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Enrolled Agent Exam Questions and Answers
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Enrolled Agent Exam Questions and Answers
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Enrolled Agent Exam Questions andAnswers
American iOpportunity iCredit i- iCorrect iAnswers i-a icredit ifor iqualified ieducation
iexpenses ipaid ifor ian ieligible istudent ifor ithe ifirst ifour iyears iof ihigher ieducation. iYou
ican iget ia imaximum iannual icredit iof i$2,500 iper ieligible istudent.
Eligible iStudent i- iCorrect iAnswers i-1. iNot iclaimed ian iAOC iin iany ifour iearlier itax
iyears
2. iHad inot icompleted ithe ifirst ifour iyears iof ipostsecondary ieducation ibefore i2011
3. iStudent iwas ienrolled iat ileast ihalf-time iin ia iprogram ileading ito ia idegree ifor iat ileast
ione iacademic iperiod ibeginning iin i2011;
4. iStudent ihad inot ibeen iconvicted iof iany ifederal ior istate ifelony ifor ipossessing ior
idistributing ia icontrolled isubstance ias iof ithe iend iof i2011.
Which iof ithe ifollowing istatements iis icorrect iregarding iForm i1095A, iHealth iInsurance
iMarketplace iStatement?
(A) iTaxpayers ido inot ineed iForm i1095A ito icomplete iForm i8962, iPremium iTax iCredit,
ito ireconcile iadvance
payments iof ithe ipremium itax icredit ior iclaim ithe ipremium itax icredit ion itheir itax ireturn
(B) iTaxpayers iwill ireceive iForm i1095A ito icomplete iForm i8962, iPremium iTax iCredit,
iif ithey ihave ibeen icovered iby ian iemployer iinsurance iplan ifor ithe ientire iyear
(C) iTaxpayers iwill iuse iForm i1095A ito icomplete iForm i8962, iPremium iTax iCredit, ito
ireconcile iadvance ipayments iof ithe ipremium itax icredit ior iclaim ithe ipremium itax icredit
ion itheir itax ireturn
(D) iTaxpayers iwill iattach ia iForm i1095A iwith itheir ireturn ito ireconcile iadvance
ipayments iof ithe ipremium itax
credit ior iclaim ithe ipremium itax icredit ion itheir itax ireturn i- iCorrect iAnswers i-C
Form i8962 iInstructions, ip. i2
American iOpportunity iCredit iAmount i- iCorrect iAnswers i-o i100% iof iqualified ituition i&
irelated iexpenses ipaid iby itaxpayer iis inot i> i$2,000
,o i25% iof iexpenses ipaid ias iexceeds i$2,000 ibut inot i$4,000
(AOC) iLimitations i- iCorrect iAnswers i-o iCredit ionly iallowed ifor iyear iif iat ileast i½ itime
istudent ifor ipart iof ithe iyear
o iOnly iallowed ifor ifirst i4 iyears iof ipostsecondary i
Denial iof icredit iif istudent iconvicted iof ifelony idrug ioffense
Two itaxpayers imarried ion iNovember i30. iThat isame iyear, ithe ihusband ienrolled iin ian
iaccredited icollege ito
further ihis icareer iand isubsequently ireceived ia iForm i1098-T, iTuition iStatement. iThe
iwife iwas iemployed iwith ian iincome iof i$45,000 iand ipaid ifor ithe ihusband's ieducation
iexpenses. iBased ion itheir icircumstances, iwhat iis ithe icorrect imethod ito ireport ithe
ieducation icredit? i
(A) iTaxpayers imust ifile ia ijoint ireturn ito iclaim ian ieducation icredit
(B) iBased ion ithe iwife's iAGI, ithey ido inot iqualify ito iclaim ian ieducation icredit
(C) iHusband iis iineligible ito iclaim ian ieducation icredit ibecause ithe iwife ipaid ihis
ieducation iexpenses
(D) iWife ishould ireport inonqualified ieducation iexpenses ion iForm i8863, iEducation
iCredits i(American iOpportunity
and iLifetime iLearning iCredits) i- iCorrect iAnswers i-A
IRC i§ i25A(g)(6); iInstructions ifor iForm i8863; ipage i2
The itaxpayer ihas ia ichild iunder ithe iage iof i24 iwho iis ia ifull-time istudent iin itheir i2nd
iyear iof icollege. iThe istudent iwill ibe iclaimed ias ia idependent ion ithe itaxpayer's ireturn.
The istudent's ieducational iexpenses iincluded i$8,000 ifor ituition iand iroom iand iboard iof
i$4,000.
The istudent ireceived ia i$5,000 ischolarship ifor ituition iuse ionly, ias iwell ias ian iadditional
i$2,500 ischolarship ito ipay iany iof ithe istudent's icollege iexpenses.
Which iof ithe ifollowing istatements iis icorrect, ibased ion ithe iinformation iabove? i
(A) iThe istudent ican iclaim ithe iAmerican iOpportunity icredit ion itheir ireturn ifor ituition
iexpenses iof i$2,500 iand
should ireport ias iincome i$2,000 iof ithe i$2,500 ischolarship
(B) iThe itaxpayer ican iclaim ithe iAmerican iOpportunity icredit ion itheir ireturn ifor ituition
iexpenses iof i$2,500, iand
the istudent ishould ireport ias iincome i$2,000 iof ithe i$2,500 ischolarship
(C) iThe itaxpayer ican iclaim ithe iAmerican iOpportunity icredit ion itheir ireturn ifor ituiti i-
iCorrect iAnswers i-B
IRC i§ i25A(i); iIRC i§ i117; iPublication i970, ipp. i5, i7
, Which iof ithe ifollowing isituations iwill idisqualify ia isingle iindividual ifrom iclaiming ithe
ipremium itax icredit? i
(A) iMarriage ito ian iindividual ienrolled iin ia iqualified ihealth iplan
(B) iIncrease iin ihousehold iincome ito i390% iof ithe ifederal ipoverty iline
(C) iInheritance iof i$1,100,000 inon-income iproducing ivacation ihome
(D) iBecoming ieligible ias ia idependent ion itheir iparent's ijoint itax ireturn i- iCorrect
iAnswers i-D
IRC i§ i36B(c)(1)(C); iPublication iTitle: i17, iChapter i37, iPremium iTax iCredit, iPgs. i246-
247; iPub i974;
Instructions ifor iForm i8962
To iavoid ithe ipenalty ifor inot ihaving iinsurance, itaxpayers imust ibe ienrolled iin iqualifying
ihealth icoverage, ialso icalled iminimum iessential icoverage. iAll iof ithe ifollowing iare
iexamples iof iminimum iessential icoverage iEXCEPT: i
(A) iCertain iinsurance icoverage ithat imay iprovide ilimited ibenefits. iThat iincludes, ibut iis
inot ilimited ito, ithe
following itypes iof iplans: istand-alone idental iand ivision, iaccident ior idisability iincome ior
iworkers' icompensation
(B) iEmployer-sponsored icoverage. iThat iincludes, ibut iis inot ilimited ito, ithe ifollowing
itypes iof iplans: ia iself-insured igroup ihealth iplan ifor iemployees, iretiree iand iCOBRA
icoverage
(C) iIndividual ihealth icoverage. iThat iincludes, ibut iis inot ilimited ito, ithe ifollowing itypes
iof iplans: ihealth iinsurance
purchased idirectly ifrom ian iinsurance icompany, ior iHealth iInsurance iMarketplace
(D) iCoverage iunder igovernment-sponsored iprograms. iThat iincludes, ibut iis inot ilimited
ito, ithe ifollowing itypes iof iplans: i- iCorrect iAnswers i-A
Publication i974, ip. i8
All iof ithe ifollowing iincome itypes iare ireported ion iForm i1099-MISC iEXCEPT:
(A) iNon-employee icompensation iover i$600
(B) iPayments imade ito ia iphysician ior isupplier ior iprovider iof imedical ior ihealthcare
iservices iof i$600 ior imore imade iin ithe icourse iof iyour itrade iof ibusiness
(C) iCanceled idebt ipayments iof i$600 iof imore
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