can i please get help with my home work ?

Question 55 Allister, who is 43 years old and single, earned $10,000 in wages in 2019. The maximum amount he can contribute to a traditional IRA for 2019 is: $0 $6,000 $7,000 $10,000

Question 56 Taxpayers may be subject to a 10% additional tax if they take a distribution from a retirement savings plan before age: 55 59 63 65

Question 57 A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child Tax Credit, the American Opportunity Tax Credit, or the head of household filing status may incur a maximum penalty of: $2,120 per return. $1,590 per return. $530 per return. Zero, although penalties may be assessed against the taxpayer.

Question 58 Will (43) and Teri (44) are married with no dependents. They will file separate returns for 2020. Will files his return first and claims total itemized deductions of $22,500. If Teri chooses to claim the standard deduction on her return, what is the maximum amount she may claim? $0 $1,900 $12,200 $24,400

Question 59 Which of the following is a deductible medical expense? Funeral, burial, or cremation expenses. Medicare Part B premiums withheld from the taxpayer's social security benefits. Payments made for over-the-counter allergy medication recommended by a doctor. Premiums paid for an insurance policy covering loss of life, limb, or sight.

Question 60 Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of these individuals are blind. Alan (68), a single taxpayer with no dependents. His allowable itemized deductions are $13,620. Cooper (31), a single taxpayer with no dependents. His allowable itemized deductions are $13,695. Gwen (65), who is unmarried and filing head of household. She has one dependent. Her allowable itemized deductions are $19,100. Zach (28), who is married and filing a joint return with his wife, Courtney (27). They have no dependents, and their allowable itemized deductions are $23,450.

Question 61 A state income tax refund is federally taxable only to the extent: Of the amount reported on Form 1099-G, Certain Government Payments. Of the sum of all itemized deductions. That the deduction reduced taxable income in the earlier year. State income tax refunds are never taxable.

Question 62 Jenae (33) will use the single filing status. She itemized deductions in 2019. She plans to itemize for 2020. For her plan to itemize deductions to be the most beneficial, her itemized deductions should exceed: $3,000 $4,200 $6,350 $12,200

Question 63 All of the following are recorded on Schedule C, Profit or Loss from Business EXCEPT: Expenses paid during the year. Gross receipts. Information on the taxpayer's vehicle. Self-employment tax.

Question 64 . All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees.

Question 65 Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her only income. How much is Yolanda's self-employment tax? $3,825 $7,065 $7,650 $11,000

Question 66 A sole proprietor may be eligible for: A deduction of up to 20% of gross income from all sources. A deduction of up to 20% of qualified business income. A more favorable tax rate of 0%, 15%, or 20% on net profit from business. A flat corporate tax rate of 21% on net profit from business.

Question 67 Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or Loss from Business, may include: An amount recovered from a bad debt. Amounts reported to the taxpayer on Form 1099-MISC. Income reported to the taxpayer on Form W-2. Proceeds from a loan.

Question 68 Which of the following is depreciable property? An intangible asset, such as a secret recipe. Inventory. Land. An office building.

Question 69 Which of the following is depreciable property? Equipment placed in service and disposed of in the same year. A lawnmower used to mow the taxpayer's yard. A truck used by the taxpayer for both personal and business purposes. An unimproved piece of land used as a parking lot.

Question 70 When depreciating property, the entire cost of the asset is deducted: The first year it is acquired. Over a period of years, rather than all at once. The second year after it was acquired. When it is no longer used in business.

Question 71 In 2019, Krista paid $1,600 in qualified adoption expenses to adopt a U.S. child. The adoption was not finalized, and in 2020, she paid an additional $2,500 in qualified adoption expenses. The adoption failed again in 2020 and never became final. What is the maximum amount Krista may be eligible to claim for the Adoption Credit on her 2020 return?

question 72 Kirstin and Chris began and finalized the adoption of a U.S. child with special needs in 2020. Their total adoption expenses were $3,080. Their modified adjusted gross income was $205,000. What is the maximum amount they may claim for the adoption credit?

question 73 Miguel won $600 at Lucky Casino and $1,450 at Riverboat Casino. His losses for the year at Lucky Casino were $800, and his losses at Riverboat Casino were $1,000. He also spent $200 for lottery tickets without winning anything. How much can he deduct for gambling losses on Schedule A, Itemized Deductions?

question 74 Joseph (43) and Azalea (44) are married with no dependents. They will file separate returns for 2020. Joseph files his return first and claims total itemized deductions of $22,500. If Azalea chooses to claim the standard deduction on her return, what is the maximum amount she may claim?

Question 75 Kathryn (69) is a single taxpayer who received $18,400 in social security benefits during the year. Her only other income consisted of $10,000 in wages from a part-time job. How much, if any, of Kathryn's social security benefits are taxable?

Question 76 Ted (69) and Sharon (67) are married and will file a joint return. During the year, Ted received $9,000 in social security benefits, and Sharon received $28,000 in benefits. In addition, the couple earned $2,000 in interest income, and Ted, a retired military officer, received pension benefits totaling $73,000. How much, if any, of the couple's social security benefits are taxable?

question 77 what statements are true for Tax Year 2020, in regard to contributing to a traditional or a Roth IRA?

question 78 A taxpayer whose only capital gain income consists of dividend distributions from a mutual fund investment should compute their tax liability using:

question 79 Keith (54) has not yet reached the minimum retirement age. However, he suffers from a debilitating illness and retired on disability in 2020. While he was working, his employer paid for his disability policy with pre-tax dollars. How are Keith's disability pension benefits reported on his tax return?

question 80 Robert (31) may not be claimed as a dependent on anyone else's return. His filing status is single. During the year, he paid $3,800 in qualified student loan interest. His modified adjusted gross income prior to subtracting any deductions is $108,500. If he has no other adjustments to income, what is the maximum amount he may claim for the student loan interest deduction his 2020 tax return?

Question 81 A taxpayer who claims the standard deduction rather than itemizing may still be eligible to claim all of the following adjustments to income ?

question 82

Kirstin and Chris began and finalized the adoption of a U.S. child with special needs in 2020. Their total adoption expenses were $3,080. Their modified adjusted gross income was $205,000. What is the maximum amount they may claim for the adoption credit?

question 83 In 2019, Krista paid $1,600 in qualified adoption expenses to adopt a U.S. child. The adoption was not finalized, and in 2020, she paid an additional $2,500 in qualified adoption expenses. The adoption failed again in 2020 and never became final. What is the maximum amount Krista may be eligible to claim for the Adoption Credit on her 2020 return?

question 84 Arianna, a single taxpayer, had wage income of $59,475 in 2020. Her only other income was dividend income reported to her on Form 1099-DIV. She is required to file a Schedule B if her dividend income is greater than:

question 85 Jeff (39) is a U.S. citizen. He was married at the beginning of 2020. His wife lived in the household until August. Their divorce was finalized on September 30, and Jeff has not remarried. Jeff provided 100% of the support for his son, who lived with him all year and is his qualifying child. Jeff's most advantageous filing sta

Question 86 Michelle was married with two dependent children when her husband died in 2020. She has not remarried. Michelle's correct filing status for 2020 is: