true or false: the deduction for interest on student loans is an example of a subsidy for higher education that is deductible for AGI
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true or false: the deduction for interest on student loans is an example of a subsidy for higher education that is deductible for AGI
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- . Could the following reduce a taxpayer AGI income A. Student loan interestWhat are the underlying reasons for the implementation of allowing student loan interest to be considered a reduction to your taxable income? Why did the government and the IRS allow for this reduction to income?Which of the following costs is not a qualified education expense for the American Opportunity tax credit? tuition room and board course-related books lab supplies required by the course
- Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC payments decrease as earnings increase, but everyone qualifies for some amount. B. At a particular range of income, government reduces EITC payments based on a certain fixed percent of income earned. C. EITC pays a fixed amount at a range of income. D. Up to a threshold, EITC pays a certain fixed percent of wage earned.Which of the following statements regarding a Qualified Tuition Program (Section 529 plan) is true? a.Contributions to the plan are deductible for AGI. b. Distributions from a Qualified Tuition Program are not allowed for room and board expenses. c. Earnings on the plan assets are not taxable if the money distributed from the plan is used for qualified education expenses. d. A resident of California may not contribute to a Qualified Tuition Program in another state.Which of the following statements about credits is false? A. Credits reduce a taxpayer's liability dollar for dollar. B. Not all credits are refundable. C. The CARES Act stimulus payments were advance credits for 2020. D.Nonrefundable credits are limited to the tax balance due.
- What is the tax rate range for Social Security benefits received? How is the deductible amount of personal property tax figured for personal vehicles? Remember, the tax must be calculated based on the vehicle’s value (not its weight) in order to be deducted. Are donations of time and services deductible? What types of state and local taxes are deductible as itemized deductions on Schedule A?2Explain what qualifies a educational expense for the purposes of educational tax credit?
- Many students attending college in the United States find themselves having to take out loans to attend school while obtaining their education. Do you believe that the special for AGI deduction for students should be made permanent? Also, do you believe that the amount offered as a maximum deduction is too high, too low, or just right? What would be the impact of changing it?Sohar Aluminium is providing free housing and child education facilities to its employees. ldentify the type of benefit provided by Sohar Aluminum in the above statement? O a. Social security measures O b. Fringe benefits O c. Bonus O d. IncentivesFor tax purposes where interest expense on margin loan is deductible for investment purposes , can capital gains or increased borrowing be withdrawn somehow or segregated to determine prorated deductibility?
