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?
- $14,600 (adjusted annually for inflation)
- What is the standard deduction for married filing jointly in 2025?
- $29,200 (adjusted annually for inflation)
- What is the standard deduction for head of household in 2025?
- $21,900 (adjusted annually for inflation)
- What is the state and local tax (SALT) deduction limit?
- $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?
- Interest on up to $750,000 of qualified residence debt
- What is the long-term capital gains tax rate structure?
- Three rates: 0%, 15%, or 20% depending on taxable income and filing status
- How are short-term capital gains taxed?
- As ordinary income at the taxpayer's marginal tax rate
- What tax rate applies to qualified dividends?
- Same rates as long-term capital gains: 0%, 15%, or 20%
- What is adjusted gross income (AGI)?
- Gross income minus above-the-line deductions like traditional IRA contributions and student loan interest
- What does modified adjusted gross income (MAGI) determine?
- 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?
- $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?
- $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?
- $7,000 per year
- What is the catch-up contribution allowance for IRAs for those age 50 and older?
- Additional $1,000 per year ($8,000 total for age 50+)
- What is the 2025 employee 401(k) contribution limit?
- $24,500 for those under age 50