AAFM Exam CWM_LEVEL_2 Topic 5 Question 59 Discussion

Actual exam question for AAFM's CWM_LEVEL_2 exam

Question #: 59
Topic #: 5

[All CWM_LEVEL_2 Questions]

Section A (1 Mark)

Adjusted gross income is used in establishing limits on the following deductions, with the exception of

ACharitable contributions.

BCasualty losses.

CEmployee business expenses reimbursed by the employer.

DMedical expenses.

Show Suggested Answer

Suggested Answer: B

by Hoa at Apr 23, 2023, 12:13 AM

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Florinda

1 months ago

Adjusted gross income? More like 'adjusted gross miscalculation' if the IRS has anything to say about it. But hey, at least they can't deduct my sense of humor!

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Veronica

1 months ago

Adjusted gross income, huh? More like 'adjusted gross confusion' if you ask me. But I'm pretty sure it's option D - medical expenses. Fingers crossed!

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Melina

1 days ago

I agree with you, option D - medical expenses seems to be the odd one out.

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Kelvin

11 days ago

I believe it's option C - employee business expenses reimbursed by the employer.

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Gearldine

20 days ago

I'm leaning towards option B - casualty losses.

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Socorro

23 days ago

I think it's option A - charitable contributions.

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Darell

1 months ago

Whoa, this question is making my head spin. I'm just going to close my eyes and pick one randomly. Eeny, meeny, miny, moe... C it is!

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Basilia

2 months ago

Aha! I remember learning that medical expenses are the exception when it comes to using adjusted gross income to set limits. Gotta love those tax deductions!

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Jess

2 days ago

I always make sure to keep track of my medical expenses for tax purposes.

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Rossana

7 days ago

It's great that charitable contributions and casualty losses are deductible based on adjusted gross income.

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Paris

10 days ago

I agree, medical expenses are not limited by adjusted gross income.

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Johnetta

18 days ago

That's true, but at least we have some options for deductions. It's always good to know the rules when it comes to taxes.

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Lovetta

23 days ago

I know, it's always nice to get some deductions on our taxes. Employee business expenses reimbursed by the employer can also be limited by adjusted gross income.

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Stefan

24 days ago

Yeah, medical expenses are the exception. It's great to be able to deduct charitable contributions and casualty losses though.

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Dahlia

2 months ago

I'm not sure, but I think it makes sense that employee business expenses reimbursed by the employer would not be limited by adjusted gross income.

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Lorean

2 months ago

Hmm, this is a tricky one. I'm going to go with option C - employee business expenses reimbursed by the employer. That just seems like the odd one out here.

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