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HRB 1-6 quiz 100 QUESTIONS WITH SOLVED SOLUTIONS ALREADY PASSED
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10/10/24, 8:23 PMHRB 1-6 quiz
Jeremiah
Terms in this set (50)
Gifts and inheritances.
A taxpayer should include which of the
Life insurance payments, if paid by reason of the death of the insured.
following when figuring their federal gross
Meals and lodging provided for the convenience of the employer
income?
Prizes and awards.
A) A PTIN is required semi-annually for anyone who prepares or assists in preparing
To avoid the risk of penalties, tax preparers
federal tax returns for compensation.
must abide by rules regarding preparer tax
B) If a tax preparer does not have a PTIN, they can still prepare tax returns for
identification numbers (PTINs). Which of the
compensation.
following statements is TRUE regarding
C) The IRS may provide a PTIN to taxpayers who are victims of identity theft.
PTINs?
D) The preparer must enter their PTIN on the tax return in the space provided.
Tucker is an unmarried, 29-year-old A) $44,500
taxpayer. He received the following B)$44,550
income for the year: C)$51,500
Wages: $44,500. D)$54,550
Interest from a bank savings account: $50.
Unemployment compensation: $7,000.
Gift from his father: $3,000.
How much of Tucker's income is
considered earned income?
Part I of the Schedule B (Form 1040).
Lucca has a financial interest in a financial
Part II of the Schedule B (Form 1040).
account in a foreign country. Where should
Part III of the Schedule B (Form 1040).
this be reported on his tax return?
Part II of Schedule 1 (Form 1040).
Omari (47) is single. He had wages of $0
$45,950. In 2022, he opened an interest- $8
bearing savings account and received $10
Form 1099-INT, Interest Income, showing $16
he had earned $16 of interest income for
the year. What amount of interest must be
reported on his Form 1040?
Vanida received workers' compensation Fully taxable.
due to an injury on the job. When Vanida Nontaxable.
files her tax return, her workers' Partially taxable.
compensation income will be: Taxable at the discretion of the employer.
A joint return must be signed by both the taxpayer and the spouse.
Every taxpayer must sign their own return.
Ricky and his wife, Sarah, are filing their tax
When a tax return is filed electronically, there are no signature requirements for the
return. Which of the following statements
taxpayer.
regarding signing the return is NOT
When a taxpayer signs their tax return, they declare, under penalties of perjury, that
correct?
they have examined the return and accompanying schedules and statements, and to
the best of their knowledge and belief, they are true, correct, and complete.
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, 10/10/24, 8:23 PM
Taxpayers may only use a handwritten signature to sign the return.
When tax returns are filed electronically, The IRS will provide an Identity Protection Personal Identification Number (IP PIN)
what is one way a taxpayer can sign the used to sign the return.
return? There is no taxpayer signature requirement when a tax return is filed electronically.
This can be accomplished by using a personal identification number (PIN).
Compensation received for personal injuries and physical illness.
A taxpayer should include which of the First $5,250 of educational assistance from an employer's qualified educational
following when figuring their federal gross assistance program.
income? Qualified scholarships and fellowships.
Unemployment compensation.
Kiri and Divina are registered domestic Single.
partners. Neither had dependents they Married filing jointly.
could claim for 2022.What is Kiri's and Married filing separately.
Divina's correct and most favorable 2022 Qualifying surviving spouse.
filing status on the federal return?
The IRS requires paid tax preparers to keep Two years following the close of the tax return period in which the claim for refund
a completed copy of returns or claim for was requested.
refund; or retain some type of record, or Three years following the close of the tax return period in which the claim for refund
list, which includes the taxpayer's name, was requested.
identification number, and tax year. How Seven years following the close of the tax return period in which the claim for refund
long must these records be retained and was requested.
available for inspection? There is no limit to how long these records are kept.
Michael and Amina are married and lived in Michael: $20,000; Amina: $30,000.
a community property state the entire year. Michael: $40,000; Amina: $60,000.
Michael earned $40,000 in wages, and Michael: $50,000; Amina: $50,000.
Amina earned $60,000. If Michael and Michael: $100,000; Amina: $0.
Amina file separate returns, how much
income will be reported on their returns?
Dana, age 12, earned $800 in dividends, with no other income.
Gia, age 15, worked as a lifeguard all summer and earned $2,800 with no other
income.
Which of these individuals would be
Kyle, age 14, earned $1,000 in interest and had a $1,800 royalty from a family oil well.
subject to the "kiddie tax"?
He had no other income.
Paul, age 19, is taking a year off before starting college. He received $4,200 in
dividends with no other income.
January 31, 2023
What is the due date to file a 2022 Form
April 18, 2023
1040, U.S. Individual Income Tax Return, or
June 15, 2023
request an extension?
October 16, 2023
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