Exam (elaborations)
HRB FINAL EXAM 2023 /328 Questions With Complete Solutions Graded (A+)
- Module
- HRB FINAL EXAM 2023
- Institution
- HRB FINAL EXAM 2023
HRB FINAL EXAM 2023 /328 Questions With Complete Solutions Graded (A+)
[Show more]
Content preview
HRB FINAL EXAM 2023 /328 Questions WithComplete Solutions Graded (A+)
Quiz :What is the Difference between earned income and unearned income? -
√Answer :Earned income is received for services performed. Examples are
wages commissions, tips and generally farming and other business income .
Taxable income other than that received for services performed. Unearned
Income includes money received ro the investment of money or other
property, such as interest, dividends, and royalties. It also includes pensions
alimony, unemployment compensation and other income that is not earned
Quiz :If an employee thinks their Form W2 is incorrect, what should they do? -
√Answer :Employee should discuss with employer who issued the document
and request a W2C. If no help from employer, notify IRS. Tax prepaper can
then file a substitute.
Quiz :What information do you need to know to determine whether a
taxpayer is required to file a return? - √Answer :Gross income, filing status,
age and if they are a dependent
Quiz :For tax purposes, when is a person's marital status determined? -
√Answer :On the last day of the tax year
,Quiz :Where on the tax form can you find the regular standard deduction
amounts? - √Answer :Line 22 on 1040A, In the left margin at the top of the
page 2 of forms 1040 and 1040A. Look at actual form to look for line
Quiz :How much is added to the standard deduction if the taxpayer (or spouse
is age 65 or older, or blind? - √Answer :$1550 if unmarried, $1250 if married
Quiz :What is the personal exemption amount for 2016? - √Answer :$4,050
Quiz :What two amounts are combined to make up the gross income filing
requirments for most taxpayers? - √Answer :The standard deduction and the
personal exemption amounts
Quiz :Under what circumstances might a taxpayer be required to file a return
even though they do not meet the gross income filing requirements? -
√Answer :1. Has net employment of $400 or more net self employment 2. You
had unemployment income you owe medicare Advantage MSA, receive HAS,
Archer, MSA 3. Reeived an Advanced Premium Tax credit even if they didn't
otherwise have a filing requirment for the year *Tips, HSA, SE $400, PTC
Quiz :What is the difference between injured spouse allocation and innocent
spouse relief? - √Answer :The difference between injured spouse and
innocent spouse is significant in the eyes of the IRS. Both release you from an
income tax liability arising from a "married filing jointly" return but different
outcomes. Innocent spouse filed a joint return byt was unaware that their
spouse deliberately under reported tax liability. Injured spouse seeks to
protect his or her share of the refund in case it gets seized or offset due to the
other spouse's debts or unpaid obligations
Quiz :CHAPTER 3: DEPENDENT EXEMPTIONS AND SUPPORT - √Answer :
Quiz :What four requirements must be met for an individual to be claimed as a
dependent - √Answer :Must pass the dependent test, joint return test,
citizenship, qualifying child or relative
Quiz :What are the five tests for a qualifying child? - √Answer :1. Relationship
2. Age 3. Residency 4. Support 5. Joint Return
Quiz :How can a married individual meet the joint return test to remain a
qualifying child? - √Answer :They can meet this test by not filing a joint return
,with their spouse or they can file a joint return with their spouse if they are
filing only to claim a refund on any taxes withheld
Quiz :How can you determine who paid more than half of a person's support?
- √Answer :Total support is determined and reduced by the funds received by
and for the person from all sources other than the taxpaer. The remaining
support is considered to be provided by the taxpayer. Other sources might
include government support Worksheet for Determining Support
Quiz :What happens if an individual is a qualifying child of more than one
taxpayer? - √Answer :Generally, the custodial parent is the one in which the
child spent the most nights
Quiz :What happens when more than one taxpayer claims the same qualifying
child? - √Answer :Tie Breaker Rules apply : 1. The parent, if only one of the
persons is the childs parent 2. The parent with whom the child lived the
longest during the tax 3. The parents with the highest AGI if no parent can
claim the child as a qualifying child
Quiz :What four tests must be met for an individual to be considered a
qualifying relative? - √Answer :1. Not be a qualifying child, the person cannot
be the taxpayers qualifying child or the qualifying child of another taxpayer 2.
Relationship: Child, brother, sister, step sister, step brother, step father , step
mother, in-laws 3. Gross Income: gross income must be less than $4050 4.
Support: Taxpayer must provide more than half the support
Quiz :How can the gross income for a qualifying relative test be satisfied? -
√Answer :Gross income must be less than $4050 (Do not include tax exempt
income)
Quiz :What is the purpose of Form 2120 Multiple Support Declaration? -
√Answer :You only need 2120 multiple support declaration if you are claiming
someone other than a qualifying child as a dependent and there are two or
more people including yourself who provide support for the dependent
Quiz :How much is the child tax credit worth? - √Answer :$1,000
Quiz :What additional requirements must be met for a taxpayer to be eligible
to claim the Child Tax Credit for the qualifying child? - √Answer :1. Taxpayer 2.
Child must be under17 at the end of the year 3. Qualifying child must be
, claimed on tax payer returns 4. Qualifying child must be US Citizen US National
or resident of US
Quiz :Is the Child Tax Credit refundable or nonrefundable - √Answer :CTC is
nonrefundable the The additional child tax credit is refundable
Quiz :How much is the penalty if a paid prepaerer fails to meet the child tax
credit due diligence requirements - √Answer :$510 for each failure, for each
credit on each return Total Penalty max for return is $1530
Quiz :What is the first due diligence requirement for the EITC, CTC,ACTC, AOTC
and how does a paid preparer meet this requirement? - √Answer :Complete
and submit the form 8867. 1. Complete the form thoroughly and
conscientously read the form carefully 2. submit the form on every claim for
eitc, ctc/actc and aotc
Quiz :CHAPTER 4: DEPENDENT-RELATED FILING STATUS - √Answer :
Quiz :What filing statuses are available to taxpayers who are unmarried -
√Answer :1. Single 2. Head of Household 3. Qualifying widow(er)
Quiz :How may a married taxpayer qualify as unmarried for tax purposes? -
√Answer :Must be legally seperated under a decree of divorce or separate
maintenance or meet these requirements: 1. must file a separate return 2.
must have provided more than half the cost of maintaining a household 3. the
home must have been the principle place of abode
Quiz :What requirements must be met for a taxpayer to qualify to file as head
of household - √Answer :1. unmarried on the last day of year 2. paid more
than 1/2 to maintain home 3. taxpayer has qualifying child or relative or parent
Quiz :What are some of the costs of maintaining a home? - √Answer :Rent,
mortgage interest, real estate taxes, homeowner or renter insurance,
repairs/maintenance, utilities, food eaten in home
Quiz :What requirements must be met for a taxpayer to use the qualifying
wideo(er) status? - √Answer :1. Taxpayer's spouse died in either of the two
tax years immediately preceding the current tax year 2. Taxpayer paid over half
the cost of maintaining the household wich is home of their dependent son ,
stepson or step daughter for the entire year and cannot remarry
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HELLENAH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.13. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now