Income tax fundamentals, deductions, and tax-efficient strategies tested on the CFP tax planning domain.
39 cards · basic cards · AI-written, checked twice. Edit anything.
- What is the standard deduction for a single filer in 2025?
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$14,600 (adjusted annually for inflation)- What is the standard deduction for married filing jointly in 2025?
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$29,200 (adjusted annually for inflation)- What is the standard deduction for head of household in 2025?
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$21,900 (adjusted annually for inflation)- What is the state and local tax (SALT) deduction limit?
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$10,000 per year for state, local, and property taxes combined- What is the mortgage interest deduction limit for home loans taken after December 15, 2017?
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Interest on up to $750,000 of qualified residence debt- What is the long-term capital gains tax rate structure?
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Three rates: 0%, 15%, or 20% depending on taxable income and filing status- How are short-term capital gains taxed?
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As ordinary income at the taxpayer's marginal tax rate- What tax rate applies to qualified dividends?
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Same rates as long-term capital gains: 0%, 15%, or 20%- What is adjusted gross income (AGI)?
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Gross income minus above-the-line deductions like traditional IRA contributions and student loan interest- What does modified adjusted gross income (MAGI) determine?
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Eligibility for and limits on certain deductions and credits like Roth IRA contributions- What is the Child Tax Credit amount per qualifying child in 2025?
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$2,000 per child under age 17, with up to $1,700 refundable- At what income level does the Child Tax Credit phase out for married filing jointly?
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$400,000 of modified adjusted gross income (phases out $50 per $1,000 over limit)- What is the 2025 traditional IRA contribution limit for those under age 50?
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$7,000 per year- What is the catch-up contribution allowance for IRAs for those age 50 and older?
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Additional $1,000 per year ($8,000 total for age 50+)- What is the 2025 employee 401(k) contribution limit?
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$24,500 for those under age 50
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