Americans get an F in income tax quiz...

[The Captain]

www.marketwatch.com/story/americans-get-an-f-in-income-tax-quiz-2015-02-24?siteid=yhoof2

I'm only slightly embarrassed to admit I missed one.  Won't give any spoilers away but I think I'm still safe in my job.

Anyone else game to take the quiz?

[midjd]

I missed #9. The options all seemed equally bad.

[Peace Of Mind]

All I will say is that there is a reason DH does our taxes and why I'd hire somebody to do them if he didn't know how. 

And #9 makes no damn sense! 

[chiver78]

I missed #1, 8 and 9. will discuss why I picked what I did when more people answer. for #1, I don't have a Roth and claim ignorance.

sent from my electronic distraction

[wyouser]

"snicker"..."smirk"......suppress "chuckle". Could we administer this TO the IRS and see how many of them can pass it?

[justme]

I missed the kid related ones.

[Angel!]

I missed the 529 question. I was thinking about how they are tax-deductible on state taxes, at least here.

I also missed #9. I think they aren't clear on worse how. Personally, I'd rather be out some money than to start racking up fines & having the IRS coming after me for owing money because I didn't file or pay.  The threat of extra fees & possibly garnishments is scary IMO & far worse.

[mmhmm]

I got them all right but I guessed on a couple of them. Having the percentage of how many got the right answer helped.

[Deleted]

missed #9

[sesfw]

Missed 4,8,9. I claim brain mush.

[mroped]

did i mention that i hate finances? 
I bet I did so on multiple ocasions.

The US Tax Code mus be themost screwd up i the World.
Thanks God for accountants! 

[Malarky]

I have an "A' in income taxes.

I dropped the papers off at the   "A"ccountant's office this morning.  

Off to take the quiz and find out if I could do it myself.

[msventoux]

I missed #9 as well.  I consider that a faulty question.   Yes, it's bad not to file and get any refund you have coming to you...but you have three years to get your act together.  To me it's worse to not pay the tax owed and have interest and penalties accruing, getting love notes from the IRS, etc.

[dannylion]

I think it is not surprising that people might not have the answers to all of those questions right at their fingertips.  Several of them do not apply to me, so I have no vested interest in being able to supply a correct answer to them, and I expect others similarly situated would display a similar lack of interest.  The secret, if there is one, is in knowing where to look for the answers when that information is needed.  There is no shame in not knowing; the shame is in not being able to figure out how to find the information when it is needed.  I knew the answers to the ones that applied to me. 

If the Flying Spaghetti Monster wanted me to do my own taxes, she would not have made it so easy to hire a qualified professional to do it for me. 

[Bonny]

I missed #7. I'm still not sure that their answer is correct. When I wrote off my bad loan to my parents, I'm pretty sure we didn't have any capital gains to offset.

Shoot me!

[Deleted]

I missed the "flexible spending account" one. I thought it was "A".

I don't have an FSA... so I think I can be excused for not knowing what it can be used for...

[ՏՇԾԵԵʅՏɧ_LԹՏՏʅҼ]

I'm not a US citizen, and I've never viewed an IRS 1040, but I scored 6/10. Does that mean if I get my passport (now needed to travel from Canada) one of you will welcome me into your home? (I'm house-broken)

[ArchietheDragon]

I got 6 out of 10 right. Don't hire me to do your taxes!

[973beachbum]

I missed 7.  I thought 9 was an easy one actually.  they make such a point every April about how even if you don't have the money you owe, FILE YOUR TAXES ANYWAY!!  People go to jail for not filing their taxes, they only get a bill or maybe their wages garnished for not paying type of thing.  Given the choice I would take the garnishing over jail any day.

I stared at 8 really hard.  It would never occur to me to deduct my babysitting but I knew both gambling losses and unreimbursed medical expenses are both deductible so the answer had to be all of them.

 

[The Captain]

In case some of you peeps didn't know, I actually am a tax professional.  Fortunately I specialize in corporate tax which is why I'm excusing my one missed item.

Caring for foster pets in your home being tax deductible (if it's done for a 501(c)(3) organization) didn't make sense to me on a basic read.  I guess it just never occurred to me that something this is not deductible on an individual level (caring for your own pet) can be deductible if done for someone else.  Something learned.

I never paid much attention to that stuff anyway.  I'm sure some of my mileage, maybe services, etc when volunteering for the animal shelter were deductible as well.  I just never bothered to find out because that wasn't why I was doing it.

[NoNamePerson]

I hate tax returns so bad that I'm not even going to open the link. I emailed my tax info last week and got word yesterday to drop by and pick up my copy and sign Efile form!!   

[bean29]

I missed the 529 question. I agree that if it donsn't apply to me, it is not on my radar. I wasn't sure if it was savings for college or retirement.

[NomoreDramaQ1015]

I got questions 4, 5, 6, 8 and 9 wrong.

I goofed on the 529 because I was thinking state taxes, Iowa 529s count as a deduction.

I got the flex spending one wrong because here the FSA is for medical.  They call the account for daycare the dependent care account.  I didn't know for tax purposes they are one and the same.

6 and 8 don't apply to me so why would I know the answers to either?

I guessed on number 9 based on which one I thought was worse.  I've never been late filing my taxes so I didn't realize that it doesn't matter either way.

Guess it's a good thing I have a tax professional do my filing for me.

[Ryan]

Hire a CPA and ask him if you can deduct the cost of adopting Snuffles the cat.

[Angel!]

Feb 25, 2015 9:14:33 GMT -5 973beachbum said:

I missed 7.  I thought 9 was an easy one actually.  they make such a point every April about how even if you don't have the money you owe, FILE YOUR TAXES ANYWAY!!  People go to jail for not filing their taxes, they only get a bill or maybe their wages garnished for not paying type of thing.  Given the choice I would take the garnishing over jail any day.

 

The IRS could care less if you file if you are due a refund. They aren't going to send you to jail or even give you a second look.  They will happily keep your money & let you go on your way.

Which is why I hardly consider not ever filing when you are due a refund to be the worst mistake.

Feb 25, 2015 10:29:16 GMT -5 NomoreDramaQ1015 said:

I guessed on number 9 based on which one I thought was worse.  I've never been late filing my taxes so I didn't realize that it doesn't matter either way.

Guess it's a good thing I have a tax professional do my filing for me.

It matters if you owe money, there will be a penalty for filing late.  The only time it doesn't matter is if you were due a refund. 

[Bluerobin]

I only missed one, and I use an accountant to do my taxes.

[tskeeter]

Got 6 out of 10.

You sure don't want Tskeeter, CPA doing you taxes.  We'd end up in adjacent cells.

Excuse: This quiz asked questions on a bunch of topics that don't, and never have, applied to us.  Why clog those few, precious brain cells you have with information that is irrelevant, so that the brain cells aren't available for important stuff like which mircobrewery makes the best beer in town?