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This is for my own review and organization of class notes for a tax course I am taking right now.

1 How much may an eligible educator deduct for qualified classroom expenses as an adjustment to income?
2 Who is an eligible educator?
3 Which expenses qualify for this deduction?
4 Do homeschooling expenses qualify for this deduction?
5 Where is the educator expense deduction reported?
6 What happens to any expenses which exceed the $250 limit?
7 What two general requirements must be met before moving expenses can be deducted?
8 Explain the requirements to the distance test.
9 What are the requirements to the work time test?
10 What additional requirements related to work time must self employed persons meet?
11 What is meant by closely related to start of work?
12 What directly related moving expenses are deductable?
13 Where are moving expenses deducted on form 1040
14 Who may deduct student loan interest?
15 Who may not claim a student loan interest deduction?
16 What is a qualified student loan?
17 In addition to those expenses that qualify for the education credits, what expenses are qualified expenses for student loan interest deduction?
18 What is the deduction limit?
19 Is there an income limit for the deduction also?
20 Where is student loan interest deducted on the tax return?
21 In general terms what is the difference between a deduction and a credit?
22 What is the main advantage of the tuition and fees deduction over the education credits?
23 What is the maximum tuition and fees deduction?
24 Does the tuition and fees deduction phase out?
25 Can a taxpayer claim both an education credit and tuition and fees deduction for the same student in the same year?
26 Can a dependant claim a tuition and fees deduction?
27 How is the tuition and fees deduction taken?
28 What is an HSA?
29 What are the three requirements to be eligible to contribute to an HSA?
30 What is a high deductable health plan?
31 What are qualified medical expenses with regards to an HSA?
32 What form is used to report HSA contributions and determine any allowable deduction?
33 What happens if a taxpayer receives a non qualified distribution from an HSA?
34 What does IRA stand for?
35 In tax terms, what is it called when a person puts money into an IRA?
36 In tax terms, what is it called when a person takes money out of an IRA?
37 What is it called if a person takes money out of one IRA and puts it into another (and all requirements are met)
38 What are the advantages of a traditional IRA?
39 Who is eligible to establish a traditional IRA?
40 What is compensation for IRA purposes?
41 What effect does a net loss from self employment have on total compensation?
42 What is the last date of which a contribution may be made and qualify as a contribution for a given year?
43 What is the IRA contribution limitations for 2007?
44 What are the contribution limitations for a spousal IRA?
45 Why is it improtant to distinguish between taxpayers who are active participants in an employer maintained plan and those who are not?
46 A single taxpayer is receiving pension benefits from previous employment. Is he considered an active participant because of this?
47 What is the easiest way to determine if a taxpayer is an active participant in his employers qualified retirement plan?
48 Under what circumstances would an active participant's deduction be limited?
49 What about a non participant whose spouse is an active participant? Under what circumstances would his deduction be limited?
50 How is modified AGI determined for traditional IRA purposes?
51 What are the main differences between traditional IRAs and Roth IRAs?
52 Under what circumstances would a taxpayer's Roth IRA contributions be limited?
53 How is modified AGI computed for Roth IRA purposes?
54 A single taxpayer has AGI of $80,000. He is an active participant in an employer maintained pension plan. Why should he choose to contribute to a Roth rather than a traditional IRA?