Question

Dwight and Tammy Young, a married couple who will file jointly, are both teachers. In 2017 Dwight had receipts totaling $356.44 in qualifying expenses for his classroom. Tammy had receipts totaling $254.89. The maximum amount of the educator expenses deduction that they will claim on page 1 of their joint Form 1040A is ____
$250
$356
$500
$611
For taxpayers who file married filing jointly, the phaseout of the student loan interest deduction starts with an MAGI of _______
$65,000
$80,000
$135,000
$165,000
Which of the following credits CANNOT be claimed on Form 1040A?
Child tax credit
Education Credit
Foreign Tax Credit
Retirement savings contributions credit
What is the age requirement, if any, to contribute to a Roth IRA?
Taxpayers must be at least age 18, and less than age 70 1/2
There is no age requirement if the taxpayer meets the compensation requirements.
The taxpayer must be at least age 18, but there is no maximum age.
The taxpayer must be at least 18 but less than 70 ½, and meet the compensation requirements.
The maximum amount a 48-year old taxpayer with $10,000 in wages is allowed to contribute to a traditional IRA in 2017 is ______
$2,000
$5,500
$6,500
$10,000
Code 7 in box 7 for Form 1099-R identifies which type distribution?
Disability
Early
Death
Normal

Answer 1

1.

The correct option is – option (a).

Maximum amount of the educator expense deduction they can claim on page 1 of their joint form 1040A is $500 i.e. $250 for each maximum. Therefore, Dwight and Tammy will claim $250 each.

2.

The correct option is – option ().

Taxpayers with a MAGI more than $65,000 but less than $80,000 for single filers (or more than $130,000 but less than $160,000 when married filing jointly) are eligible for a partial deduction.

Filing Status	Phase-out Begins	Phase-out Ends
Married Filing Jointly	130,000	160,000
Qualifying Widow(er)	65,000	80,000
Head of Household	65,000	80,000
Single	65,000	80,000

3.

The correct option is – option (c).

No, foreign credit cannot be claimed on Form 1040A; one can file a Form 1040 to claim the foreign credit.

4.

The correct option is – option (b).

There is no age limit if individual has earned income. Traditional IRA has got the limit of 701/2.

5.

The correct option is – option (b).

Individuals can contribute up to $5,500 in 2017. If individual is at the age of 50 or more, the limit will be $12,000 — or $5,500 for the spouse under 50 and $6,500 for the spouse over 50.

6.

The correct option is – option (d).

Code 7 in box 7 for Form 1099-R identifies which type distribution?

• Disability- Code 3 in box 7
• Early- Code 1 & 2 in box 7
• Death- Code 4 in box 7
• Normal- Code 7 in box 7