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HR BLOCK EXAM
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Exam of 3 pages for the course HR BLOCK at HR BLOCK (HR BLOCK EXAM ...)
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HR BLOCK EXAM 2024-2025Kailani has a bank account with Lending Bank. She received Form 1099-INT,
Interest Income, as indicated below. She has no further interest or dividends to
report. Where should this revenue go on Kailani's tax return? The answer selections
are listed below the image. - ANSWER: $410 online 2a, $230 on line 2b, and $45
on line 18 of Schedule 1 (Form 1040).
Duke and his wife officially divorced in 2021. Following the divorce, Duke
maintained physical custody of their son. Duke got the following amounts from his
ex-wife, either on behalf of their kid or as directed by the court via a divorce
decree:
The court awarded $2,000 per month in child support.
A court-ordered alimony of $1,000 per month.
How much of this income should Duke disclose on his federal tax return? -
ANSWER: $0.
Monica cashed in a CD (certificate of deposit) early because she needed money
right away to pay her credit card payments. The bank assessed her a 3% early
withdrawal penalty, totalling $90. Can Monica deduct the penalty from her tax
return? If yes, where on the return does it appear? - ANSWER Yes, Monica is
capable of withstanding.
Justin earned $1,000 at Lucky Casino and $1,350 at the Riverboat Casino. His
annual losses at Lucky Casino were $2,000, while his losses at Riverboat were
$800. He also spent $100 on lottery tickets and didn't win anything. How much of
his gambling losses can he deduct on Schedule A (Form 1040), Itemized
Deductions? - ANSWER: $2350
Adela submits receipts and verifications for the following charitable contributions
she made in 2022:
Local church, $2,000 in check.
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