VITA Basic Exam All Possible Questions and Answers with complete solution

What is the most advantageous filing status allowable that Joe can claim on his taxreturn for 2021? - Answer Head of Household Joe can claim a higher standard deduction because he is blind. - Answer True Chris and Marcie cannot claim the Earned Income Tax Credit (EITC) because theyare too young and have no qualifying children. - Answer false Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021 taxreturn. - Answer false Which of the Reynolds children qualifies for the child tax credit (CTC)? - Answer Laura and Timothy Archie and Tina will not itemize deductions but can deduct the full amount of theircharitable contribution. - Answer false The Brooks qualify for the Credit for Other Dependents. - Answer True The Brooks qualify for the Earned Income Tax Credit. - Answer false Alan cannot claim the Earned Income Tax Credit because his age is more than theage limit. - Answer False . Alan must take a required minimum distribution in 2021. - Answer false Bobbie can exclude his unemployment compensation on his 2021 tax return. - Answer False Bobbie is eligible for the following credit: - Answer American Opportunity Credit Lifetime learning creditearned income credit ??? Bobbie can claim the student loan interest deduction on his tax return. - Answer true false Fred and Wilma Jones can claim the Credit for Other Dependents. - Answer True What is the total amount of federal income tax withholding shown on theJones' Form(s) W-2 and 1099? - Answer $6100 5200 2700 ???? The taxable amount of Fred's Social Security is $7,650.00 - Answer True Which of the following statements are true? - Answer Qualified dividends are reported on Form 1099- DIV. Qualified dividends are part of the total ordinary dividends. Qualified dividends qualify for lower, long-term capital gains tax rates. ???? Sheila's most advantageous filing status allowable is - Answer HOH Which child qualifies Shelia for EITC? - Answer Rebecca