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IRS VITA-TCE Advanced Certification Exam Questions With Correct Answers.
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IRS VITA-TCE Advanced CertificationExam Questions With Correct Answers
Maximum Foreign Income Exclusion (Changes to 2016) - CORRECT ANSWER-Increased to
$101,300
Maximum Foreign Housing Exclusion (Changes to 2016) - CORRECT ANSWER-Increased to
$44.28 per day
Modified Adjusted Gross (AGI) Limit (IRAs and Other Retirement Plans) - CORRECT ANSWER-
*Max IRA Deduction remains at $5,500, ($6500 if age 50 older)
** If a taxpayer is covered by a retirement plan at work, the deduction for contributions to a
traditional IRA is reduced (phased out) if the modified AGI is:
**More than $98,000 but less than $118,000 for Married Filing Jointly taxpayers or Qualifying
Widow(er) if both spouses are covered by a retirement plan.
**More than $61,000 but less than $71,000 for a Single or Household or
**Less than $10,000 for Married filing separately
***For an IRA Contributor who is not covered by a workplace retirement plan and is Married to
someone who is covered, the deduction is phased out if the couple's income is between
$184,000 & $194,000
Revenue Procedure 2016-47 (Changes to 2016 NEW IRA Self-Certification Procedure) - CORRECT
ANSWER-Explains a self-certification procedure designed to help recipients of retirement plan
distributions who inadvertently miss the 60-day time limit for properly rolling these amounts
into another retirement plan or individual retirement arrangement (IRA). Eligible taxpayers can
qualify for a waiver of the 60-day time limit and avoid possible taxes and penalties on early
distributions, if they meet certain circumstances. Taxpayers who missed the time limit will now
IRS VITA-TCE Advanced Certification Exam Questions With Correct Answers
, ordinarily qualify for a waiver if one or more of 11 circumstances, listed in the revenue
procedure, apply:
**An error was committed by the financial institution making the distribution or receiving the
contribution.
**The distribution was in the form of a check and the check was misplaced and never cashed.
**The distribution was deposited into and remained in an account that the taxpayer mistakenly
thought was a retirement plan or IRA.
**Taxpayer's principal residence was severely damaged.
One of the taxpayer's family members died.
**Taxpayer or a family member was seriously ill.
**Taxpayer was incarcerated.
**Restrictions were imposed by a foreign country.
**A postal error occurred.
**The distribution was made on account of an IRS levy and the proceeds of the levy have been
returned.
**The party making the distribution delayed providing information that the receiving plan or
IRA required to complete the rollover despite reasonable efforts to obtain the information.
Standard & Itemized Deductions (Changes to 2016) - CORRECT ANSWER-The standard
deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has
increased. The standard deduction amounts for 2016 are:
**Married Filing Jointly or Qualifying Widow(er) - $12,600 (no change)
**Head of Household - $9,300 (increase of $50)*******
**Single or Married Filing Separately - $6,300 (no change)
Taxpayers who are 65 and Older or are Blind
For 2016, the additional standard deduction for taxpayers who are 65 and older or blind is:
IRS VITA-TCE Advanced Certification Exam Questions With Correct Answers
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