Answers will be posted in responses section in about 1 week.

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

1 What is the full retirement age for taxpayers born before 1938? 1938? 1939? 1940? 1941?

2 On what form are social security benefits reported to the recipient?

3 What is the maximum amount of SS that is subject to tax?

4 Can form 1040A ve filed for a taxpayer whose benefits are taxable?

5 How is modified AGI computed for purposed of taxable social security benefits?

6 Under what circumstances might SS benefits be taxable if the taxpayer had no other source of income?

7 Are supplemental security income (SSI) payments taxable?

8 Are benefits received for a child ever taxable to the parent?

9 What form is used to report pension income to the recipient?

10 What pensions are fully taxable?

11 Under what circumstances would a pension be partly taxable?

12 What does recovery of cost mean?

13 See illustration 9.5. Did Harry contrubute after tax money to his pension?

14 What does a 7 in box 7 mean?

15 What would code 1 mean?

16 Where is pension income reported on the tax return?

17 If the taxpayer is 63 and the spouse is 56 at pension start date, over how many anticipated payments will they recover the cost of the pension?

18 What if both taxpayer and spouse are 65?

19 What if taxpayer is 69 and spouse is 72?

20 If the taxpayer is 62 at starting date, over how many anticipated payments will he recover his cost?

21 What if taxpayer is 68?

22 What do these numbers mean?

23 What traditional IRA distributions are fully taxable?

24 When would a traditional IRA distribution be fully taxable?

25 When is a Roth distribution exempt from taxation?

26 What form is required to determine if the taxable portion of a traditional or Roth IRA distribution?

27 Where are fully taxable IRA distributions reported on the tax return?

28 Where is income tax withheld from a pension or IRA distribution reported on the tax return?

29 In general terms, what is passive activity?

30 What other types of activity is arbitrarily classified as passive?

31 Name 3 sub categories of non passive income.

32 Give some examples of personal service income.

33 What are some examples of portfolio income?

34 What are some other types of non passive income?

35 What is rental income?

36 What amounts are included in gross rent received?

37 What types of expenses are deductable?

38 How does a landlord deduct improvements to the rental property?

39 Is the value of an owner's labor or unpaid labor of friends deductable?

40 What is the MACRS recovery period for residential real estate property?

41 What property, in addition to the building, are you likely to find on the depreciation worksheet for rental real estate?

42 What is the recovery period for carpets, applicances and furniture used in a rental house?

43 When may pre-paid expenses be deducted?

44 What are the two most common prepapid expenses for rental properties?

45 How are deductable property expenses determined if part is strictly rental and part is strictly personal?

46 What happens to the personal portion of expenses?

47 Under what circumstances do the vacation home rules apply?

48 How are deductable expenses determined under the vacation home rules?

49 What special rule applies if a residence is used as a residence and is rented for fewer than 15 days?

50 What are royalties?

51 On what form are royalty payments usually reported to the taxpayer and the IRS?

52 What is depletion?

53 What are the two methods of depletion?

54 What is the difference between the two methods?

55 What form does an estate or trust file with the IRS?

56 What kind of taxpayer will receive schedule K-1?

57 How is an estate or trust taxed?

58 How is a partnership taxed?

59 What form does the partnership file with the IRS?

60 What kind of taxpayer will receive this type of K-1?

61 What is a limited partner?

62 What is a limited liability company member?

63 How is an S-corp taxed?

64 A shareholder in a subchapeter S-corp should receive what information document from the business?

65 What are passive income and losses?

66 What form is received by a taxpayer who holds interest in a limited partnership or a limited liability company?

67 In its simplest terms, what is the passive loss rule?

68 How about an oridinary taxpayer with losses from a rental property?

69 How is modified AGI determined for purposed of the passive loss limitations?

70 If a taxpayer has a passive loss that cannot be deducted in full in the current year, is the deduction lost forever?

71 Are working interest in oil and gas properties subject to the passive loss rules?