GAINS, GAINS, GAINS
What form reports sale of investment securities?
What is Form 8949
Home mortgage interest
What is Schedule A?
What type of interest is taxable by the federal government but typically not by states?
What is Municipal bond Interest?
What is the difference between tax credits and tax deductions
What is a Credit allows for a dollar for dollar reduction of tax liability while deductions lower taxable income?
Taxpayers who elect to itemize by filing a Schedule A cannot also take what deduction?
What is the Standard deduction?
What personal asset can taxpayers exclude up to $500K of gain?
Business Expenses
What is Schedule C?
Why do we not enter information on the State K-1 tabs for states like FL, ND, and TX?
What is because they are no income tax states?
Name two sources of withholdings
What are W2 and K-1? (1099Misc, Cap Gains, 1099-R/Retirement Distributions)
What is the AGI limitation for deducting a charitable contribution of cash?
What is 50%?
What makes a sale a wash sale?
What is the sale of a security at a loss followed by the repurchase of the same security, or one that's substantially identical, within 30 days of the sale.
Tax preparation fees for your personal returns
What is Schedule A?
Why are taxes paid to other states important for preparing the MA return?
Name two AMT adjustments
What are standard deductions, personal exemptions, SALT, Foreign taxes, Medical Expenses, Depreciation, Gain/Loss on disposition or property, Interest Expenses(mortgage interest)
Miscellaneous deductions are deductible If they are in excess of what threshold?
What is a 2% threshold?
Where are ordinary gains reported?
What is Form 4797?
Real estate taxes for a rental property
What is Schedule E?
Most MA income is taxed at 5.25%, what income is taxed at 12%?
What are Short Term Capital Gains?
What does Schedule H report?
What is household employment taxes?
What form is used to report noncash charitable contributions over $500?
What is form 8283?
A taxpayer has $2K of LTCG and $10K of STCL, what is the gain/loss reported on the 1040?
What it 3K STCL?.... carry forward of 5K STCL.
Self-employment taxes paid
What is schedule SE?
What state is investment income usually sourced to?
The “Obamacare tax” is a tax on what?
Net Investment Income Tax
A taxpayer has AGI of $100K and investment expenses related to municipal bond interest of $5K. What amount of the expenses are deductible?
What is Zero?