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Enrolled Agent - Exam 1 Questions and Answers
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Enrolled Agent - Exam 1 Questions andAnswers
Qualifying iChild iTest i- iCorrect iAnswers i-1. iRelationship iTest
2. iAge iTest
3. iResidence iTest
4. iSupport iTest
W-2G i- iCorrect iAnswers i-Certain iGambling iWinnings
Form i1099-B i- i- iCorrect iAnswers i-Proceeds ifrom iBroker iand iBarter iExchange
iTransactions
Form i1099-C i- i- iCorrect iAnswers i-Cancellation iof iDebt
Form i1099-DIV i- i- iCorrect iAnswers i-Dividends iand iDistributions
Form i1099-G i- i- iCorrect iAnswers i-Certain iGovernment iPayments
Form i1099-INT i- iCorrect iAnswers i-Interest iIncome
Form i1099-MISC i- i- iCorrect iAnswers i-Miscellaneous iIncome
Rents, iPrize iawards, iCrop iInsurance, iFishing iboat
Form i1099-NEC i- i- iCorrect iAnswers i-Nonemployee iCompensation
Form i1099-OID i- i- iCorrect iAnswers i-Original iIssue iDiscount
Form i1099-PATR i- i- iCorrect iAnswers i-Taxable iDistributions iReceived iFrom
iCooperatives
Form i1099-Q i- i- iCorrect iAnswers i-Payments iFrom iQualified iEducation iPrograms
i(Under iSections i529 iand i530)
Form i1099-R i- i- iCorrect iAnswers i-Distributions iFrom iPensions, iAnnuities, iRetirement
ior iProfit-Sharing iPlans, iIRAs, iInsurance iContracts, ietc.
,Form i1099-S i- i- iCorrect iAnswers i-Proceeds iFrom iReal iEstate iTransactions
Form i1099-SA i- i- iCorrect iAnswers i-Distributions iFrom ian iHSA, iArcher iMSA, ior
iMedicare iAdvantage iMSA
Schedule iK-1 i(Form i1065) i- i- iCorrect iAnswers i-Partner's iShare iof iIncome,
iDeductions, iCredits, ietc.
Schedule iK-1 i(Form i1120-S) i- i- iCorrect iAnswers i-Shareholder's iShare iof iIncome,
iDeductions, iCredits, ietc.
Nondeductible iexpenses iinclude: i- iCorrect iAnswers i-Rent iand iinsurance ipremiums
ipaid ifor ithe itaxpayer's iown idwelling;
Life iinsurance ipremiums ipaid iby ithe iinsured;
Upkeep iof ia ipersonal iautomobile;
Personal iinterest; iand
Payments ifor ifood, iclothing, ior idomestic ihelp.
AMT i- iCorrect iAnswers i-alternative iminimum itax
Report iof iForeign iBank iand iFinancial iAccounts i- iCorrect iAnswers i-Generally, iany
iU.S. icitizen, iresident, ior iperson idoing ibusiness iin ithe iUnited iStates iwho ihas ian
iownership iinterest iin, ior isignatory iauthority ior iother iauthority iover, ia ifinancial iaccount
i(or iseveral iaccounts) iin ia iforeign icountry iwith ian iaggregate ivalue iin iexcess iof
i$10,000 iat iany itime iduring ithe icalendar iyear imust ifile ia iForm iFinCEN iReport i114,
iReport iof iForeign iBank iand iFinancial iAccounts i(commonly ireferred ito ias ian iFBAR)
Due iDate ifor iFiling ifor iTaxes i- iCorrect iAnswers i-An iautomatic iextension iof i6 imonths
iis iprovided ifor ian iindividual iwho ifiles iForm i4868 ior iuses ia icredit icard ito imake ithe
irequired itax ipayment ion ior ibefore ithe iinitial idue idate.
A iU.S. icitizen ior iresident iwho iis ion imilitary ior inaval iduty ioutside ithe iU.S. i(or iPuerto
iRico) ion iApril i15 iis igiven ian iautomatic i2-month iextension iwithout ithe inecessity iof
ifiling iForm i4868. iFiling iof iForm i4868 iduring ithe i2 imonths iwill iallow ianother i4-month
iextension.
The idue idate ifor ia idecedent's ifinal ireturn iis ithe idate ion iwhich ithe ireturn iwould ihave
ibeen idue iif ideath ihad inot ioccurred.
A iForm i1040-NR inonresident ialien's itax ireturn i(when inot isubject ito iwage iwithholding)
imust ibe ifiled iby ithe i15th iday iof ithe i6th imonth iafter ithe iclose iof ithe itax iyear i(unless
,iextended). iA inonresident ialien imust ifile ihis ior iher itax ireturn ion ithe i15th iday iof ithe
i4th imonth iafter ithe iclose iof ithe itax iyear i(unless iextended) iif ihis ior iher iwages iare
isubject ito iwithholding.
Employers iare irequired ito ikeep irecords ion iemployment itaxes iuntil iat ileast i_____
iyears iafter ithe idue idate iof ithe ireturn ior ipayment iof ithe itax. i- iCorrect iAnswers i-4
iyears
In idetermining iif ia itaxpayer iqualifies ifor ihead iof ihousehold ifiling istatus, ithe imarried
itaxpayer iis iconsidered iunmarried iif iall ithe ifollowing irequirements iare imet: i- iCorrect
iAnswers i-The itaxpayer ifiled ia iseparate ireturn.
The itaxpayer ipaid imore ithan ihalf ithe icost iof ikeeping iup ithe ihome ifor ithe itax iyear.
The itaxpayer's ispouse idid inot ilive iin ithe ihome iduring ithe ilast i6 imonths iof ithe itax
iyear.
The ihome iwas, ifor imore ithan ihalf ithe iyear, ithe imain ihome iof ithe itaxpayer's ichild,
istepchild, ior iadopted ichild iwhom ithe itaxpayer ior ithe inoncustodial iparent ican iproperly
iclaim ias ia idependent.
The itaxpayer imust ibe iable ito iclaim ithe ichild ias ia idependent.
Household iMaintenance i- iCorrect iAnswers i-Qualifying iExpenditures i- iProperty iTaxes,
iMortgage iInterest, iRent, iUtilities, iUpkeep, iRepair, iProperty iinsurance, ifood iconsumed
iin-home
Additional iStandard iDeduction i- iCorrect iAnswers i-An iindividual iwho ihas iattained ithe
iage iof i65 ior iis iblind iis ientitled ito ithe iamount.
The iindividual iis ientitled ito ithe iamount iif i(s)he iattains iage i65 ibefore ithe iend iof ithe
itax iyear
A iperson iwho ibecomes iblind ion ior ibefore ithe ilast iday iof ithe itaxable iyear iis ientitled ito
ithe iamount.
Standard iDeductions i- iCorrect iAnswers i-Married iFiling iJointly i- i$25,100
Qualifying iWidow(er) i- i25,100
Head iof iHousehold i- i18,800
Single i(other ithan iabove) i- i12,550
Married iFiling iSeparately i-12,550
John iand iLinda iSmith iare ia ichildless imarried icouple iwith ino iother idependents iwho
ilived iapart ifor iall iof ithe icurrent iyear. iOn iDecember i31 iof ithe icurrent iyear, ithey iwere
, ilegally iseparated iunder ia idecree iof iseparate imaintenance. iBased ion ithe ifacts, iwhich
iof ithe ifollowing iis ithe ionly ifiling-status ichoice iavailable ito ithem ifor ithe icurrent iyear? i-
iCorrect iAnswers i-Single.
The idetermination iof iwhether ian iindividual iis imarried iis imade ias iof ithe iclose iof ithe
itaxable iyear, iso iJohn iand iLinda iare iboth isingle ifor ithe icurrent iyear i(Publication i17).
iCouples iunder ia iseparate imaintenance iagreement iare inot iconsidered imarried.
Joe iis i37 iyears iold. iHis iwife idied iduring ithe itax iyear, iand ihe ihas inot iremarried. iHis
ideceased iwife ihad ino iincome. iHe ihas itwo iminor ichildren iliving iwith ihim. iJoe ipaid iall
iof ithe icosts ifor ikeeping iup ihis ihome ifor ithe itax iyear, iand ihe ihas ipaid ifor iall iof ithe
isupport iof ihis iwife iand ithese ichildren. iThe ifiling istatus iwith ithe ilowest itax irate ifor
iwhich iJoe iqualifies iis i- iCorrect iAnswers i-Married ifiling ijointly.
Publication i501 istates, i"If iyour ispouse idied iduring ithe iyear, iyou iare iconsidered
imarried ifor ithe iwhole iyear ifor ifiling istatus ipurposes. iIf iyou ididn't iremarry ibefore ithe
iend iof ithe itax iyear, iyou ican ifile ia ijoint ireturn ifor iyourself iand iyour ideceased ispouse.
iFor ithe inext i2 iyears, iyou imay ibe ientitled ito ithe ispecial ibenefits idescribed ilater iunder
iQualifying iWidow(er)" i(Publication i17).
Which idependent irelative idoes iNOT ihave ito ilive iin ithe isame ihousehold ias ithe
itaxpayer iclaiming ihead iof ihousehold ifiling istatus? i- iCorrect iAnswers i-Mother i/ iFather
Section i2(b) iprovides ihead iof ihousehold istatus ifor ian iunmarried itaxpayer iwho
imaintains ia ihousehold ithat iconstitutes ithe iprincipal iplace iof iabode iof ithe itaxpayer's
ifather ior imother, ibut ionly iif ithe itaxpayer iis ientitled ito iclaim ithe iparent ias ia
idependent. iThe itaxpayer iis iconsidered ias imaintaining ia ihousehold ionly iif i(s)he
ifurnishes iover ihalf iof ithe icost iof imaintaining iit. iIn ithe icase iof ianyone iother ithan ithe
itaxpayer's ifather ior imother, isuch iperson(s) imust iactually ioccupy ithe itaxpayer's iown
ihousehold ifor ithe itaxpayer ito ibe iconsidered ia ihead iof ihousehold i(Publication i17).
Mr. iTodd, iwho iis i43 iyears iold, ihas ilived iapart ifrom ihis iwife isince iMay i2021. iFor
i2021, ihis itwo ichildren, iwhom ihe ican iclaim ias idependents, ilived iwith ihim ithe ientire
iyear, iand ihe ipaid ithe ientire icost iof imaintaining ithe ihousehold. iAssuming ithat iMr.
iTodd icannot iqualify ito ifile ia ijoint ireturn ifor i2021, ihe imust, inevertheless, ifile ia ireturn iif
ihis igross iincome iis iat ileast i- iCorrect iAnswers i-$18,800
Generally, ia itaxpayer imust ifile ia itax ireturn iif ithe itaxpayer's igross iincome iequals ior
iexceeds ihis ior iher istandard ideduction i[Sec. i6012(a)]. iStandard ideductions iin i2021
iare i$25,100 ifor imarried ifiling ijointly, i$18,800 ifor iheads iof ihousehold, iand i$12,550 ifor
isingle iindividuals i(Publication i501). iA itaxpayer iwho ihas itwo ichildren iand ifiles ias
ihead iof ihousehold imust ifile ia ireturn iif ihis ior iher igross iincome iequals ior iexceeds
i$18,800.
Ms. iMaple, ia isingle iwoman iage i65, iretired iin i2021. iPrior ito iher iretirement, ishe
ireceived ia i$6,000 ibonus iplus i$5,250 iin iwages. iAfter iher iretirement, ishe ireceived
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