For 2023, Rebecca, age 52, has $5,972 of net self-employment income from her pet grooming business. One-half of her self-employment tax is $422. What is the maximum amount that Rebecca may contribute to a traditional IRA?
$5,550
$5,972
$6,500
$7,500 Abigayle paid $2,750 interest on a qualified student loan during 2023. She is filing a joint return with her husband, Jon, and their MAGI is $159,500. The maximum amount of student loan interest that Abigayle and Jon can deduct on their return is __________.
$833
$2,125
$2,500
$2,750 Maceo paid $2,853 interest on a qualified student loan during 2023. He and his spouse, Olivia, are filing separate returns. Their MAGI is $167,000. The maximum amount of student loan interest that Maceo can deduct on his return is __________.
$0
$2,250
$2,500
$2,853 Bob and Freda are married and filing a joint return. They are both eligible educators. Bob spent $565 on classroom supplies, and Freda spent $212. How much can they deduct as a qualified educator expense?
$212
$512
$565
$600Which of the following taxpayers is an eligible educator for the educator expenses deduction?
Helen is a substitute fourth grade teacher who worked 650 hours during the school year.
Barbara homeschooled her fifth grade son, Thomas, for 1,026 hours during the school year.
Amanda is the principal of Your City High School who worked 1,500 hours during the school year.
Yolanda is a math teacher at Your City Community College who worked 1,500 hours during the school year