The Boyers are married and file jointly with an AGI (and modified AGI) of $285,000, which includes $245,000 of salary, $25,000 of interest income, $10,000 of dividends, and $5,000 of long-term capital gains. What is the Green’s net investment income tax liability this year, rounded to the nearest whole dollar amount? The net investment income tax rate is 3.8%.

Which medical expenses qualify as deductible?

Nate has total taxable income of $110,000 which includes qualified dividends of $15,000. Assuming a preferential rate of 15% and using the tax rate schedule below, what is his total tax?47,150100,5255,426.00 plus 22% of the amount over 47,150100,525191,95017,168.50 plus 24% of the amount over 100,525

Roberta has adjusted gross income of $40,000. She contributed $28,000 in cash to the Red Cross which is a public charity. What amount can Roberta deduct for contributions for the current year?  Roberta files as Single and the standard deduction is $ 12,200 this year.

Susan had medical insurance coverage through her husband’s company. At the end of last year, the company dropped medical insurance coverage for all family members of their employees. Susan had to purchase medical insurance that costs $6,000. She opened an ETSY store and made a profit of $5,500. She has no other income. What is the most beneficial way to deduct the medical insurance expense  on Susan’s joint return?

Matthew donated stock (capital gain property) to a public charity. He purchased the stock 3 years ago for $100,000, and on the date of the gift, it had a fair market value of $200,000. What is his maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000?

 Trevon has Short Term Capital Loss of $5,000, STCGain of $1,000 and STCL carryover of $700  Long Term Capital Gain of $800, and LTCLoss of $500. How much can he deduct on his return?

Hobby loss rules prevent taxpayers from deducting net losses on a Schedule C from activities that are deemed hobbies instead of businesses. Which is a true statement?

During the year, Marco’s house was destroyed by a hurricane that devastated the Gulf coast. President Biden announced a federal disaster declaration for the whole area. He had a basis of $150,000 but the insurance adjuster determined the decline in value was $175,000. He received $130,000 in insurance proceeds. His AGI was $60,000 for this year. How much can Marco deduct for a casualty loss?

Extra Credit: No penalty for trying. What are 2 specific strategies that are used in cognitive interviewing?