Is that your final answer,

   or do you want call the  IRS...?

Dear Regis,

Here it is, the heart of tax season, and I haven’t heard you ask one question about income taxes! The next time the millionaire writers are looking for questions, here are a few to consider.

Question 1: If you win $1,000,000, how much will the IRS take?

a: At least $360,000

b: At least $380,000

c: At least $370,000

d: All of it

Question 2: What is the most a married couple filing a joint return can deduct for contributions to a Roth IRA account?

a: $3,000

b: 0

c: $2,000

d: $4,000

Question 3: Which of the following kinds of income do you have to report on your tax return?

a: $500 cash gift from your grandmother

b: $500 earned by selling old clothes at a yard sale

c: $500 earned by delivering newspapers if you’re 16 years old

d: $500 worth of stereo equipment won in a church-sponsored raffle

Question 4: Which of these types of taxes are you not allowed to deduct as an itemized deduction?

a: Sales tax

b: Real estate tax on your home

c: Real estate tax on your vacation home

d: State income tax

 Question 5: If you receive alimony payments from your ex-husband, under what circumstances do you not have to pay income tax on the amount you received?

a: You use all of the money to pay for the care of your children

b: You get together with your ex and agree not to report the payments on either of your tax returns

c: The payments are made in cash

d: You and your ex-spouse are not actually divorced but there is a separate maintenance decree in place

 Question 6: What types of gambling proceeds must you include in income on your tax return?

a: Horse races

b: Riverboat casino

c: Lottery you won this year but won’t receive until next year

d: Bet with your brother

 Question 7: How can you keep from having your tax return audited by the IRS?

a: You can’t prevent an audit from happening

b: Pay more taxes than you need to so you have a big refund

c: File your return on April 15 so it will get lost in the crowd

d: Don’t itemize your deductions

 Question 8: The home office deduction enables taxpayers who work at home to take a deduction for, among other things, a prorated portion of what type of expense?

a: Backyard swimming pool

b: Cable television

c: Groceries

d: Homeowner’s insurance

 Question 9: The first federal income tax return was created for the year 1913. On that 1913 tax return, what was the lowest rate of income tax?

a: 1%

b: 2%

c: 3%

d: 4%

Question 10: If you pay to attend college, which of the following items are you not eligible to consider as a deduction on your tax return?

a: Lifetime Learning Credit

b: Education IRA contribution

c: Interest on loan money borrowed for the education

d: Hope College Credit

Answers: 1-a; 2-b; 3-d; 4-a; 5-b; 6-c; 7-a; 8-d; 9-a; 10-b