should be reported on Duke's federal return?

Chapter 8: Itemized Deductions

Question 8

In 2019, Zoya purchased her principal residence for $400,000. On January 15, 2022, when she owed $360,000 on the original mortgage, she took out a home equity loan. In January 2022, the fair market value of the home was $490,000. The home equity loan proceeds were used to purchase a new car and pay off credit cards. It was not used to build, buy, or improve her home. During the year, she paid $6,350 in interest on her first mortgage and $1,490 in interest on the home equity loan. What amount of mortgage interest can Zoya deduct on her Schedule A (Form 1040), Itemized Deductions?

Question 9

Adela brings in receipts and verifications for the following charitable contributions she made in 2022:

Loca church. $2 000 bu check

American Red cross, $500 through payroll deductions

Campaign fund of a City Council candidate, $300 cash.

Habitat for Humanitv. work valued at $250.

Girl Scouts, drove 200 miles in her car for volunteer work.

How much will she be able to deduct for charitable contributions on Schedule A Form 1040, Itemized Deductions?

Question 11

Robert is single. He purchased a new main home in March of 2017 for $900,000. Robert will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on Robert's tax return for 2022?

Question 12

Megan is single, 45 years old, and has an adjusted gross income of $70,000 for the tax year. She had the following medical expenses:

Prescriptions: $1,480

Doctor copavs: $950

Dental bills: $2,800

Elective tummy tuck surgery: $6,500

Health insurance premiums (after tax): $1,800

What is the amount of allowable medical and dental expenses Megan can report on Schedule A (Form 1040), line 4?

Question 16

Muhammad paid $485 for the annual registration on his truck The fee includes.

$75 registration fee.

$10 plate fee

$400, 1% of the assessed value of the vehicle

What amount can he deduct on the Schedule A (Form 1040). Itemized Deductions, as a personal property tax?

Chapter 9: Credits

Question 18

Jamal purchased his home in 2019. In 2022, he installed energy efficient windows that meet the Energy Star most efficient certification requirements for a total cost of $1,600. He also installed exterior doors that meet the Energy Star requirements for a total cost of $2,100. His tax liability is $3,900. Jamal had a Residential Energy Property Credit in a previous year in the amount of $300. What is the amount of his Energy Efficient Home Improvement Credit?

Question 19

To claim the Clean Vehicle Credit, the qualifying electric vehicle must have been assembled in North America after which date?

Question 21

Taxpayers who acquire qualifying commercial vehicles, weighing under 14,000 pounds, after December 31, 2022, through December 31, 2032 may qualify for the Credit for Qualified Commercial Clean Vehicles on the 2023 tax return. What is the maximum credit per vehicles?

Question 23

Devan and Amber adopted a child with special needs in a domestic adoption. They had $5,500 in qualified adoption expenses in 2022, and the adoption was finalized on December 18, 2022. Their modified adjusted gross income is $210.000. Assuming all requirements are met what is the maximum adoption credit they can claim in 2022?

Chapter 10: Education Provisions

Question 25

Which of the expenses is allowed for the American Opportunity Tax Credit?

Question 29

Becky (30) spent $3,800 for tuition and required course fees to complete two college courses during the year. Becky cannot be claimed as a dependent on anyone else's return, and she will use the single filing status. She is not a degree candidate, nor was she a full-time student. However, the courses she took were job-related. Her 2022 modified adjusted gross income was $85,000. Given the information provided, Becky potentially qualifies for which of the following tax benefits for education?

Chapter 11: Capital Assets

Question 34

What is the federal tax treatment of exempt-interest dividends reported on Form 1099-DIV, Dividends and Distributions?

Exempt-interest dividends are:

Question 35

Yolanda bought a vacation home for $255,000, plus $500 in legal fees. She also paid an additional closing cost of $4,500 to cover the cost of a survey, title search, and recording fees. She also gave her realtor a gift card for $500. What is the basis of her vacation home?

Question 36

Which will decrease the original basis of property to determine the adjusted basis?

Question 37

On October 1, 2021, Sara purchased 80 shares of JEP stock for $2,000. On September 30, 2022, she sold the 80 shares for $1,500. What is Sara's gain or loss?

Question 39 of 40.

Rhianna purchased a home for $650,000. She added a swimming pool at a cost of $25,000 and a patio deck for $8,000. What is Rhianna's adjusted basis for this property?