Full Answer
How much can Amber defer in 2015?
a. The maximum amount for which Amber can elect § 401(k) plan salary deferral for 2015 is $18,000.
How to calculate 20% depreciation?
The depreciation is determined as follows: 20% × [$350,000 (cost of residence) × .02564 (depreciation factor from Exhibit 8.9) = $1,795 (rounded)].
What is Form 2106 reported on?
The totals from Form 2106 are reported on Schedule A, then reduced by 2% of AGI:
Does Caden move to self employment?
It does not matter that Caden goes from employee to self-employment status. Nonqualifying moving expenses include the loss on sale of residence ($9,000) and the meals during the move ($410).
Is $4,000 tuition a deduction for AGI?
A. At most, $4,000 of the tuition could be a deduction for AGI. This assumes that the AGI limitations of § 222 are not exceeded ($65,000 for an unmarried return and $130,000 for a joint return). As Elijah spent $6,600 on tuition, the § 222 deduction for AGI is limited to $4,000.
Can an employee deduct unreimbursed transportation expenses?
a. An e mployee may deduct unreimbursed employme nt-related transportation expenses as an itemized
Is commuting between hom e and one’s place of employment deductible?
c. Usually commuting between hom e and one’s place of employment is a busines s, deductible expens e.