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Enrolled Agent part 1 Exam Questions and Answers (Graded A)
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Enrolled Agent part 1 Exam Questions and Answers
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Enrolled Agent part 1 Exam Questionsand Answers
Lauren nand nRalph ndivorces nin nfour nyears nago. nThey nhave na n12 nyear nold nchild,
nAmy nwho nlives nwith nLauren. nAll nare nUS ncitizens nand nhave nSSNs. nLauren nand
nralph nprovide nmore nthan nhalf nfor nAmy nsupport. nlauren nAGI nis n$31,000 nans
nRalph's nis n39,000. nThe ndivorce ndecree ndoesn't nstate nwho ncan nclaim nthe nchild.
nLauren nsigned nform n8332 nto ngive nthe ndependency nexemption nto nRalph. nWhich nof
nthe nfollowing nstatement nis nTrue? n- nCorrect nAnswers n-C. nSince nLauren nsigned
nForm n8332, nthe ndependency nexemption nand nthe nChild nTax nCredit nis ngiven nto
nRalph, nthe nnon-custodial nparent. nHowever, nLauren ncan nstill nfile nas nHOH nand
nclaim nthe nEIC nand nChild nand nDependent nCare nCredit nbased non nAmy, nas nlong
nas nshe notherwise nqualify nfor nthem.
The nLife nLearning nCredit nis ndifferent nfrom nAmerican nOpportunity nCredit. nHowever,
nthey ndo nshare nsome nof nthe nsame nrequirements. nWhich nof nthe nfollowing
nrequirements nis ntrue nfor nboth neducation ncredits? n- nCorrect nAnswers n-D.
nTaxpayers nwho nuse nthe nfilling nstatus nof nMarried nFilling nSeparately nare nnot
neligible nto nclaim neither nthe nAmerican nOpportunity nor nLifetime nLearning nCredits.
Which nof nthe nfollowing nitems nis nnot ntax-deductible nas nan neducation nrelated
nexpense nfor nthe nLifetime nLearning nCredit
A. nRequired nbooks
B.Childcare nin norder nto nattend nclass
C. nTuition
D. nRequirement nfees n- nCorrect nAnswers n-B. nDaycare nis nnot na nqualifying neducation
nexpense. nFor npurposes nof nthe nLifetime nLearning nCredit, nqualified neducation
nexpenses nare ntuition nand ncertain nrelated nexpenses nrequires nfor nenrollment nand
nattendance nat nen neligible neducational ninstitution.
Edwin nis na nprofessional nbookkeeper. nHe ndecides nto ntake nan naccounting ncourse nat
nthe nlocal ncommunity ncollege nin norder nto nimprove nhis nskills. nEdwin nis nnot na
ndegree ncandidate. nWhich neducation ncredit ndoes nhe nqualify nfor?
A. nThe nAmerican nOpportunity nCredit
B. nThe nCollege nCredit
, C. nThe nLifetime nLearning nCredit
D. nThe nMortgage nInterest nCredit n- nCorrect nAnswers n-C. nThe nLifetime nLearning
nCredit. nHe nis nnot nqualify nfor nthe nAOC nbecause nhe nis nnot na ndegree ncandidate.
nThe nCollege nCredit ndoesn't nexist. nThe nMortgage nInterest nis nnot na neducation
ncredit.
Which nof nthe nfollowing nexpenses nis nnot na nqualified nadoption nexpense nfor nthe
npurposes nof nAdoption nCredit
A. nCourt ncost
B. nRe-adoption nexpenses nto nadopt na nforeign nchild
C. nAttorney nfees nfor na nsurrogate narrangement n
D. nTravel nexpense n- nCorrect nAnswers n-C. nThe ncost nof na nsurrogate narrangement
nis nnot na nqualified nadoption nexpense. nQualify nadoption nexpenses nare nexpenses
ndirectly nrelated nto nthe nlegal nadoption nof nan neligible nchild. nThese nexpenses
ninclude, nadoption nfees, ntravel nexpenses, nand nre-adoption nexpenses nto nadopt na
nforeign nchild.
Which ntax nform nis nused nto nclaim nan nAdoption nCredit?
A. nForm n8839
B. nForm n2815
C. nSchedule nA
D. nSchedule nC n- nCorrect nAnswers n-A. nForm n8839
Which nof nthe nfollowing ntaxpayers, nall nof nwhom nare ncovered nby nemployer
nretirement nplans, nare nentitled nto npartially ndeduction nfor ntheir ntraditional nIRA
ncontribution?
A. nEvan, nwho nis nsingle nand nhas na nmodified nAGI nof n$86,000
B. nConnie, nWho's nMFJ nand nhas na nmodified nAGI nof n$111,000
C. nGave, nwho nis nMFS nand nhas na nmodified nAGI nof n$8,500
D. nCalvin, nqualifying nwindowed, nmodified nAGI nof n$110,500 n- nCorrect nAnswers n-C.
nAccording nto nIRA ndeduction-out nranges, nGabe's nallowable ntraditional nIRA
ndeduction nis nreduced nbecause nhis nmodified nAGI nis nless nthan n$10,000. nAll nof nthe
nother ntaxpayers nlisted nhave nAGI nlimits nthat nexceed nthe nthreshold.
Hubert nand nFelicity nhave na nMAGI nof n$45,000. nThey nare nmarried nand nfile njoint
nreturn. nTwo nyears nago, nthey ntodos nout na nloan nso nHubert's nmother nMiranda ncould
nlearn nher ndegree. nThey ndo nnot nclaim nMiranda nas na ndependent non ntheir nreturn.
nIn n2010, nthey npaid n$3,000 nin nstudent nloan ninterest. nMiranda nalso nearn na
nscholarship nof n$2,000. nHow nmuch nstudent nloan ninterest ncan nHubert nand nFelicity
ndeduct non ntheir ntax nreturn? n- nCorrect nAnswers n-Because nhis nmother nis nnot ntheir
ndependent, nthey ncannot ndeduct nany npart nof nthe nloan nfrom ntheir nincome.
Which nIRS nform nis nused nto nreport na nnon-deductible nretirement nplan ncontributions?
A. nForm n8606
B. nForm n1040
C. nForm n8886
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