CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
41st Edition
ISBN: 9781337389518
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 9, Problem 39P
To determine
Compute the qualified business income (QBI).
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Christine is a full-time fourth-grade teacher at Vireo Academy. During the current year, she spends $1,400 for classroom supplies. On the
submission of adequate substantiation, Vireo reimburses her for $500 of these expenses-the maximum reimbursement allowed for
supplies under school policy. [The reimbursement is not shown as income (Box 1) of Form W-2 given to Christine by Vireo.]
a. What are the income tax consequences of the $1,400, if Christine chooses to itemize her deductions from AGI?
She can claim the educator's deduction in the amount of
an employee business expense which is
AGI and
IS
b. What are the income tax consequences of the $1,400, if Christine claims the standard deduction?
She can claim the educator's deduction in the amount of
AGI.
Christine is a full-time fourth-grade teacher at Vireo Academy. During the current year, she spends $1,400 for classroom supplies. On the submission of adequate substantiation, Vireo reimburses her for $500 of these expenses—the maximum reimbursement allowed for supplies under school policy. [The reimbursement is not shown as income (Box 1) of Form W–2 given to Christine by Vireo.]
a. What are the income tax consequence of the $1,400, if Christine chooses to itemize her deductions from AGI?She can claim the educator's deduction in the amount of _____ _____
AGI and
is an employee business expense which is nondeductible/deductible.
.
b. What are the income tax consequences of the $1,400, if Christine claims the standard deduction?She can claim the educator's deduction in the amount of _____ _____AGI.
Tammy teaches elementary school history for the Metro School District. In 2020 she has incurred the following expenses associated with her job:
Noncredit correspondence course on history $900
Teaching cases for classroom use $1,800
Tammy’s employer does not provide any funding for the correspondence course or teaching cases. Identify the amount and type (for AGI or from AGI) of deductible expenses.
Chapter 9 Solutions
CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
Ch. 9 - Prob. 1DQCh. 9 - Mason performs services for Isabella. In...Ch. 9 - Milton is a resident of Mobile (Alabama) and is...Ch. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Prob. 15DQCh. 9 - Prob. 16CECh. 9 - Fred, a self-employed taxpayer, travels from...Ch. 9 - Prob. 18CECh. 9 - Prob. 19CECh. 9 - Prob. 20CECh. 9 - Prob. 21CECh. 9 - Prob. 22CECh. 9 - Cindy maintains an office in her home that...Ch. 9 - Prob. 24CECh. 9 - Prob. 25CECh. 9 - Prob. 26PCh. 9 - Prob. 27PCh. 9 - Prob. 28PCh. 9 - In June of this year, Dr. and Mrs. Bret Spencer...Ch. 9 - Prob. 30PCh. 9 - On Thursday, Justin flies from Baltimore (where...Ch. 9 - Monica, a self-employed taxpayer, travels from her...Ch. 9 - Prob. 33PCh. 9 - Prob. 34PCh. 9 - Prob. 35PCh. 9 - Prob. 36PCh. 9 - Prob. 37PCh. 9 - Prob. 38PCh. 9 - Prob. 39PCh. 9 - Prob. 40PCh. 9 - Prob. 41PCh. 9 - Prob. 42PCh. 9 - Prob. 43PCh. 9 - Prob. 44PCh. 9 - Prob. 45PCh. 9 - Prob. 46PCh. 9 - Prob. 47PCh. 9 - In the current year, Barlow moved from Chicago to...Ch. 9 - Prob. 2CPA
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