ASH ACC 401 Week 2 DQ 2 Itemized Deductions NEW
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1) Henry graduated from university of Maryland in 2006, in 2009, to take advantage of lower interest rates, he refinanced his qualified education loans with another loan. He is not a dependent on another person’s tax return. What is the maximum deduction available to him for the $3,200 he paid for educational loan interest in 2009?
2) Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore not deductible as an itemized deduction?
3) Which of the following miscellaneous itemized deduction is not subject to the 2% of adjusted gross income limitation?
4) For the deduction of self-employment taxes, which of the following statements is correct?
5) Paola is a freshman in the UC-Davis degree program in veterinary medicine. In 2008, Paola paid $3,000 in tuition, $500 for books, and $250 for supplies for class. Paola also paid room and board of $3,500. What is the total qualifying education expense for education loan for Paola in 2007?
6) Which of the following costs are deductible on Form 1040, Schedule A, as taxes?
7) Which of the following miscellaneous deductions are subjected to the 2% of adjusted gross income limitation?
8) During 2009 Shakira paid the following expenses:
What is the total amount of medical expenses that would enter into the calculation of itemized deductions on Shakira’s 2009 income tax return?
9) The deduction for qualified tuition and related expenses included?
10) Maria files her tax return married filing separately. She has not lived with her husband for over two years. Beginning in January 2009, by court ordered decree, she paid her husband $600 per month as separate maintenance. For 2009, how much will she be able to deduct as alimony?