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HRB FINAL EXAM WITH COMPLETE SOLUTIONS.
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HRB FINAL EXAM WITH COMPLETE SOLUTIONS.
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HRB FINAL EXAM WITH COMPLETE SOLUTIONS.What bis bthe bDifference bbetween bearned bincome band bunearned bincome? b- banswer-
Earned bincome bis breceived bfor bservices bperformed. bExamples bare bwages bcommissions,
btips band bgenerally bfarming band bother bbusiness bincome b. bTaxable bincome bother bthan
bthat breceived bfor bservices bperformed. bUnearned bIncome bincludes bmoney breceived bro
bthe binvestment bof bmoney bor bother bproperty, bsuch bas binterest, bdividends, band broyalties.
bIt balso bincludes bpensions balimony, bunemployment bcompensation band bother bincome
bthat bis bnot bearned
If ban bemployee bthinks btheir bForm bW2 bis bincorrect, bwhat bshould bthey bdo? b- banswer-
Employee bshould bdiscuss bwith bemployer bwho bissued bthe bdocument band brequest ba
bW2C. bIf bno bhelp bfrom bemployer, bnotify bIRS. bTax bprepaper bcan bthen bfile ba bsubstitute.
What binformation bdo byou bneed bto bknow bto bdetermine bwhether ba btaxpayer bis brequired bto
bfile ba breturn? b- banswer-Gross bincome, bfiling bstatus, bage band bif bthey bare ba bdependent
For btax bpurposes, bwhen bis ba bperson's bmarital bstatus bdetermined? b- banswer-On bthe blast
bday bof bthe btax byear
Where bon bthe btax bform bcan byou bfind bthe bregular bstandard bdeduction bamounts? b-
banswer-Line b22 bon b1040A, bIn bthe bleft bmargin bat bthe btop bof bthe bpage b2 bof bforms b1040
band b1040A. bLook bat bactual bform bto blook bfor bline
How bmuch bis badded bto bthe bstandard bdeduction bif bthe btaxpayer b(or bspouse bis bage b65 bor
bolder, bor bblind? b- banswer-$1550 bif bunmarried, b$1250 bif bmarried
What bis bthe bpersonal bexemption bamount bfor b2016? b- banswer-$4,050
What btwo bamounts bare bcombined bto bmake bup bthe bgross bincome bfiling brequirments bfor
bmost btaxpayers? b- banswer-The bstandard bdeduction band bthe bpersonal bexemption
bamounts
Under bwhat bcircumstances bmight ba btaxpayer bbe brequired bto bfile ba breturn beven bthough
bthey bdo bnot bmeet bthe bgross bincome bfiling brequirements? b- banswer-1. bHas bnet
bemployment bof b$400 bor bmore bnet bself bemployment b2. bYou bhad bunemployment bincome
byou bowe bmedicare bAdvantage bMSA, breceive bHAS, bArcher, bMSA b3. bReeived ban
bAdvanced bPremium bTax bcredit beven bif bthey bdidn't botherwise bhave ba bfiling brequirment
bfor bthe byear b*Tips, bHSA, bSE b$400, bPTC
,What bis bthe bdifference bbetween binjured bspouse ballocation band binnocent bspouse brelief?
b- banswer-The bdifference bbetween binjured bspouse band binnocent bspouse bis bsignificant bin
bthe beyes bof bthe bIRS. bBoth brelease byou bfrom ban bincome btax bliability barising bfrom ba
b"married bfiling bjointly" breturn bbut bdifferent boutcomes. bInnocent bspouse bfiled ba bjoint
breturn bbyt bwas bunaware bthat btheir bspouse bdeliberately bunder breported btax bliability.
bInjured bspouse bseeks bto bprotect bhis bor bher bshare bof bthe brefund bin bcase bit bgets bseized
bor boffset bdue bto bthe bother bspouse's bdebts bor bunpaid bobligations
CHAPTER b3: bDEPENDENT bEXEMPTIONS bAND bSUPPORT b- banswer-
What bfour brequirements bmust bbe bmet bfor ban bindividual bto bbe bclaimed bas ba bdependent b-
banswer-Must bpass bthe bdependent btest, bjoint breturn btest, bcitizenship, bqualifying bchild bor
brelative
What bare bthe bfive btests bfor ba bqualifying bchild? b- banswer-1. bRelationship b2. bAge b3.
bResidency b4. bSupport b5. bJoint bReturn
How bcan ba bmarried bindividual bmeet bthe bjoint breturn btest bto bremain ba bqualifying bchild? b-
banswer-They bcan bmeet bthis btest bby bnot bfiling ba bjoint breturn bwith btheir bspouse bor bthey
bcan bfile ba bjoint breturn bwith btheir bspouse bif bthey bare bfiling bonly bto bclaim ba brefund bon bany
btaxes bwithheld
How bcan byou bdetermine bwho bpaid bmore bthan bhalf bof ba bperson's bsupport? b- banswer-
Total bsupport bis bdetermined band breduced bby bthe bfunds breceived bby band bfor bthe bperson
bfrom ball bsources bother bthan bthe btaxpaer. bThe bremaining bsupport bis bconsidered bto bbe
bprovided bby bthe btaxpayer. bOther bsources bmight binclude bgovernment bsupport
bWorksheet bfor bDetermining bSupport
What bhappens bif ban bindividual bis ba bqualifying bchild bof bmore bthan bone btaxpayer? b-
banswer-Generally, bthe bcustodial bparent bis bthe bone bin bwhich bthe bchild bspent bthe bmost
bnights
What bhappens bwhen bmore bthan bone btaxpayer bclaims bthe bsame bqualifying bchild? b-
banswer-Tie bBreaker bRules bapply b: b1. bThe bparent, bif bonly bone bof bthe bpersons bis bthe
bchilds bparent b2. bThe bparent bwith bwhom bthe bchild blived bthe blongest bduring bthe btax b3.
bThe bparents bwith bthe bhighest bAGI bif bno bparent bcan bclaim bthe bchild bas ba bqualifying bchild
What bfour btests bmust bbe bmet bfor ban bindividual bto bbe bconsidered ba bqualifying brelative? b-
banswer-1. bNot bbe ba bqualifying bchild, bthe bperson bcannot bbe bthe btaxpayers bqualifying
bchild bor bthe bqualifying bchild bof banother btaxpayer b2. bRelationship: bChild, bbrother, bsister,
bstep bsister, bstep bbrother, bstep bfather b, bstep bmother, bin-laws b3. bGross bIncome: bgross
bincome bmust bbe bless bthan b$4050 b4. bSupport: bTaxpayer bmust bprovide bmore bthan bhalf
bthe bsupport
How bcan bthe bgross bincome bfor ba bqualifying brelative btest bbe bsatisfied? b- banswer-Gross
bincome bmust bbe bless bthan b$4050 b(Do bnot binclude btax bexempt bincome)
, What bis bthe bpurpose bof bForm b2120 bMultiple bSupport bDeclaration? b- banswer-You bonly
bneed b2120 bmultiple bsupport bdeclaration bif byou bare bclaiming bsomeone bother bthan ba
bqualifying bchild bas ba bdependent band bthere bare btwo bor bmore bpeople bincluding byourself
bwho bprovide bsupport bfor bthe bdependent
How bmuch bis bthe bchild btax bcredit bworth? b- banswer-$1,000
What badditional brequirements bmust bbe bmet bfor ba btaxpayer bto bbe beligible bto bclaim bthe
bChild bTax bCredit bfor bthe bqualifying bchild? b- banswer-1. bTaxpayer b2. bChild bmust bbe
bunder17 bat bthe bend bof bthe byear b3. bQualifying bchild bmust bbe bclaimed bon btax bpayer
breturns b4. bQualifying bchild bmust bbe bUS bCitizen bUS bNational bor bresident bof bUS
Is bthe bChild bTax bCredit brefundable bor bnonrefundable b- banswer-CTC bis bnonrefundable
bthe bThe badditional bchild btax bcredit bis brefundable
How bmuch bis bthe bpenalty bif ba bpaid bprepaerer bfails bto bmeet bthe bchild btax bcredit bdue
bdiligence brequirements b- banswer-$510 bfor beach bfailure, bfor beach bcredit bon beach breturn
bTotal bPenalty bmax bfor breturn bis b$1530
What bis bthe bfirst bdue bdiligence brequirement bfor bthe bEITC, bCTC,ACTC, bAOTC band bhow
bdoes ba bpaid bpreparer bmeet bthis brequirement? b- banswer-Complete band bsubmit bthe bform
b8867. b1. bComplete bthe bform bthoroughly band bconscientously bread bthe bform bcarefully b2.
bsubmit bthe bform bon bevery bclaim bfor beitc, bctc/actc band baotc
CHAPTER b4: bDEPENDENT-RELATED bFILING bSTATUS b- banswer-
What bfiling bstatuses bare bavailable bto btaxpayers bwho bare bunmarried b- banswer-1. bSingle
b2. bHead bof bHousehold b3. bQualifying bwidow(er)
How bmay ba bmarried btaxpayer bqualify bas bunmarried bfor btax bpurposes? b- banswer-Must
bbe blegally bseperated bunder ba bdecree bof bdivorce bor bseparate bmaintenance bor bmeet
bthese brequirements: b1. bmust bfile ba bseparate breturn b2. bmust bhave bprovided bmore bthan
bhalf bthe bcost bof bmaintaining ba bhousehold b3. bthe bhome bmust bhave bbeen bthe bprinciple
bplace bof babode
What brequirements bmust bbe bmet bfor ba btaxpayer bto bqualify bto bfile bas bhead bof bhousehold
b- banswer-1. bunmarried bon bthe blast bday bof byear b2. bpaid bmore bthan b1/2 bto bmaintain bhome
b3. btaxpayer bhas bqualifying bchild bor brelative bor bparent
What bare bsome bof bthe bcosts bof bmaintaining ba bhome? b- banswer-Rent, bmortgage binterest,
breal bestate btaxes, bhomeowner bor brenter binsurance, brepairs/maintenance, butilities, bfood
beaten bin bhome
What brequirements bmust bbe bmet bfor ba btaxpayer bto buse bthe bqualifying bwideo(er) bstatus?
b- banswer-1. bTaxpayer's bspouse bdied bin beither bof bthe btwo btax byears bimmediately
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