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Exam (elaborations)

HR Block Review Exam Questions With Solutions

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HR Block Review Exam Questions With Solutions Dec 31 Marital status determined Earned Income Tax Credit Investment income limit $3500 No QC age 25-65 Max credit $6431 with 3+ QC QBI Deduct 20% of individuals qualified gross business income MFS minimum requirement to file = $5 Qualifying Re...

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  • October 19, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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HR Block Review Exam Questions With
Solutions

Dec 31 Marital status determined




Earned Income Tax Credit Investment income limit $3500


No QC age 25-65

Max credit $6431 with 3+ QC




QBI Deduct 20% of individuals qualified gross business income




MFS minimum requirement to file = $5




Qualifying Relative 1. Not a QC


2. Relationship/Household

3. Gross Income

4. Support




$4150 QR income must be less than this amount

, HR Block Review Exam Questions With
Solutions

Earned Income Received for services performed




Lifetime Learning Credit calculated by using 20% of the first 10,000 of qualifying

expenses per return, per year




Other Dependent Tax Credit nonrefundable credit 500/person qualifying dependent.


US citizen, national or resident




Refundable A credit for which the IRS will send the taxpayer a refund for any amount in

excess of the taxpayers tax liability




Rollover takes money out of IRA and puts it into another IRA




Schedule B form required when taxable interest or ordinary dividend income exceeds

$1500




Traditional IRA maximum contribution $5500 < age 50;

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