Question1.Marco makes the mortgage payments on several properties.

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Question1.Marco makes the mortgage payments on several properties. He paid mortgage interest of $6,048 on his personal home, $5,261 on his vacation home (used only for personal purposes), $4,995 on his mother’s home (the mother is legally liable for the debt), and $7,642 on his rental property. How much mortgage interest can Marco deduct as an itemized deduction on Schedule A?

Choose one answer.

a. $23,946

b. $11,309

c. $12,637

d. $6,048

Question 2. A taxpayer can pay the balance due on their return by using which method listed below.

Choose one answer.

a. Direct debit

b. Check or money order

c. Debit or credit card

d. All of the above.

e. None of the above.

Question 3. May, age 19, and Clyde, age 22, are married. Both are full-time students and both have jobs. May earned $18,500 and Clyde earned $16,800 in 2017. They spent their earnings on paying for the rent, utilities, and food. They plan to file a joint return. Clyde’s parents paid all his tuition, and want to claim him as a dependent so they can claim an education credit. Can Clyde’s parents claim him as a dependent if he files a joint return with May?

Choose one answer.

a. Yes, he is under age 24 and a full-time student so there is no limit to his earnings.

b. No, the joint return will have a tax liability so he cannot be claimed as a dependent.

c. Yes, as long as they claim both Clyde and May.

d. Yes, he is married and is required to file as MFJ or MFS.

Question 4. If married, a taxpayer and spouse can exclude up to $500,000 if gain from the sale of their main home if they meet all of the following conditions, except:

Choose one answer.

a. Taxpayer files as MFS

b. Either taxpayer or their spouse meet the ownership test

c. Both of taxpayer and spouse meet the use test

d. Neither of the taxpayer nor their spouse has excluded the gain for the sale of a main home in the 2 years before the current sale of home

Question 5. In 2017, how long must the taxpayer’s qualifying child live with him or her for the taxpayer to claim EIC?

Choose one answer.

a. All year

b. More than half the year

c. Does not have to live with the taxpayer

d. 6 months

Question 6. A taxpayer can claim unreimbursed employee business expenses that are:

Choose one answer.

a. Paid or incurred during the tax year.

b. For carrying on their job as an employee.

c. Ordinary and necessary business expenses.

d. None of the above.

e. All of the above.

Question 7. The payments section of Form 1040 includes all of the items below, except:

Choose one answer.

a. Income taxes withheld

b. Estimated payments made for the current year

c. Refundable credits

d. Underpayment penalties

Question 8.The following Schedule A deductions are subject to the overall limit on itemized deductions, except:

Choose one answer.

a. Medical and dental expenses, line 4

b. Taxes paid, line 9

c. Gifts to charity, line 19

d. Job expenses and certain miscellaneous deductions, line 27

Question 9. Darin works as a bartender and received wages of $19,500 in regular wages, $800 in overtime wages, $1,200 in tips he reported to his employer, and a bonus of $500. He also received tickets to a baseball game worth $48 as a tip that he did not report to his employer. How much will be the amount on Darin’s Form W-2, box 1?

Choose one answer.

a. $22,048

b. $22,000

c. $21,500

d. $20,800

Question 10. A housing allowance received by a clergy member will be all of the following except:

Choose one answer.

a. Subject to income tax for the amount that is not used for housing purposes.

b. Not taxable for income tax or self-employment tax.

c. The total housing allowance is subject to self-employment tax.

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