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Enrolled Agent Part 1 The Income Tax Return Exam Questions and Answers
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Enrolled Agent Part 1: The Income TaxReturn Exam Questions and Answers
Gross iIncome i- iCorrect iAnswers i-All itaxable imoney, igoods, iproperty, iand iservices
When ido iyou iinclude iSocial iSecurity ibenefits iin igross iincome? i- iCorrect iAnswers i-If
iyou iwere imarried, iliving iwith iyour ispouse iat iany itime iand ifiling ia iseperate ireturn
Half iyour iSS ibenefits i+ iother igross iincome i+ itax-exempt iinterest i> i$25,000 ior
i$32,000 iif ifiling ijointly.
When iis ifiling istatus idetermined? i- iCorrect iAnswers i-Dec i31
Who imust ifile itaxes? i- iCorrect iAnswers i-Citizens ior iresidents iof iUS
Residents iof iPuerto iRico
Dependents
Full-time istudents iunder i24
Children iunder i19
Self-employed ipersons
Aliens
What itypes iof iAliens iare ithere? i- iCorrect iAnswers i-Resident
nonresident
dual-status i(part-time iresident)
What iis ithe imaximum iyou ican iearn iand istill ibe ia idependent? i- iCorrect iAnswers i-
$4050
When imust idependents iwho iaren't iblind, imarried ior iover i65 ifile? i- iCorrect iAnswers i-
unearned iincome i> i$1050
earned iincome i> i$6300
gross iincome i> i$1050 ior iearned iincome i+ i$350
When imust imarried idependents iwho iaren't iblond ior iover i65 ifile? i- iCorrect iAnswers i-
same irules ias isingle idependents
gross iincome i> i$5 iand ispouse ifiles iseperately iand iitemizes ideductions
, When ishould iyou iuse iForm i1040EZ? i- iCorrect iAnswers i-taxable iincome i< i$100,000
don't iclaim iany iadjustments ior icredit
don't iclaim iany idependents
income iis ionly itips, iwages, isalaries, iand iunemployment.
When ishould iyou iuse iForm i1040A? i- iCorrect iAnswers i-If iyou ihave iall iof ithe ifollowing
iin iaddition ito iWSTU: iINterest, idividends, icaptain igains, iIRA, iPensions iand iannuities,
iand iTaxable ischolarships.
What iis ithe iimportant icharacteristic iof iForm i1040? i- iCorrect iAnswers i-Allows iyou ito
imake iitemized ideducations.
When ishould iyou iuse iForm i1040? i- iCorrect iAnswers i-When iyou iearn i$100,000 ior
imore.
Which iareas iare ieligible ifor icombat izone iextension? i- iCorrect iAnswers i-Arabian
iPenninsula, iKosovo, iAfghanistan.
Define ifiscal iyear i- iCorrect iAnswers i-a i12-month iperiod iending ion ithe ilast iday iof iany
imonth iexcept iDecember.
What idoes ia iW-2 icontain? i- iCorrect iAnswers i-Statement ifrom iyour iemployer iof
iwages iand iother icompensation ipaid iand itaxes iwithheld ifrom iyour ipay.
What idoes iForm i1099-R icontain? i- iCorrect iAnswers i-Federal iincome itax iwithheld.
What iis ithe ipolicy iof irounding ioff inumbers? i- iCorrect iAnswers i-You imay iround, ibut
iyou imust iapply iit ito iALL iamounts.
What iis ithe ipenalty ifor iwriting ia ibad icheck? i- iCorrect iAnswers i-$25 ior i2% iof ithe
icheck, iwhichever iis imore.
What iis ithe iinterest ipolicy? i- iCorrect iAnswers i-You ipay iinterest ion iany itax iyou idon't
ipay iby ithe idue idate, iand iit iis icharged ieven iif iyou iget ian iextension.
What itypes iof iCivil ipenalties iare ithere? i- iCorrect iAnswers i-Failure ito ifile
Return iover i60 idays ilate
Paying itaxes ilate
Accuracy
Fraud
Understatement iof iincome itax
Filing ierroneous iclaim
Fivolous iTax isubmission
What iis iperiod iof ilimitations? i- iCorrect iAnswers i-Time iyou ican iamend iyour ireturn ito
iclaim ia icredit ior irefund ior ithe iIRS ican iassess ifor iaddition itax.
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