Question

Which of the following is not a deduction for AGI? a.Alimony paid for a divorce finalized...

Which of the following is not a deduction for AGI?

a.Alimony paid for a divorce finalized in 2018.

b.Business rent on a self-employed business.

c.Property taxes paid on your primary residence.

d.One half of self-employment tax.

Homework Answers

Answer #1

Answer : option ( C )

Explanation :

Choice “c” is correct. Property taxes paid on your primary residence is an itemized deduction,which is a deductionfromAGI.

Choice“a” is incorrect. Alimony paid is an adjustment, which is a deductionforAGI.

Choice“b” is incorrect. Business rent on a self-employed business is deductible on Schedule C.This is before the calculation of AGI.

Choice“d” is incorrect. One half of self-employment tax is an adjustment, which is a deductionforAGI.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What percentage self employment taxes can the self employed deduct as a deduction for AGI? WHY?
What percentage self employment taxes can the self employed deduct as a deduction for AGI? WHY?
Which of the following is TRUE regarding the charitable contribution itemized deduction (ignore any AGI maximums)?...
Which of the following is TRUE regarding the charitable contribution itemized deduction (ignore any AGI maximums)? Frank is allowed to deduct the $100 he gave to a needy person begging outside the grocery store. Joe donated land he has owed for several years to a qualified charity (registered with the IRS).  Joe is allowed to take a charitable contribution deduction in the amount of the current value of the land, even though his cost is less than its current value. Armondo...
Which expense, incurred and paid in 2019, can be claimed as an other itemized deduction? a)...
Which expense, incurred and paid in 2019, can be claimed as an other itemized deduction? a) Self-employed health insurance b) Unreimbursed moving expenses c) Gambling Losses d) Self-employment taxes
Adjustments For and From AGI Understanding the difference between these two deductions can be difficult at...
Adjustments For and From AGI Understanding the difference between these two deductions can be difficult at first. If you look at a Form 1040...adjustments For AGI are those that appear on Lines 23 through 35.  While adjustments From AGI appear on Schedule A as Itemized Deductions. For this discussion, identify the following as adjustments for AGI, from AGI or neither. Self-employed business expenses State income taxes paid Child support paid Alimony paid Out of pocket medical expenses 1/2 of Self-Employment Tax...
9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses...
9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses during 2019: Medical expenses $ 5,000 Alimony (divorce finalized in 2019) 24,000 Charitable contributions 2,000 Federal disaster casuality loss 3,000 Mortgage interest on personal residence 4,500 Property taxes on personal residence 4,200 Moving expenses 2,500 Contribution to a traditional IRA 3,000 Sales taxes (no state or local income tax is imposed) 1,300 Student loan interest 2,000 A. Calculate Jack's deductions for AGI. B. Calculate...
Which of the following statements regarding business expenses is NOT correct? A) If the taxpayer qualifies...
Which of the following statements regarding business expenses is NOT correct? A) If the taxpayer qualifies for the home office deduction, the deduction cannot exceed the gross income from the taxpayer’s business. B) Expenses related to carrying on a taxpayer's trade or business are deductible in calculating AGI. C) For 2020, a self-employed person may deduct 100% of the cost of health insurance as an above-the-line deduction in calculating adjusted gross income (AGI). D) Self-employed taxpayers may deduct qualifying home...
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible...
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deductible neither for nor from AGI before considering income limitations or the standard deduction. (Leave no answer blank. Enter zero if applicable.) a. Ted paid $89 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned. Deductible for AGI: Deductible from AGI: Not deductible: b. Tyler paid $166...
TRUE OR FALSE 1. In 2018, unreimbursed employment related expenses are classified as deductions for AGI....
TRUE OR FALSE 1. In 2018, unreimbursed employment related expenses are classified as deductions for AGI. 2. Section 212 expenses that are related to rent and royalty income are deductions for AGI. 3. Alice incurs qualified moving expenses of $12,000 in 2018. If she is not reimbursed by her employer, the deduction is classified as a deduction for AGI. 4. The Code does not specifically define what constitutes a trade or business. 5. An expense need not be recurring in...
1) The Inouyes filed jointly in 2018. Their AGI is $78,000. They reported $2,000 of qualified...
1) The Inouyes filed jointly in 2018. Their AGI is $78,000. They reported $2,000 of qualified business income and $22,000 of itemized deductions. They have two children, one of whom qualifies as their dependent as a qualifying child. The 2018 standard deduction amount for MFJ taxpayers is $24,000. What is the total amount of from AGI deductions they are allowed to claim on their 2018 tax return? Learning Objective: 04-01 Describe the formula for calculating an individual taxpayer's taxes payable...
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible...
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deductible neither for nor from AGI before considering income limitations or the standard deduction. (Leave no answer blank. Enter zero if applicable.) a. Ted paid $75 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned. b. Tyler paid $165 for minor repairs to the fence at a...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT