Which of the following is not excluded from gross income?

Greg just received his student loan statement that indicates he paid $3,000 of interest on his student loan during the tax year. How much of the interest may he deduct?

Contributing $1,500 to his retirement fund at the end of each year beginning at age 18 through age 50, with an average annual return of 12%, how much does Juan have in his retirement account at this time to use toward a possible early retirement?

Amy filed her tax return on April 15. At that time, she owed $800 on a total tax liability of $10,000 and she submitted a check for $800 with her tax return. Which of the following penalties will apply to Amy?

All the following federal income tax penalties are correct except:

Bill, who is single, sells his personal residence to move from Atlanta to Chicago due to being transferred by his employer. He has owned and used the house for 18 months. The sale price is $460,000, selling expenses are $25,000 and his adjustable taxable basis is $180,000. What, if any, is Bill’s taxable gain?

Which of the following statements is correct regarding Social Security?

Which of the following is a good benchmark for savings for retirement as a percent of gross income for someone who is between age 25 and 30?

Randy has ten shares of stock that he bought on March 1, Year 1, for $5 each. On March 1, Year 2, he sells all the shares for $200. What is the income tax consequence of the sale?

In May of this year, Gonzo inherited a vacation home from his friend Kermit who passed away unexpectedly. Kermit had paid $200,000 to purchase the property, and it was valued in his estate at$325,000. In December of this year, Gonzo sold the property for $410,000. Which of the following best describes the tax treatment for Gonzo regarding the sale of the vacation home?