Tax Credits
This credit is 20% of the first $10,000 in education expenses.
What is the Lifetime Learning Credit?
What is the MACRS life of a residential rental?
What is 27.5 years?
True or False: According to BCS standard, all 1099s must be entered in ProSystems and linked to a Sch. C.
What is False: As long as 1099s are greater than bus. Income, pass entering the 1099s.
Board members are likely to have compensation reported on this Form.
What is a 1099-NEC?
The percent of AGI that must be crossed to deduct the medical expenses keeping Grandma alive.
What is 7.5?
This credit is based on the earned income of low to moderate income households.
What is the Earned Income Credit?
A rental house that is sold is subject to what depreciation recapture code section?
What is Section 1250?
The simplified home office deduction method enables a deduction of $5/sq ft on up to how many feet in your home?
What is 300?
This Social Security reduction can be potentially deducted on Form 1040 Sch A or Sch 1, Part II.
What is Medicare?
For these two items, up to $10,000 is the deductible max.
What is state and local tax?
You may elect not to File Form 1116 when claiming this credit if your credit amount is under $600 (MFJ).
What is the Foreign Tax Credit?
These the three levels that must be "cleared" to take a loss on a partnership.
What are Passive, Basis, and At-Risk?
A business owner may include these people on his Self Employed Health Insurance Deduction.
Who are the self employed owner and dependents?
If you withdraw earnings from an IRA before this age, you may be subject to an additional 10% tax.
What is 59 1/2?
TCJA gave this item a $250,000 principal reduction.
What is the home mortgage interest deduction?
Room and Board count as an expense to exclude this type of tuition distribution from income.
What is the 529 plan?
On an S-Corp, this "secondary" basis is considered when taking a loss.
What is debt basis?
Self Employment Tax does not apply to individuals beneath this S/E income threshold.
What is $400?
An additional 10% tax on early IRA withdrawals is calculated on this Form.
What is Form 5329?
This Form must be attached if a noncash gift of over $500 is given to charity.
What is Form 8283?
Rick received a full-ride basketball scholarship. Of the $24,000, $5,000 is for books, $12,000 for tuition, and $7,000 for room and board. How much is taxable income?
What is $7,000?
If Rick worked in a business for 599 hours, had a loss of $5,000 but had interest income of $2,000, does he clear the passive hurdle?
What is yes?
A business owner who used actual expenses in the auto's first year may use this method in year two.
What are actual expenses?
Stanley is 55 years old, and a single taxpayer with MAGI of $100,000. He can contribute this amount to his IRA accounts for 2021.
What is $7,000?
This Form may be attached if your house was destroyed in a federally declared disaster by the seashore.
What is Form 4684?