LSU ACCT 3221 Chapter 4

LSU ACCT 3221 Chapter 4
True/False: Tuition, fees, books, supplies, room, board, and other necessary expenses
of attendance are qualified education expenses for purposes of the student loan interest
deduction.
True
True/False: For 2009, the amount of the student loan interest deduction is limited to
$3,500.
False
True/False: The student loan interest deduction may be limited based on the modified
AGI of the taxpayer.
True
True/False: For the interest on a student loan to qualify for the student loan interest
deduction, the student must be enrolled full-time.
False
True/False: A Health Savings Account (HSA) is a tax-exempt savings account to be
used for qualified medical expenses.
True
True/False: To be eligible to fund a Health Savings Account (HSA), a taxpayer must be
a self-employed, or an employee (or spouse) of an employer who maintains a high
deductible health plan, or an employee of a company that offers no health coverage and
the employee has purchased a high deductible health plan on their own.
True
True/False: Distributions from Health Savings Accounts (HSAs) are subject to tax, if
they are used to pay for qualified medical expenses.
False
True/False: For 2009, unreimbursed qualifying moving expenses are an itemized
deduction.
False
True/False: Deductible moving expenses include moving household goods and
personal effects from the old residence to the new residence.
True
True/False: There is both a distance test and a time test that must be met to be able to
deduct qualifying moving expenses.
True