For each of the following items indicate if the expense is: A. An adjustment for AGI (above the line) B. Deduction from AGI(below the line/itemized deduction) C. Neither 1. Premiums paid on personal life insurance  2. State income taxes paid 3. Loss on sale of personal auto 4. Fees paid for tax return preparation  5. Federal income taxes paid 6. Contributions to Health Savings Account 7. Donations to Charity  8. Health insurance premiums paid by a self-employed individual 9. Interest paid on home mortgage indebtedness of $250,000 10. Union dues not reimbursed by an employer

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 20MCQ
icon
Related questions
Question

For each of the following items indicate if the expense is:

A. An adjustment for AGI (above the line)

B. Deduction from AGI(below the line/itemized deduction)

C. Neither

1. Premiums paid on personal life insurance 

2. State income taxes paid

3. Loss on sale of personal auto

4. Fees paid for tax return preparation 

5. Federal income taxes paid

6. Contributions to Health Savings Account

7. Donations to Charity 

8. Health insurance premiums paid by a self-employed individual

9. Interest paid on home mortgage indebtedness of $250,000

10. Union dues not reimbursed by an employer

 

Expert Solution
Step 1

1. Premiums paid on personal life insurance  - Deduction from AGI

 

2. State income taxes paid - Neither

 

3. Loss on sale of personal auto - An adjustment from AGI

 

4. Fees paid for tax return preparation  - An adjustment from AGI

 

5. Federal income taxes paid - Neither

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Tax Assistance and the Audit Process
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT