IRS EA SEE PART 1 EXAM
IRS EA SEE PART 1 EXAM WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
Which of the following forms might a taxpayer file if repaying the first-time
homebuyer credit? - ACCURATE ANSWER✅✅5405
Jerry received three employee achievement awards in 2014. One was a Blueray
DVD player valued at $250 that was given in a non-qualified award program. The
other two awards were given in a qualified award plan. These consisted of a home
theater system valued at $1,000 and a laptop computer valued at $500. How much
of these awards does Jerry include in his 2014 income? - ACCURATE
ANSWER✅✅
Chester and Mary, a married couple, have interest and dividends (investment
income) of $14,000. They have margin interest of $16,000, home mortgage interest
of $12,000, equity loan interest of $3,000 on a $50,000 loan, credit card interest of
$4,500 and automobile loan interest of $2,000. They have no tax-exempt
investments. What amount can they take as interest deductions after limitations? -
ACCURATE ANSWER✅✅
,Mr. Trump's butler, Gordon, has adjusted gross income of $120,000 and itemized
deductions of $6,000 for the 6-month period from January 1 through June 30. His
2014 exemptions total $15,800 (4 people). Gordon received an approved change to
his tax year and he must file a short tax year return. What is Gordon's taxable
income for his short year return? - ACCURATE ANSWER✅✅
Ricky, age 35, and Lucy, age 51, are married and file a joint return. Ricky is
covered by an employer plan. In 2014, Ricky had compensation of $50,000 and
Lucy had compensation of $2,000. Their Modified AGI was $200,000. What is the
amount of the deductible contribution that can be made for Lucy to her traditional
IRA for 2014? - ACCURATE ANSWER✅✅
Sheldon bought stock in the Big Bang Corporation in 2008 for $800. In 2014,
Sheldon received a capital distribution of $50. Sheldon's total capital distributions
for all prior years total $550. In 2014 Sheldon sold the stock for $3,000. What was
Sheldon's gain on the sale of his stock? - ACCURATE ANSWER✅✅
Susan paid $250 each month to send her daughter Roberta to after-school activities
so Susan could work during the year. Susan's AGI was $14,950. Roberta was in 8th
grade and celebrated her 13th birthday on July 1st. How much of the expenses can
Susan use to figure the child and dependent care credit? - ACCURATE
ANSWER✅✅
A taxpayer had adjusted gross income of $98,000 and a total tax liability in 2013 of
$20,000. In 2014, the taxpayer has a tax liability of $25,000. The taxpayer's
withholding was increased to $23,500. He will file his tax return for 2014 on April
10, 2015. To avoid the underpayment of estimated tax penalty, the taxpayer must: -
ACCURATE ANSWER✅✅
Alberta, who had not given taxable gifts in any prior year, gave her five children
the following gifts in 2014. A car to Richard $16,000 Cash to Elizabeth $14,000
Stock to John $10,500 Stock to Jane $9,500 Cash to Robert $5,000 From the
, information above, determine the amount, if any, of taxable gifts given by Alberta.
- ACCURATE ANSWER✅✅
Charlie Jones is preparing the Form 706, Estate Tax Return, for his brother John
who died. Charlie has identified gross estate items totaling $1,000,000.
Considering the following potential deductions and other information, what will be
John's estate?
•Funeral expenses paid out of the estate $10,000
•Value of the residence owned jointly with John's spouse that will pass to the
spouse (this property is included in the gross estate) $240,000
•Mortgage on residence $20,000
•Value of property given to charitable organizations per John's will $40,000 -
ACCURATE ANSWER✅✅
Are there exceptions to the 10% penalty on early distributions from a traditional
IRA? - ACCURATE ANSWER✅✅
All of the following types of accounts are permitted for Individual Retirement
Arrangements except: - ACCURATE ANSWER✅✅
you hire a household employee (who is an unrelated individual over age 18) to care
for your child and agree to pay cash wages of $100 every week. You expect to pay
your employee $1,900 or more for the year. If you decide to not withhold the
employee's share of social security and Medicare taxes and instead pay them from
your own funds, what is the weekly gross income you must report for the
employee's wages? - ACCURATE ANSWER✅✅
Sam uses his personal vehicle to make business deliveries. He submits the number
of miles he drives to his employer and is reimbursed an amount per mile which
exceeds the federal rate. Sam's actual expenses are more than the federal rate. His
