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Enrolled Agent Exam 1 Questions and Answers
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Enrolled Agent Exam 1 Questions and Answers
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Enrolled Agent Exam 1 Questions andAnswers
Two itaxpayers imarried ion iNovember i30. iThat isame iyear, ithe ihusband ienrolled iin ian
iaccredited icollege ito ifurther ihis icareer iand isubsequently ireceived ia iForm i1098-T,
iTuition iStatement. iThe iwife iwas iemployed iwith ian iincome iof i$45,000 iand ipaid ifor ithe
ihusband's ieducation iexpenses. iThe itaxpayers idid inot ireceive iany iother iincome ifor
ithe iyear. iBased ion itheir icircumstances, iwhat iis ithe icorrect imethod ito ireport ithe
ieducation icredit? i- iCorrect iAnswers i-(A) iTaxpayers imust ifile ia ijoint ireturn ito iclaim ian
ieducation icredit
The itaxpayer ihas ia ichild iunder ithe iage iof i24 iwho iis ia ifull-time istudent iin itheir isecond
iyear iof icollege. iThe istudent iwill ibe iclaimed ias ia idependent ion ithe itaxpayer's ireturn.
iThe istudent's ieducational iexpenses iincluded i$8,000 ifor ituition iand i$4,000 ifor iroom
iand iboard. iThe istudent ireceived ia i$5,000 ischolarship ifor ituition iuse ionly, ias iwell ias
ian iadditional i$2,500 ischolarship ito ipay iany iof ithe istudent's icollege iexpenses. iThe
itaxpayer ipaid ithe iremaining i$4,500. iWhich iof ithe ifollowing istatements iis icorrect,
ibased ion ithe iinformation iabove? i- iCorrect iAnswers i-(B) iThe itaxpayer ican iclaim ithe
iAmerican iOpportunity icredit ion ithe itaxpayer's ireturn ifor ituition iexpenses iof i$2,250,
iand ithe istudent ishould ireport ithe iadditional i$2,500 ischolarship ias iincome
Which iof ithe ifollowing istatements iis icorrect iregarding iForm i1095-A, iHealth iInsurance
iMarketplace iStatement? i- iCorrect iAnswers i-(C) iTaxpayers iwill iuse iForm i1095-A ito
icomplete iForm i8962, iPremium iTax iCredit, ito ireconcile iadvance ipayments iof ithe
ipremium itax icredit ior iclaim ithe ipremium itax icredit ion itheir itax ireturn
Which iof ithe ifollowing istatements iis icorrect iregarding iForm i8995 iQualified iBusiness
iIncome i(QBI) iDeduction iSimplified iComputation? i- iCorrect iAnswers i-(C) iA isingle
iindividual iwith iQBI, iwhose itaxable iincome idoesn't iexceed ithe ithreshold iamount,
ishould iuse ithe iForm i8995 ito iclaim ithe iQBI iDeduction
Which iof ithe ifollowing isituations iwill idisqualify ia isingle iindividual ifrom iclaiming ithe
ipremium itax icredit? i- iCorrect iAnswers i-(D) iBeing iclaimed ias ia idependent ion ithe
iindividual's iparents' ijoint itax ireturn
All iof ithe ifollowing iincome itypes iare ireported ion iForm i1099-MISC iEXCEPT: i- iCorrect
iAnswers i-(A) iPayment iof inon-employee icompensation iof i$600 ior imore
, What iis ithe itotal iamount ia isole iproprietor iis iobligated ito ireport ion iForms i1099-NEC
ibased ion ithe ifollowing iexpenses iclaimed ion ischedule iC? iAttorneys' ifees ito
iincorporated ilaw ifirm: i$600 iSign iprinter: i$800 i($600 ilabor iand i$200 imaterials) iWeb
ipage idesigner: i$500 iIncorporated ijanitorial icompany: i$800 iConsultant iA: i$1,000
i($400 ipaid iin icash iand i$600 ipaid iby icheck) iConsultant iB: i$500 ipaid iin icash
iConsultant iC: i$400 ipaid iby icheck i- iCorrect iAnswers i-(D) i$2,400
The istandard ideduction iis iincreased ifor iindividuals iwho iare iage i65 iand iolder iand/or: i-
iCorrect iAnswers i-(D) iBlind
A i62-year-old, imarried itaxpayer ifiles iMarried iFiling iSeparately, iand ilives iapart ifrom
ithe ispouse ifor ian ientire itaxable iyear. iWhat iis ithe itaxpayer's ibase iamount ifor
icomputing itaxable isocial isecurity ibenefits? i- iCorrect iAnswers i-(B) i$25,000
To ifind iout iif ia itaxpayer's isocial isecurity ibenefits imay ibe itaxable, iall iof ithe ifollowing
iare itaken iinto iaccount iEXCEPT: i- iCorrect iAnswers i-(B) iThe iexclusion ifor iforeign
iearned iincome
If iyou ihave ia idependent ithat iyou icannot iclaim ifor ithe ichild itax icredit, ithe idependent
imay istill iqualify iyou ifor iwhich i$500 icredit? i- iCorrect iAnswers i-(C) iThe iCredit ifor
iOther iDependents
A ichild imay ibe isubject ito ikiddie itax iin ithe icurrent iyear iif: i- iCorrect iAnswers i-(B) iThe
ichild iis iunder iage i18 iat ithe iend iof ithe itax iyear
In iorder ito ideduct ia ipersonal icasualty iand itheft iloss, ithe iloss imust ibe: i- iCorrect
iAnswers i-(A) iRelated ito ia ifederally-declared idisaster iarea
The iNet iInvestment iIncome iTax imay iapply ito iwhich iof ithe ifollowing? i- iCorrect
iAnswers i-(B) iTaxable imutual ifund idistribution
A icouple ifiled itheir i2008 ireturn ias iMarried iFiling iJointly iand iclaimed i$7,500 ifor ithe
ifirst-time ihomebuyer icredit. iThe icouple iused ithis ihome ias ia iprimary iresidence. iIn ithe
icurrent iyear, ithey iconverted ithe ihome iinto irental iproperty. iWhat, iif iany, iis ithe itax
iobligation iof ithe itaxpayers iregarding ithe ifirst-time ihomebuyer icredit? i- iCorrect
iAnswers i-(A) iThey imust ipay ithe iunpaid ibalance iof ithe icredit
In iorder ifor ia imedical iexpense ito ibe ideductible ias ian iitemized ideduction iin ithe
icurrent iyear, ithe iexpense imust iexceed iwhat ipercentage iof iadjusted igross iincome? i-
iCorrect iAnswers i-(B) i7.5%
Tax ipreparation ifees iare igenerally ideductible ias: i- iCorrect iAnswers i-(D) iThey iare inot
ideductible
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