1. True or False? Jim’s 20 year old son by a prior relationship moved in with th
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Question
1. True or False? Jim’s 20 year old son by a prior relationship moved in with them December 25, 2014. The son is not a student and has no income. Jim's son can be claimed by Maria & Jim for 2015.
2. Which of the following can be legally included as Medical and Dental Expenses on Schedule A?
a. Medical & hospital insurance, Medicare part D, oxygen equipment, and prescription medicine.
b. Medical & hospital insurance, life insurance, oxygen equipment, and prescription medicine.
c. Physical examinations, cosmetic surgery, hospital services (lab work, nursing, etc.), and Medicare Part D
d. Medical & hospital insurance, birth control pills, health club dues, and flexible spending account reimbursements with pre-tax dollars
3. Given a W2, 1099-R, 1099-INT, and SSA-1099 (Social Security Benefit Statement), how/where do you find the amount of taxable interest shown on the 1040 line 8a?
4. Given a W2, 1099-R, 1099-INT, and SSA-1099 (Social Security Benefit Statement), how/where do you find the taxable amount of social security?
Explanation / Answer
1. False
The child has to be under age 19 unless permanently and totally disabled. An exception to this rule lets you claim an exemption if the child has been a full-time student for at least five months of the year and is under the age of 24.
2. Medical & hospital insurance, birth control pills, health club dues, and flexible spending account reimbursements with pre-tax dollars.
3. No matter how much interest you earn during the year, you have to report it on your tax return. The IRS considers all of your interest income as taxable income, so you need to report any amount. For example, if you receive $5 of interest on a loan you made to your friends, you need to include that on your tax return. On Form 1040EZ, the interest goes on line 2. On Form 1040A or Form 1040, it goes on line 8a.
4. Once you’ve reached retirement age and have elected to start receiving your Social Security benefits, you’ll receive anSSA-1099 form each year detailing precisely how much you were sent under Social Security, how much in federal taxes was withheld, and how much you had to repay from last year (if you received more benefits than you were entitled to in a previous year). This form is important because some of these benefits may be taxable if you have income from other sources.
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