At this time of year, school kids are heading back to the classroom in droves. In keeping with the season, spend a few minutes taking the 10-question quiz below. It will give you useful information that could save you federal income taxes this year.

(1) Working parents of children under age 13 may claim a tax _________ for a percentage of their child-care expenses.

(2) The interest on _________ activity bonds issued in 2009 and 2010 is not subject to alternative minimum tax.

(3) Although unemployment compensation insurance benefits are generally taxable, this year up to $_________ may be excluded from income.

(4) K-12 teachers may deduct up to $250 of out-of-pocket expenditures for _________ supplies.

(5) Driving a personal vehicle for charitable work can yield a tax deduction equal to _________ cents per mile.

(6) The American Opportunity Tax Credit is a credit for the payment of higher _________ expenses.

(7) Taxpayers may elect to deduct state and local _________ taxes instead of state and local income taxes as an itemized deduction.

(8) A person who is age 50 or older may contribute $_________ to an individual retirement account (IRA) for 2009 (or the amount of taxable compensation, if less).

(9) An additional standard deduction of up to $500 ($1,000 on a joint return) is available for the payment of state or local real _________ taxes.

(10) If an investor’s capital losses exceed capital gains, the excess loss can be deducted, up to an annual limit of $_________.

Answers: (1) credit; (2) private; (3) 2,400; (4) classroom; (5) 14; (6) education; (7) sales; (8) 6,000; (9) estate; (10) 3,000 or $1,500 for a married-separate filer.