Income (Including Retirement)
After the standard deduction and exemptions are subtracted from adjusted gross income, you arrive at your _______ income.
What is Taxable Income?
Which credit brings about the most fraud on an IRS 1040 tax return
What is EIC?
How much is the standard deduction?
What is $12,400 single, $18,650 for head of household and $24,800 married filing joint?
You may use this filing status if your spouse died in 2019, you did not remarry and you have a dependent child in 2020
Who is a Qualifying Widow(er)?
This education credit applies only to the first four years of post-secondary school education (university, college, vocational school, nonprofit and for-profit institutions) You can claim up to $2,500 per eligible student, per year.
What is the American Opportunity Credit?
Money paid to a former spouse which is taxable income for that persons support is called?
What is Alimony?
At what age does the Child Tax Credit and Credit for Other Dependents go from $2,000 to $500
What is 17?
What organizations can be donated to receive the charitable contribution deduction?
What are only Contributions To IRS-Approved Public And Private Charities Qualify. Must have a 501 ( c)(3)
The amount of gross income that a relative must make less than in order to be a dependent.
What is $4,300?
This credit offers a credit of 20 percent of up to $10,000 in expenses, for a maximum credit of $2,000.
What is the lifetime learning credit?
Starting in tax year 2020, contribution limits increase from $19,000 to _____ for certain types of retirement accounts including: 401(k), 403(b), most 457 plans.
What is $19,500?
How many times (years) can a client claim the Residential Energy Efficient Property Credit?
What is 1?
What are the deduction limitations for charitable contributions?
What are 100% AGI?
[True/False] All state refunds are considered taxable income
What is False?
The form that most universities use to report tuition paid for the student.
What is a 1098-T (Tuition statement)?
If your Taxable income is between $40,126 to $85,525 you are in what tax bracket?
What is 22% Tax Bracket?
Which is best? Refundable Tax Credit, Nonrefundable Tax Credit, Same
What is Refundable Credit?
What taxes are not deductible as an itemized deduction?
What is Federal Income Tax?
Moving expenses are only deductible for whom currently?
Who is a Members of Armed Forces on active duty pursuant to a military order?
This is a college savings plan that many of our clients have that will reduce their state taxable income.
What is a 529 Plan?
If you are single and under the age of 65, the minimum amount of annual gross income you can make that requires filing a tax return is?
What is $12,200?
Max amount possible on tax return for child and dependent care credit.
What is $6,000?
What are items that can be recorded on the Schedule A as deductions?
What is medical expenses, taxes, interest, charitable contributions?
An estimated tax penalty will not apply if the balance on the return is less than $_______
What is $1,000?
True or False: Everyone can claim some kind of education limit regardless of income.
False. These credits and deductions can phase out with higher income.