Alternative Minimum Tax/Recovery of Prior Year's Itemized Ded
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| What is the purpose of the alternative minimum tax (AMT) | The purpose of the AMT is to make sure that taxpayers with higher imcones cannot entirely avoid taxes through the use of certain deductions and credits
🗑
|
||||
| Thinking about the AMT why is it important for new clients to bring in their prior year's returns | New clients who might fit the criteria for being subject to AMT might have paid AMT on their prior year's return.It is possible that they might qualify for a credit on their current-year return
🗑
|
||||
| What is the most common taxable recovery | State income tax refund and if applicable local refunds
🗑
|
||||
| Under what circumstances is a refund of state income tax generally taxable | When the taxpayer itemized deductions for the year the tax was paid
🗑
|
||||
| Name two other types of recoveries that may be taxable if the taxpayer itemized | Medical expenses and casualty and theft losses
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
dawn2000
Popular Miscellaneous sets