ch4 - ch4 Student: _ 1. Tuition, fees, books, supplies,...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ch4 Student: ___________________________________________________________________________ 1. Tuition, fees, books, supplies, room, board, and other necessary expenses of attendance are qualified education expenses for purposes of the student loan interest deduction. True False 2. For 2009, the amount of the student loan interest deduction is limited to $3,500. True False 3. The student loan interest deduction may be limited based on the modified AGI of the taxpayer. True False 4. For the interest on a student loan to qualify for the student loan interest deduction, the student must be enrolled full-time. True False 5. A Health Savings Account (HSA) is a tax-exempt savings account to be used for qualified medical expenses. True False 6. To be eligible to fund a Health Savings Account (HSA), a taxpayer must be a self-employed, or an employee (or spouse) of an employer who maintains a high deductible health plan, or an employee of a company that offers no health coverage and the employee has purchased a high deductible health plan on their own. True False 7. Distributions from Health Savings Accounts (HSAs) are subject to tax, if they are used to pay for qualified medical expenses. True False 8. For 2009, unreimbursed qualifying moving expenses are an itemized deduction. True False 9. Deductible moving expenses include moving household goods and personal effects from the old residence to the new residence. True False 10. There is both a distance test and a time test that must be met to be able to deduct qualifying moving expenses. True False
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
11. For the moving expense distance test, the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location. True False 12. Self-employment tax is calculated on the gross earnings of the business. True False 13. Self-employed persons are allowed a for AGI deduction equal to one-half of the self-employment tax imposed. True False 14. Qualified self-employed taxpayers can deduct, as a for AGI deduction, 80% of health insurance payments for 2009. True False 15. The self-employed health insurance deduction is also available to a partner in a partnership and to a shareholder in a Subchapter S corporation who owns more than 2% of the stock in the corporation. True False 16. If a taxpayer incurs an early withdrawal of savings penalty, the taxpayer is entitled to report the penalty as a for AGI deduction on Form 1040. True False 17. The payment of alimony has tax ramifications. These tax ramifications only affect the payor of the alimony. True False 18. Under a divorce agreement executed in 2009, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. True False
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 28

ch4 - ch4 Student: _ 1. Tuition, fees, books, supplies,...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online