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Exam (elaborations)

H&R Block Income Tax Course Exam Questions With Solutions

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H&R Block Income Tax Course Exam Questions With Solutions Exemption from Withholding Status claimed on Form W-4 directing the employer not to withhold federal income taxes from the employee. Underpayment Penalty If a taxpayer did not pay enough tax on a timely basis during the year, he may b...

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  • October 19, 2024
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H&R Block Income Tax Course Exam
Questions With Solutions

Exemption from Withholding Status claimed on Form W-4 directing the employer not to

withhold federal income taxes from the employee.




Underpayment Penalty If a taxpayer did not pay enough tax on a timely basis during the

year, he may be required to pay an underpayment penalty.




Withholding Allowances An increase by which income tax withholding on certain income

is reduced.




Two Ways to Pay as You Go Withholding and Estimated Tax Payments




Form W-4 Employee's Withholding Allowance Certificate




Form 8815 Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After

1989




Form 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts

, H&R Block Income Tax Course Exam
Questions With Solutions

Form 4868 Application for Automatic Extension of Time To File U.S. Individual Income

Tax Return




Form 8888 Allocation of Refund




Form 9465 Installment Agreement Request




Amended Return A tax return filed on Form 1040X after the original return has been filed.




Closed Year A tax year for which the statute of limitations has expired.




Open Year A taxable year for which the statute of limitations has not yet expired.




Failure-to-File Penalty Generally 5% for each month or part of a month the return is late,

but not more than 25% of the tax not paid.

, H&R Block Income Tax Course Exam
Questions With Solutions
Failure to File Taxpayer fails to file the return by the due date, and there is a balance due.




Failure to Pay Taxpayer fails to pay the tax owed by the due date.




Failure-to-Pay Penalty 0.5% of the unpaid taxes for each month or part of a month after

the due date, but not more than 25%.




Negligence or Intentional Disregard Taxpayer shows negligence or disregard of the rules

or regulations causing an underpayment.




Negligence-or-Intentional-Disregard Penalty 20% of the underpayment.




Substantial Understatment Taxpayer understates their tax by the larger of $5,000 or 10%

of the correct tax.




Substantial-Understatement Penalty 20% of the underpayment.




Form 1040X Amended U.S. Individual Income Tax Return

, H&R Block Income Tax Course Exam
Questions With Solutions

When can an amended return be filed? Within three years of the date the original return

was filed, or within two years of the date the tax was paid, whichever is later.




Can the 1040X be e-filed? No.




Household Employee An individual who performs nonbusiness services in a taxpayer's

home.




Active Income and Losses Those for which a taxpayer performs services.




Partnership A form of business in which two or more persons join their money and skills

in conducting the business as co-owners.




Passive Income and Losses Those from business activities in which the taxpayer does not

materially participate, and all rental activities.

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