Tax Strategies Jeopardy Template

History	Income	Above the Line Deductions	Below the Line Deductions
100 Form 1040 Introduced in 1914, this document is still used as the main income tax form.	100 Regular income tax brackets What type of tax bracket do ordinary dividends fall into?	100 Individual Retirement Account What does IRA stand for?	100 $9,300 Dollars What is the Head of Household standard deduction for 2016?
200 The Internal Revenue Act What Act of 1862 created the Bureau of Internal Revenue, the predecessor to the IRS?	200 Qualified Dividends or Long-term Capital Gains Give a tax strategy that has it's own tax brackets	200 Yes, but there is an income cap Are contributions for traditional IRA's deductible?	200 12,601 If you are a surviving spouse, what is the minimum amount your itemized deductions should total to if you decide use them over the standard amount?
300 1913 In what year was the 16th Amendment to the Constitution ratified, granting Congress the power to collect taxes on personal income?	300 Is when you sell a security at a loss and then repurchase it What is a Wash Sale?	300 No Are contributions for Roth IRA's deductible?	300 Laser vision surgery and addiction treatment Which of these two medical expenses qualify as a medical deduction? 1. Vitamins 2. Cosmetic surgery 3. Laser vision surgery 4. Addiction treatment 5. Health club dues
400 7% Following the Revenue Act of 1916, what was the income tax percentage for the top income bracket?	400 $3,000 Dollars What is the maximum amount of capital losses that can be deducted?	400 Educator expenses, health saving account deductions, moving expenses, student loan interest Name another above the line deductible item other than contributions to an IRA mentioned in the presentation	400 Child and dependent care expenses Which of the following is not involved with the Schedule A itemized deductions? 1. Medical Expenses 2. Child and dependent care expenses 3. Tax preparation fees 4. Gifts to charity 5. Taxes you paid
500 $0.00. Since this was the initial year, taxpayers returned just a completed form which was then checked by field agents for accuracy. What was the amount of income tax collected in 1914?	500 Yes Can losses be carried from one year to the next?	500 59 and half At what age can you start making withdrawals from an IRA without being penalized?	500 2% for employee property, $100 rule and the 10% rule for personal property What are the 3 rules casualty and theft are losses subject to?

Tax Strategies

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