Allowing for the cutback adjustment (50% reduction for meals and entertainment), which of the following trips, if any, will qualify for the travel expense deduction?
Dr. Jones, a general dentist, attends a two-day seminar on developing a dental practice.
Dr. Brown, a surgeon, attends a two-day seminar on financial planning.
Paul, a romance language high school teacher, spends summer break in France, Portugal, and Spain improving his language skills.
Myrna went on a two-week vacation in Boston. While there, she visited her employer's home office to have lunch with former co-workers.
All of these.
Rachel is single and has a college degree in finance. She is employed as a loan officer at a bank; her yearly AGI approximates $50,000. During the year, she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $4,100 (tuition), $300 (books), $200 (other school supplies), and $200 (transportation to and from campus). Disregarding the 2%-of-AGI limitation, as to the MBA program, Rachel has a:
a. Deduction for and deduction from AGI of $0.
b. Deduction for AGI of $4,000 and deduction from AGI of $800.
c. Deduction for AGI of $4,000 and deduction from AGI of $700.
d. Deduction for AGI of $4,100 and deduction from AGI of $700.
e. None of these.
Joyce, age 40, and Sam, age 42, who have been married for seven years, are both active participants in qualified retirement plans. Their total AGI for 2016 is $120,000. Each is employed and earns a salary of $65,000. What are their combined deductible contributions to traditional IRAs?
None of the above
Dana may contribute $4,033 to a Roth IRA in 2016, calculated as follows:
$120,000 AGI - $117,000 threshold = $3,000 excess AGI
$3,000/$15,000 phaseout range × $5,500 = $1,100 phaseout
$5,500 maximum contributions - $1,100 phaseout = $4,400 contribution ceiling
During the year, Walt travels from Seattle to Tokyo (Japan) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect only the business portion):
Meals and entertainment
Presuming no reimbursement, Walt's deductible expenses are:
None of these.
Due to a merger, Allison transfers from Miami to Chicago. Under a new job description, she is reclassified from employee to independent contractor status. Her moving expenses, which are not reimbursed, are as follows:
Cost of moving household goods 4,000
Penalty for breaking lease on Miami apartment 3,000
Allison's deductible moving expense is: