Exam (elaborations)
NEW UPDATED HR BLOCK FINAL TEST REVIEW (ITC 2024)
NEW UPDATED HR BLOCK FINAL TEST REVIEW (ITC 2024)
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UPDATED 2024 H&R BLOCK INCOMETAX COURSE WITH ACCURATE
ANSWERS
, UPDATED 2024 H&R BLOCK INCOME
TAX COURSE WITH ACCURATE
ANSWERS
W-2 Box 12 Code AA - CORRECT ANSWERSDesignated Roth contributions to a 401(k) plan.
W-2 Box 12 Code BB - CORRECT ANSWERSDesignated Roth contributions to a 403(b) salary reduction
agreement.
W-2 Box 12 Code CC - CORRECT ANSWERS(For employer use only) - HIRE exempt wages and tips.
W-2 Box 12 Code DD - CORRECT ANSWERSCost of employer-sponsored health coverage.
W-2 Box 12 Code EE - CORRECT ANSWERSDesignated Roth contributions under a governmental section
457(b) plan.
Circular 230 - CORRECT ANSWERSRegulations governing the practice of attorneys, certified public
accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS.
Disclosure - CORRECT ANSWERSThe release of tax information by an IRS employee.
Due Diligence - CORRECT ANSWERSRequirements that tax professionals must follow when preparing
income tax returns.
Noncompliance - CORRECT ANSWERSFailure or refusal to comply with the tax code.
Privilege - CORRECT ANSWERSProtection from being required to disclose confidential communications
between two parties, such as attorney and client.
,Estimated Tax - CORRECT ANSWERSThe amount of tax a taxpayer expects to owe for the year after
subtracting expected amounts withheld and certain refundable credits.
Estimated Tax Voucher - CORRECT ANSWERSA statement by an individual of (1) the amount of income
tax he estimates he will incur during the current taxable year on income that is not subject to
withholding, (2) the excess amount over that withheld on income which is subject to withholding, and
(3) his estimated self-employment tax.
Exemption from Withholding - CORRECT ANSWERSStatus claimed on Form W-4 directing the employer
not to withhold federal income taxes from the employee.
Underpayment Penalty - CORRECT ANSWERSIf a taxpayer did not pay enough tax on a timely basis
during the year, he may be required to pay an underpayment penalty.
Withholding Allowances - CORRECT ANSWERSAn increase by which income tax withholding on certain
income is reduced.
Two Ways to Pay as You Go - CORRECT ANSWERSWithholding and Estimated Tax Payments
Form W-4 - CORRECT ANSWERSEmployee's Withholding Allowance Certificate
Form 8815 - CORRECT ANSWERSExclusion of Interest From Series EE and I U.S. Savings Bonds Issued
After 1989
Form 2210 - CORRECT ANSWERSUnderpayment of Estimated Tax by Individuals, Estates, and Trusts
Form 4868 - CORRECT ANSWERSApplication for Automatic Extension of Time To File U.S. Individual
Income Tax Return
Form 8888 - CORRECT ANSWERSAllocation of Refund
Form 9465 - CORRECT ANSWERSInstallment Agreement Request
, Amended Return - CORRECT ANSWERSA tax return filed on Form 1040X after the original return has
been filed.
Closed Year - CORRECT ANSWERSA tax year for which the statute of limitations has expired.
Open Year - CORRECT ANSWERSA taxable year for which the statute of limitations has not yet expired.
Failure-to-File Penalty - CORRECT ANSWERSGenerally 5% for each month or part of a month the return
is late, but not more than 25% of the tax not paid.
Failure to File - CORRECT ANSWERSTaxpayer fails to file the return by the due date, and there is a
balance due.
Failure to Pay - CORRECT ANSWERSTaxpayer fails to pay the tax owed by the due date.
Failure-to-Pay Penalty - CORRECT ANSWERS0.5% of the unpaid taxes for each month or part of a month
after the due date, but not more than 25%.
Negligence or Intentional Disregard - CORRECT ANSWERSTaxpayer shows negligence or disregard of the
rules or regulations causing an underpayment.
Negligence-or-Intentional-Disregard Penalty - CORRECT ANSWERS20% of the underpayment.
Substantial Understatment - CORRECT ANSWERSTaxpayer understates their tax by the larger of $5,000
or 10% of the correct tax.
Substantial-Understatement Penalty - CORRECT ANSWERS20% of the underpayment.
Form 1040X - CORRECT ANSWERSAmended U.S. Individual Income Tax Return
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