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History Income Above the Line Deductions Below the Line Deductions
100
Form 1040
Introduced in 1914, this document is still used as the main income tax form.
100
Regular income tax brackets
What type of tax bracket do ordinary dividends fall into?
100
Individual Retirement Account
What does IRA stand for?
100
$9,300 Dollars
What is the Head of Household standard deduction for 2016?
200
The Internal Revenue Act
What Act of 1862 created the Bureau of Internal Revenue, the predecessor to the IRS?
200
Qualified Dividends or Long-term Capital Gains
Give a tax strategy that has it's own tax brackets
200
Yes, but there is an income cap
Are contributions for traditional IRA's deductible?
200
12,601
If you are a surviving spouse, what is the minimum amount your itemized deductions should total to if you decide use them over the standard amount?
300
1913
In what year was the 16th Amendment to the Constitution ratified, granting Congress the power to collect taxes on personal income?
300
Is when you sell a security at a loss and then repurchase it
What is a Wash Sale?
300
No
Are contributions for Roth IRA's deductible?
300
Laser vision surgery and addiction treatment
Which of these two medical expenses qualify as a medical deduction?
1. Vitamins
2. Cosmetic surgery
3. Laser vision surgery
4. Addiction treatment
5. Health club dues
400
7%
Following the Revenue Act of 1916, what was the income tax percentage for the top income bracket?
400
$3,000 Dollars
What is the maximum amount of capital losses that can be deducted?
400
Educator expenses, health saving account deductions,
moving expenses, student loan interest
Name another above the line deductible item other than contributions to an IRA mentioned in the presentation
400
Child and dependent care expenses
Which of the following is not involved with the Schedule A itemized deductions?
1. Medical Expenses
2. Child and dependent care expenses
3. Tax preparation fees
4. Gifts to charity
5. Taxes you paid
500
$0.00. Since this was the initial year, taxpayers returned just a completed form which was then checked by field agents for accuracy.
What was the amount of income tax collected in 1914?
500
Yes
Can losses be carried from one year to the next?
500
59 and half
At what age can you start making withdrawals from an IRA without being penalized?
500
2% for employee property, $100 rule and the 10% rule for personal property
What are the 3 rules casualty and theft are losses subject to?




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