Ned Is a Head of Household with a Dependent Son

question 84

Multiple Choice

Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: $$\begin{array} { l r } \text { Auto insurance premiums } & \$ 1,700 \\\text { Room and board at Todd's school } & 2,200 \\\text { Health insurance premiums (not through an exchange) } & 600 \\\text { Travel (to and from school) } & 350\end{array}$$ What amount can Ned include in his itemized deductions?

• A) $1,700 included in Ned's miscellaneous itemized deductions
• B) $2,050 included in Ned's miscellaneous itemized deductions
• C) $950 included in Ned's miscellaneous itemized deductions
• D) $600 included in Ned's medical expenses
• E) None of these.

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Definitions:

Depository Institutions Deregulation

The legislative measures taken to reduce regulation over banks and other depository institutions to enhance their ability to compete and innovate.

Monetary Control Act

A law intended to regulate banking and manage the money supply, possibly referring to specific legislation like the Monetary Control Act of 1980 in the United States, which influenced the Federal Reserve's control over monetary policy.

Glass-Steagall Act

A U.S. law enacted in 1933, which separated commercial banking from investment banking, repealed in 1999.

1999 Repeal

Refers to the revocation of a law or act; often mentioned in economic contexts, such as the repeal of financial regulations or acts in 1999.