1040 a 1040 form - Study guides, Class notes & Summaries

Which of the following is considered earned income? C CORRECT ANSWER a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A CORRECT ANSWER a) Tax Tables b) Tax Computation Worksheet c) Qualified Dividends and Capital Gain Tax Worksheet d) Schedule D Tax Worksheet Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369....

H & R Block Final Exam Review (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Devan and Amber adopted a child with special needs in a domestic adoption. They had $5,500 in qualified adoption expenses in 2023, and the adoption was finalized on December 18, 2023. Their modified adjusted gross income is $210,000. Assuming all requirements are met, what is the maximum adoption credit they can claim in 2023? a) $5,500 b) $14,300 c) $14,890 d) $20,390 ...

H & R Block Final Exam Review (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Graded A QUESTION Which of these would be fully deductible in 2022 on Schedule A (Form 1040), Itemized Deductions? a) Investment interest expense of $800 with investment income of $900. b) Investment interest expense of $1,200 with investment income of $1,100. c) Investment interest expense of $1,900 with $1,350 in investment income. d) Investment interest expense of $1,400 with i...

HR BLOCK Final Test Review Questions And Answers With Verified Study Solutions Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of ho...

A taxpayer should include which of the following when figuring their federal gross income? : Gifts and inheritances. Life insurance payments, if paid by reason of the death of the insured. Meals and lodging provided for the convenience of the employer Prizes and awards. To avoid the risk of penalties, tax preparers must abide by rules regarding preparer tax identification numbers (PTINs). Which of the following statements is TRUE regarding PTINs? : A)A PTIN is required semi-annually ...

VITA Basic Exams Bundled Together | Questions and Verified Answers| 100% Correct| Grade A Q: Larry and Zelda are married but will not file a joint return. Both are under 65.Larry's gross income from wages is $30,150, and Zelda's is $4,100.Which of the following is true? A. Just Larry is required to file B. Just Zelda is required to file C. Both Larry and Zelda are required to file D. Neither Larry nor Zelda must file Answer: C. Both Larry and Zelda are required to file Taxpayers o...

Which of the following is considered earned income? C a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A a) Tax Tables b) Tax Computation Worksheet c) Qualified Dividends and Capital Gain Tax Worksheet d) Schedule D Tax Worksheet Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88. B a)...

Solution Manual with Appendix For Income Tax Fundamentals 2023, 41st Edition By Gerald E. Whittenburg, Steven Gill-Group 1 – Multiple Choice Questions 1-1 1. D The income tax includes elements of social and economic policy (LO 1.1) 2. C The income tax was authorized by the 16th Amendment in 1913 (LO 1.1) 3. C The 1040A and 1040-EZ no longer exist and the 1120 is for corporations (LO 1.2) 4. D Partnerships use Form 1065 to report income tax information. A partner will report ...

VITA Basic Exam (New Update) Questions and Verified Answers| 100% Correct| Graded A QUESTION True or False? If a taxpayer wants to know about the Presidential Election Campaign Fund they can find that information in Publication 17. Answer: True- The index in Publication 17 links to a paragraph in the chapter on Filing Information. QUESTION Larry and Zelda are married but will not file a joint return. Both are under 65. Larry's gross income from wages is $30,150, a...

A taxpayer should include which of the following when figuring their federal gross income? Gifts and inheritances. Life insurance payments, if paid by reason of the death of the insured. Meals and lodging provided for the convenience of the employer Prizes and awards. To avoid the risk of penalties, tax preparers must abide by rules regarding preparer tax identification numbers (PTINs). Which of the following statements is TRUE regarding PTINs? A)A PTIN is required semi-annually for ...