Capital Gains Tax Rates Quiz

The 2024 Annual Federal Tax Refresher Course is also known as the 2025 AFSP. This abbreviation is a common way of referring to the course.

To access the final exam, you need to navigate to the Course Catalog, locate the 2024 Annual Federal Tax Refresher Course (2025 AFSP) and click on the "Take Final Exam" button.

The course requires a passing score of 70% or higher to obtain a Certificate of Completion.

The highest tax rate applied to long-term capital gains, which depends on your filing status and taxable income.

After submitting your answers to the exam, you will receive instant feedback on whether you passed or failed. If you pass, your Certificate of Completion will be available for printing.

Profits from the sale of assets held for more than one year, subject to a different tax rate from ordinary income.

The amount of money received by an individual before deductions and exemptions are applied.

The 2024 Annual Federal Tax Refresher Course aims to help individuals learn about new developments and changes in federal tax laws. It's a good way to stay updated on your tax obligations for the year.

The course includes chapter 1 "What's New for Individuals" with subtopics like applying inflation-adjusted limits for 2024.

Income that is earned from dividends in stocks that are held for more than one year.

The Evaluation Form is used to gather feedback on the 2024 Annual Federal Tax Refresher Course. It aims to improve CPE course offerings.

The total income you receive from all sources in a year.

You can find the Evaluation Form at the end of the course materials and can mail it to Tax Materials, Inc. at the address provided.

The tax rules that govern the buying, selling, and holding of digital assets like cryptocurrency.

The amount of income that is exempt from the alternative minimum tax (AMT). It's a specific dollar amount, and it can be phased out for higher earners.

This deduction reduces the amount of taxable income for businesses. It's based on your qualified business income and has specific limits.

The tax rules that determine how much income earned by children is taxed at their own rate, instead of their parents' rate.

These plans are used to save for college expenses. There are limits on how much you can contribute and how much you can withdraw without penalties.

ABLE accounts are for people with disabilities. There are limits on how much money you can contribute and take out tax-free.

In some cases, student loan debt is forgiven (you don't have to pay it back). The rules determine if the forgiven debt is considered taxable income.

When a business loses money, it can deduct the loss from future profits. There are limits on how much of this loss can be deducted each year.

The maximum amount you can contribute to your 401(k) plan in 2024, determined by the lesser of either 100% of your compensation or a specific dollar amount based on your age.

The maximum amount you can contribute to a traditional IRA in 2024; the limit increases for people 50 and older.

The income ranges based on your filing status where you may not be able to deduct the full amount of your traditional IRA contribution.

The income ranges based on your filing status where you may not be able to contribute to a Roth IRA.

The amount of money you can transfer without paying estate tax when you die.

The amount of money you can gift to someone each year without having to pay gift tax.

Catch-up contributions to retirement plans, like 401(k)s, for individuals aged 50 and over

Maximum income level allowed for individuals to make catch-up contributions as pre-tax contributions.

The new law stating that individuals earning over a certain threshold can only make catch-up contributions as designated Roth contributions.

A retirement plan option where contributions are made with after-tax dollars and withdrawals are tax-free in retirement

The income threshold for catch-up contributions to be treated as Roth contributions. For 2024 and beyond, it is $145,000, adjusted for inflation.

A period where the catch-up contribution rules for high-income earners are not yet fully enforced.

Contribution made to a retirement plan that does not provide the Roth option.

The period where the new catch-up contribution rules for high-income earners will be fully enforced.

Income derived from working, including wages, salaries, tips, commissions, and self-employment earnings.

Taxable benefits that are provided by your employer, such as health insurance, retirement contributions, and paid time off.

The total amount of income reported on Form W-2, representing overall earnings from your employer.

Payments received for caring for a dependent, reported on Form W-2, box 10. These are taxable if the amount received is more than the qualified dependent care expenses.

Benefits given by an employer to help with adopting a child, reported on Form W-2, box 12, code T. These can be taxable if they surpass a certain limit.

Income from disability pensions reported on Form 1099-R when you haven't reached your employer's retirement age.

Earnings from tips that an employee must report to their employer monthly if the total tips for that month are $20 or more.

Winnings from gambling activities are reported on Schedule 1 (Form 1040) as 'Other Income', not with your standard W-2 income.