HRB 1-6 EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS
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Course
HRB 1-6
Institution
HRB 1-6
A taxpayer should include which of the following when figuring their federal gross income? - ACCURATE ANSWERS Gifts and inheritances.
Life insurance payments, if paid by reason of the death of the insured.
Meals and lodging provided for the convenience of the employer
Prizes and awards.
To av...
HRB 1-6 EXAM QUESTIONS WITH
GUARANTEED ACCURATE
ANSWERS
A taxpayer should include which of the following when figuring their
federal gross income? - ACCURATE ANSWERS✔✔ Gifts and
inheritances.
Life insurance payments, if paid by reason of the death of the insured.
Meals and lodging provided for the convenience of the employer
Prizes and awards.
To avoid the risk of penalties, tax preparers must abide by rules
regarding preparer tax identification numbers (PTINs). Which of the
following statements is TRUE regarding PTINs? - ACCURATE
ANSWERS✔✔ A)A PTIN is required semi-annually for anyone who
prepares or assists in preparing federal tax returns for compensation.
B)If a tax preparer does not have a PTIN, they can still prepare tax
returns for compensation.
C)The IRS may provide a PTIN to taxpayers who are victims of identity
theft.
D)The preparer must enter their PTIN on the tax return in the space
provided.
Tucker is an unmarried, 29-year-old taxpayer. He received the following
income for the year:
Wages: $44,500.
,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? -
ACCURATE ANSWERS✔✔ A)$44,500
B)$44,550
C)$51,500
D)$54,550
Lucca has a financial interest in a financial account in a foreign country.
Where should this be reported on his tax return? - ACCURATE
ANSWERS✔✔ Part I of the Schedule B (Form 1040).
Part II of the Schedule B (Form 1040).
Part III of the Schedule B (Form 1040).
Part II of Schedule 1 (Form 1040).
Omari (47) is single. He had wages of $45,950. In 2022, he opened an
interest-bearing savings account and received Form 1099-INT, Interest
Income, showing he had earned $16 of interest income for the year.
What amount of interest must be reported on his Form 1040? -
ACCURATE ANSWERS✔✔ $0
$8
$10
$16
, Vanida received workers' compensation due to an injury on the job.
When Vanida files her tax return, her workers' compensation income will
be: - ACCURATE ANSWERS✔✔ Fully taxable.
Nontaxable.
Partially taxable.
Taxable at the discretion of the employer.
Ricky and his wife, Sarah, are filing their tax return. Which of the
following statements regarding signing the return is NOT correct? -
ACCURATE ANSWERS✔✔ A joint return must be signed by both the
taxpayer and the spouse.
Every taxpayer must sign their own return.
When a tax return is filed electronically, there are no signature
requirements for the taxpayer.
When a taxpayer signs their tax return, they declare, under penalties of
perjury, that 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.
When tax returns are filed electronically, what is one way a taxpayer can
sign the return? - ACCURATE ANSWERS✔✔ Taxpayers may only use
a handwritten signature to sign the return.
The IRS will provide an Identity Protection Personal Identification
Number (IP PIN) used to sign the return.
There is no taxpayer signature requirement when a tax return is filed
electronically.
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