Comprehensive Test No. 9

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Quizzes Created: 5 | Total Attempts: 75

Questions: 20 | Attempts: 25 | Updated: Apr 14, 2023

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Apr 14, 2023

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Oct 09, 2015

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Comprehensive Test No. 9

CHECK ALL THAT APPLY: What is a "standard deduction"?

Sometimes a taxpayer may not be eligible for the standard deduction. Check the situation(s) below wherein a taxpayer's standard deduction would be "zero".

True or False: A taxpayer filing a joint return with his/her spouse is entitled to a higher standard deduction if he/she is age 65 or older or blind, and, an even higher standard deduction if his/her spouse is age 65 or older or blind and they do not itemize deductions.

CHECK ALL THAT APPLY: If you are entitled to a standard deduction, why should you choose to itemize your deductions?

Check the medical and dental expenses below that would be includible in figuring a taxpayer's medical and dental expense deduction for tax year 2014.

Check the tax(s) below that could be deducted on Schedule A (Form 1040) it the taxpayer were able to itemize deductions.

Interest is the amount you pay for the use of borrowed money. Of the different types of interest listed below, choose the item(s) that could be deducted as itemized deductions on Schedule A (Form 1040).

Home mortgage interest is generally any interest you pay on a loan secured by your main home or second home. Check the item(s) below that could be deducted as home mortgage interest on Schedule A of Form 1040.

"Points" are certain charges paid or treated as paid by a borrower to obtain a home mortgage, or certain charges paid by the home seller to the lender to arrange financing for the buyer. Check the item(s) below that could be considered points if paid in connection with obtaining a home mortgage.

True or False: I borrow $18,782 against the equity in my home in 2014. I used all of the money to have an in ground pool installed in my back yard. I can deduct the interest paid on this loan as fully deductible mortgage interest.

True or False: If someone pays you mortgage interest of $600 or more (including certain points), they should send you Form 1098, Mortgage Interest Statement.

True or False: For tax year 2014 a taxpayer cannot deduct mortgage interest paid to an individual that was not reported to him/her on Form 1098, Mortgage Interest Statement.

Check the statement(s) below that correctly describe a "CHARITABLE CONTRIBUTION".

What form must be used to file a 2014 federal income tax return if a taxpayer wants to deduct any of his/her charitable contributions?

For 2014, if you use your car to do volunteer work for a qualified organization and you don't want to figure the actual cost of operating your vehicle, what amount may you deduct on your return for the standard mileage rate for this volunteer work?

Not considering any specific situations, what is the maximum charitable contribution deduction for a taxpayer for 2014?