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IRS EA Exam 1 – Individuals Questions with 100- correct Answers
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IRS EA Exam 1 – Individuals Questions with 100- correct Answers
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IRS EA Exam 1 – Individuals Questionswith 100% correct Answers
FBAR i(FinCEN iForm i114) i- iCorrect iAnswers i-Officially iApril i15 i(automatic iextension
ito iOct i15), inot ifiled iwith ithe iIRS. i(Electronically ithrough iBSA iw-filing ito iFinCEN).
Required iif iperson i(even ichildren) ihas ia ifinancial iinterest ior isignature iauthority i(co-
owns) iover iat ileast ione iaccount ilocated ioutside ithe iUS iand ithe iaggregate ivalue
iexceeded i$10,000 iat iany itime iduring ithe icalendar iyear.
A inon-willful ifailure ito ifile icould iresult iin icivil ipenalties iof i$10,000 iper iyear. iA iwillful
ifailure ito ifile icould iresult iin ithe igreater iof i$100,000 ior i50% iof ibalance iper iyear.
iCriminal ipenalties icould iapply ias iwell.
Deemed iexemption iamount i- iCorrect iAnswers i-$4,200 ifor iqualifying irelative i(they
ican't imake imore ithan ithis iif iyou iwant ito iclaim ithem ias ia idependent, idoesn't iapply ito
iyour iown ichild).
Dependent iTests i- iCorrect iAnswers i-Dependent iTaxpayer i(can't iclaim ia idep iif iyou
ican ibe iclaimed iyourself)
Joint iReturn i(can't ifile ia ijoint ireturn iand ibe iclaimed ias ia idependent ion isomeone
ielse's ireturn iunless iyou ionly ifile ifor irefund)
Citizenship ior iResidency i(must ibe ia icitizen ior iresident iof iUS, iCanada, ior iMexico)
Qualifying iChild ivs iRelative i- iCorrect iAnswers i-Under i19 ior iunder i24 iand ia ifull itime
i(5 imonths) istudent iOR iany iage iand ipermanently idisabled.
Related iby iblood, imarriage, ior ilegal iadoption ior ia ifoster ichild iplaced iby igovernment
iagency.
Lived iwith itaxpayer ifor imore ithan ihalf ithe iyear.
Cannot iprovide imore ithan ihalf itheir iown isupport i- iwelfare idoesn't icount, isocial
isecurity ibenefits iof ichild ido.
Qualifying irelative ithat iis inot irelated ito itaxpayer imust ilive iwith ithem iin iorder ito ibe
iclaimed ias ia idep. iIf irelated, ithey idon't ihave ito ilive iwith ithe itaxpayer.
,Multiple iSupport iAgreement i- iCorrect iAnswers i-two ior imore ipeople icombined ito ipay
ifor imore ithan i50% iof ithe iqualifying irelative's isupport, imust iprovide iMORE ithan i10%
ito iclaim ias ia idependent
Standard ideduction iMFJ/QW i- iCorrect iAnswers i-$24,400
Standard ideduction iSingle/MFS i- iCorrect iAnswers i-$12,200
Standard ideduction iHoH i- iCorrect iAnswers i-$18,350
Additional iStandard iDeduction ifor iAge i65 iand iolder ior iBlind i- iCorrect iAnswers i-
$1,300 i(MFJ, iQW, iMFS)
$1,650 i(Single, iHoH)
If ia itaxpayer idies ibefore ihis i65th ibirthday ithen ithe iadditional istandard ideduction ifor
ibeing i65 idoes inot iapply.
Must ibe iblind ion ilast iday iof itax iyear iand ihave ia istatement ifrom ian ieye idoctor.
Standard iDeduction i- iDependent iof ianother itaxpayer i- iCorrect iAnswers i-Lesser iof:
1) igreater iof i$1,100 ior iearned iincome i+ i$350
2) i$12,200
Filing iThresholds i- iCorrect iAnswers i-Single i$12,200 i(65 ior iolder i$13,850)
HofH i$18,350 i($20,000)
MFJ/QW i$24,400 i(27,000 iif iboth ispouses i65)
MFS i$5
Other iFiling iThresholds i- iCorrect iAnswers i-Self-employment iincome iof i$400 ior imore
Church iemployee ithat iis iexempt ifrom itax iwith iincome iof i$108.28
1095-A, iHSA/MSA idistribution i
Owe ihousehold iemployee itax i(can ifileSch iH iby iitself)
Additional itax ion iqualified iretirement iplans
IRA iContribution iLimits i- iCorrect iAnswers i-$6,000 i($7,000 ifor i50 ior iolder)
Roth iIRA ilimit iphaseout
$193,000-$203,000 iMFJ
$122,000-$137,000 iSingle iand iHofH
$0-$10,000 iMFS
Annual iexclusion ifor igifts i- iCorrect iAnswers i-Each idonor ican igive i$15,000 iper iyear
iper idonee i(without ipaying igift itaxes)
$11,400,000 iestate iand igift itax iexclusion iover ilife i($22,800,000 ifor imarried icouples)
The iuse iof iany iportion iof ithis iexclusion iamount ito ireduce ipayment iof igift itaxes iduring
ithe itaxpayer's ilifetime iwill ireduce ithe iamount iavailable iat ideath.
, Nanny iTax iThreshold i- iCorrect iAnswers i-$2,100 i( ithat iand iabove ithen ithe iemployee
imust ipay iand iwithhold ifederal iFICA itaxes. iFUTA itaxes irequired iif ithey ipay i$1,000 ior
imore iin ia iquarter).
Employer imust ithen ifile iSchedule iH
Kiddie iTax i- iCorrect iAnswers i-Unearned iincome ilimit iof i$2,200 ifor iup ito i18 iyears iold
i(24 ifor icertain iindividuals). iIt iis ithe itax ion ia ichild's iunearned iincome ibased ion ithe
ichild's iparents' imarginal irate ior iestate iand itrusts irates.
The ifirst i$1,100 iis itax ifree. iThe isecond i$1,100 iis itaxed iat ichild's irate. iThen ianything
iabove ithat iis itaxed iat iestate iand itrust itax irates ior iparents imarginal irate. iOnly
iassessed iif ithe ichild ihad iat ileast ione iparent ialive.
Social iSecurity iMax iWage/Rate i- iCorrect iAnswers i-$132,900 i
12.4% ifor iself iemployed, i6.2% ifor iemployees
Medicare iTax iRate i(no iceiling) i- iCorrect iAnswers i-2.9% ifor iself iemployed i
1.45% ifor iemployees
Additional iMedicare iTax i- iCorrect iAnswers i-0.9% iMedicare itax ion iwages/earned
iincome iexceeding i$250,000 iMFJ i/ i$200,000 iHH, iQW, iS i/ i$125,000 iMFS
NIIT i(Net iInvestment iIncome iTax) i- iCorrect iAnswers i-The ilesser iof i3.8% iof inet
iinvestment iincome ior ithe iamount iMAGI iabove
$200,000 iS iand iHofH
$250,000 ifor iMFJ iand iQW
$125,000 ifor iMFS
$12,750 iEstates iand iTrusts
Not iimposed ion inonresident ialiens.
Investment iincome iincludes iinterest iincome i(unless itax iexempt), idividends iand icapital
igains, irental iand iroyalty iincome, inon iqualified iannuities, iincome ifrom ipassive
ibusiness iactivities. iDoesn't iinclude iwages, iSE iincome, isocial isecurity ibenefits,
iveterans ibenefits, iunemployment icompensation, ialimony, ior iretirement iincome.
Child iTax iCredit iPhaseout i- iCorrect iAnswers i-MFJ i$400,000
All iothers i$200,000
Foreign iIncome iExclusion i- iCorrect iAnswers i-$105,900
Must ibe ia iUS icitizen ior ia ilegal iresident ialien. iDoesn't iapply ito imembers iof iarmed
iforces iand icivilian iemployees iof iIS igovernment.
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