Property
IRA and HSA
Unearned Income
Retirement
Self Employed
100
Excise Taxes
What is not used in determining the basis of property?
100
Unemployment compensation.
What is not used as earned income for the purpose of an IRA contribution?
100
Interest on a state bond.
What is not reported as taxable interest on federal tax return?
100
50%
What is the penalty amount applied if a taxpayer fails to tax the required minimum distribution?
100
Statutory employee.
What is an example of a person that uses a Schedule C?
200
Capital Improvements
What is something that increases basis?
200
April 17, 2012
What is the deadline for making a contribution to an IRA?
200
More than $ 10,000.
What is the threshold for FBAR reporting the account to the Treasury?
200
A distribution from a participant's entire account in a profit-sharing plan. (Assume the recipient was born before January 2, 1936)
What is a lump sum distribution?
200
Health Insurance for the sole proprietor.
What is not deducted on Schedule C?
300
Mutual Fund Shares
What is a capital asset?
300
No Maximum age limit for contributions.
What is different about contributing to a Roth IRA?
300
Dividends on life insurance policies kept by the insurer to pay the premiums.
What is a dividend that is tax free?
300
85%
What is the maximum portion if any of Social Security benefits includible in gross income?
300
13.3%
What is the maximum SE tax rate in 2011?
400
Form 8949
What is the first place where stock sales is reported?
400
Being covered by a high-deductible health plan.
What is an eligibility requirement for contributing to a Health Savings Account?
400
Long term capital gain treatment.
What is the tax treatment for capital gain distributions?
400
They are taxed in the same manner as Social Security benefits paid to retirees.
What is Social Security disability benefits?
400
Cell phones.
What is not listed property?
500
Assessments for local improvements.
What is not used to decrease basis on a home?
500
The maximum deductible contribution for 2011 is $ 49,000.
What is the contribution limit for a SEP?
500
Dividends received from nonprofitable corporations.
What is a dividend that is NOT tax free?
500
All tax exempt interest, all pension income, an employer's payment of adoption assistance.
What is used in figuring the taxable portion, if any, of Social Security benefits?
500
Sale of livestock held for breeding purposes.
What is NOT included on Schedule F?
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