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Difference between a standard and an itemized deduction

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Reference no: EM131630095

1. What is Internal Revenue Code Section 61?

2. What is the difference between a Standard Deduction and an Itemized deduction?  When do you use one versus the other?

3. What is a Personal Exemption? A dependency Exemption?

4. What is a Form 1040?  Describe how it is set up (sections).

5. Describe each of the following Tax Schedules and how they are tied to the 1040 (which line on the 1040 do they correspond to?):

a. Schedule A

b. Schedule B

c. Schedule C

d. Schedule D

e. Schedule E

f. Schedule F

g. Schedule K-1

6. What is the difference between Deductions For AGI and Deductions From AGI?  What is AGI?

7. Give some examples of Deductions For AGI or above the line deductions.

8. Give some examples of Deduction From AGI (Hint:  Schedule A Itemized deductions).

9. What is the criteria for claiming someone as a dependent to receive a dependency exeption?

10. What is the difference between an Ordinary Gain and a Capital Gain?

Reference no: EM131630095

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