Knowledge Quiz: 2022 Tax Update from FunCPE

Must score 80% or higher.

What is the 2022 standard deduction for a 50 year-old married couple filing jointly, neither of whom is blind?*
Eileen and Hal, a married couple filing jointly, received $10,000 of Series I bond interest in 2022. If all the proceeds of the redeemed bond were used to pay qualified education expenses and their modified adjusted gross income exceeded the applicable dollar amount by $30,000, how much of the bond interest could they exclude from income?*
Lloyd is chronically-ill and received tax-qualified long-term care insurance benefits in 2022 amounting to $8,450 to cover a 30-day nursing home stay. What amount, if any, must he include in income if actual nursing home costs for the 30 days amounted to $7,950 and the applicable per diem limitation was $390*
Barbara is a single taxpayer who had a 2022 adjusted gross income of $25,000 and who contributed $4,000 to her traditional IRA. Assuming she has a $2,000 income tax liability for the year, what is her maximum retirement contribution savings credit?*
Gail and Bob are married and file a joint tax return in 2022. They had a $34,000 adjusted gross income and each deferred $2,000 into their employer’s 401(k) plan. If they have a $500 income tax liability, what is the amount of their retirement contribution savings credit?*
Lois, a single taxpayer, contributed $1,200 to her traditional IRA in 2022. If she received a $240 saver’s credit and was not an active participant in an employer-sponsored retirement plan, how much of the contribution can she deduct?*
Arthur and Kelly, married taxpayers filing jointly, are claiming the earned income credit. What is the maximum amount of excluded foreign earned income they may have and still be eligible for the credit in 2022?*
What is the minimum monthly health insurance premium contribution a small employer must make in order to qualify for a small employer health insurance premium credit if it employs 10 full-time employees (all of whom have family coverage), its monthly employee-only premium rate is $400 and its family premium rate is $1,000?*
Under the American Rescue Plan Act, a taxpayer with a household income of at least 400% of the federal poverty level who purchases a health insurance plan from an ACA Exchange that would cover the family at the silver level of coverage would not be required to contribute more than ___ of household income for it.*
Carol is eligible for a $2,000 health insurance premium credit in 2022. With how much of that credit will she actually be credited if she has a total income tax liability of only $500?*
Al owned a family high deductible health policy as part of his MSA for the entire year. What is his maximum permitted contribution to the MSA in 2022 if his deductible is $5,000?*
What is the maximum additional health savings account (HSA) contribution that may be made by a 60 year-old participant because of age?*
Gary is age 55 and married. He files a joint tax return and is an active participant in his employer’s 401(k) plan. What is the maximum tax-deductible IRA contribution he can make in 2022 if his AGI is $129,000?*
What is the maximum period of time within which a taxpayer who took a coronavirus-related withdrawal from an IRA may redeposit the withdrawn amount?*
What is the level of eligible expenses that may be considered in 2022 for purposes of the child and dependent care tax credit?*