How much do you know about taxes? To be fair, the U.S. tax code is extremely complex, but there are some things all Americans should know, such as how a tax extension works and the deadline for deductible IRA contributions. With that in mind, here’s a quick six-question tax quiz that most Americans wouldn’t score too highly on.
- True or false? If you file for a tax extension, you can delay the due date of your payment.
- True or false? Contributions to a 529 college savings plan are tax deductible on federal income taxes.
- What is the deadline to make a tax-deductible contribution to a traditional IRA for your 2016 taxes?
- Are gambling losses tax deductible on federal income taxes?
- True or false? Mileage driven for volunteer work is tax deductible.
- True or false? You can adjust your federal tax withholdings any time of the year.
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