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Realize Your Potential: H&R Block taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following? An amount contributed to a traditional IRA. State and local income tax withheld from the taxpayer's regular pay. Student loan interest paid on a qualified student loan. Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and computer equipment.

Realize Your Potential: H&R Block taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following? An amount contributed to a traditional IRA. State and local income tax withheld from the taxpayer's regular pay. Student loan interest paid on a qualified student loan. Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and computer equipment.

SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 1RP
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Please I will need help of question numbers 36- 40

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22, 1:34 PM Realize Your Potential: H&R Block taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following? An amount contributed to a traditional IRA. State and local income tax withheld from the taxpayer's regular pay. Student loan interest paid on a qualified student loan. computer equipment. Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and OMark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2021 for state taxes they overpaid in 2020. They were able to reduce their 2020 federal tax liability by itemizing and claiming a deduction for state and state tax refund they received in 2021 as: local income taxes paid that year. When Christina and Javier file their 2021 return, they may need to report all or part of the O A negative deduction. O A recaptured credit. O A refundable credit. Taxable additional income. OMark for follow up Question 38 of 50. Which of the following types of interest is NEVER deductible on Schedule A, Itemized Deductions? Interest paid on money borrowed to buy stock for a standard investment portfolio. Mortgage interest paid on a second home. Personal interest paid on a car loan. Points paid in advance at the time of securing a mortgage for a taxpayer's main residence. Mark for follow up Question 39 of 50. A sole proprietor who earned a net profit from their business may be eligible for which of the following tax benefits? A deduction of up to 20% of gross income from all sources, including wages and investments. A deduction of up to 20% of qualified business income. A more favorable tax rate of 0%, 15%, or 20% on net profit from business. A flat corporate tax rate of 21% on net profit from business. Mark for follow up Question 40 of 50. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families, claimed? ans as long as neither they nor their spouse were eligible for employer-sponsored health insurance. Where is this deduction An adjustment to income on Schedule 1. A business expense on Schedule C. O A nonrefundable tax credit on Schedule 3. A refundable tax credit on Schedule 3. https://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-47a30875-9c0b-4ea2-bf63-40a9c98c0b29&evalLvl=5&redirect_url=%2fphnx%2fdriver.as. 6/9
Transcribed Image Text:22, 1:34 PM Realize Your Potential: H&R Block taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following? An amount contributed to a traditional IRA. State and local income tax withheld from the taxpayer's regular pay. Student loan interest paid on a qualified student loan. computer equipment. Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and OMark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2021 for state taxes they overpaid in 2020. They were able to reduce their 2020 federal tax liability by itemizing and claiming a deduction for state and state tax refund they received in 2021 as: local income taxes paid that year. When Christina and Javier file their 2021 return, they may need to report all or part of the O A negative deduction. O A recaptured credit. O A refundable credit. Taxable additional income. OMark for follow up Question 38 of 50. Which of the following types of interest is NEVER deductible on Schedule A, Itemized Deductions? Interest paid on money borrowed to buy stock for a standard investment portfolio. Mortgage interest paid on a second home. Personal interest paid on a car loan. Points paid in advance at the time of securing a mortgage for a taxpayer's main residence. Mark for follow up Question 39 of 50. A sole proprietor who earned a net profit from their business may be eligible for which of the following tax benefits? A deduction of up to 20% of gross income from all sources, including wages and investments. A deduction of up to 20% of qualified business income. A more favorable tax rate of 0%, 15%, or 20% on net profit from business. A flat corporate tax rate of 21% on net profit from business. Mark for follow up Question 40 of 50. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families, claimed? ans as long as neither they nor their spouse were eligible for employer-sponsored health insurance. Where is this deduction An adjustment to income on Schedule 1. A business expense on Schedule C. O A nonrefundable tax credit on Schedule 3. A refundable tax credit on Schedule 3. https://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-47a30875-9c0b-4ea2-bf63-40a9c98c0b29&evalLvl=5&redirect_url=%2fphnx%2fdriver.as. 6/9
22, 1:34 PM Realize Your Potential: H&R Block taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following? An amount contributed to a traditional IRA. State and local income tax withheld from the taxpayer's regular pay. Student loan interest paid on a qualified student loan. computer equipment. Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and OMark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2021 for state taxes they overpaid in 2020. They were able to reduce their 2020 federal tax liability by itemizing and claiming a deduction for state and state tax refund they received in 2021 as: local income taxes paid that year. When Christina and Javier file their 2021 return, they may need to report all or part of the O A negative deduction. O A recaptured credit. O A refundable credit. Taxable additional income. OMark for follow up Question 38 of 50. Which of the following types of interest is NEVER deductible on Schedule A, Itemized Deductions? Interest paid on money borrowed to buy stock for a standard investment portfolio. Mortgage interest paid on a second home. Personal interest paid on a car loan. Points paid in advance at the time of securing a mortgage for a taxpayer's main residence. Mark for follow up Question 39 of 50. A sole proprietor who earned a net profit from their business may be eligible for which of the following tax benefits? A deduction of up to 20% of gross income from all sources, including wages and investments. A deduction of up to 20% of qualified business income. A more favorable tax rate of 0%, 15%, or 20% on net profit from business. A flat corporate tax rate of 21% on net profit from business. Mark for follow up Question 40 of 50. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families, claimed? ans as long as neither they nor their spouse were eligible for employer-sponsored health insurance. Where is this deduction An adjustment to income on Schedule 1. A business expense on Schedule C. O A nonrefundable tax credit on Schedule 3. A refundable tax credit on Schedule 3. https://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-47a30875-9c0b-4ea2-bf63-40a9c98c0b29&evalLvl=5&redirect_url=%2fphnx%2fdriver.as. 6/9
Transcribed Image Text:22, 1:34 PM Realize Your Potential: H&R Block taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following? An amount contributed to a traditional IRA. State and local income tax withheld from the taxpayer's regular pay. Student loan interest paid on a qualified student loan. computer equipment. Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and OMark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2021 for state taxes they overpaid in 2020. They were able to reduce their 2020 federal tax liability by itemizing and claiming a deduction for state and state tax refund they received in 2021 as: local income taxes paid that year. When Christina and Javier file their 2021 return, they may need to report all or part of the O A negative deduction. O A recaptured credit. O A refundable credit. Taxable additional income. OMark for follow up Question 38 of 50. Which of the following types of interest is NEVER deductible on Schedule A, Itemized Deductions? Interest paid on money borrowed to buy stock for a standard investment portfolio. Mortgage interest paid on a second home. Personal interest paid on a car loan. Points paid in advance at the time of securing a mortgage for a taxpayer's main residence. Mark for follow up Question 39 of 50. A sole proprietor who earned a net profit from their business may be eligible for which of the following tax benefits? A deduction of up to 20% of gross income from all sources, including wages and investments. A deduction of up to 20% of qualified business income. A more favorable tax rate of 0%, 15%, or 20% on net profit from business. A flat corporate tax rate of 21% on net profit from business. Mark for follow up Question 40 of 50. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families, claimed? ans as long as neither they nor their spouse were eligible for employer-sponsored health insurance. Where is this deduction An adjustment to income on Schedule 1. A business expense on Schedule C. O A nonrefundable tax credit on Schedule 3. A refundable tax credit on Schedule 3. https://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-47a30875-9c0b-4ea2-bf63-40a9c98c0b29&evalLvl=5&redirect_url=%2fphnx%2fdriver.as. 6/9
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