Child tax credit Study guides, Class notes & Summaries

H & R Block Income Tax Final Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Nash was reimbursed in 2023 by his insurance company for a medical expense that he had previously deducted on his 2022 Schedule A (Form 1040), Itemized Deductions. What is the tax treatment of the recovered medical expense, if any? Answer: The recovery is includable in income in the year received up to the amount by which the deduction or credit claimed reduced taxes i...

H & R Block Income Tax Final Exam Review (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Graded A QUESTION If a taxpayer is subject to both the failure-to-file and failure-to-pay penalty, how is the combined penalty calculated? Answer: The failure-to-file penalty for that month is reduced by the failure-to-pay penalty for that month for a combined penalty of 5% of the unpaid taxes. QUESTION If a taxpayer receives an adjustment letter from the IRS...

CDFA Exam Study Materials Latest Update Graded A+ 5-year cliff vesting An employee who has at least five years of service must have a non- forfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)]. 3- to 7-year vesting (7-year graded vesting) An employee who has completed at least three years of service must have a non-forfeitable right to at least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years o...

HRB FINAL EXAM QUESTIONS AND ANSWERS ALREADY PASSED What is the Difference between earned income and unearned income? Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes money received ro the investment of money or other property, such as interest, dividends, and royalties. It also includes pensions alimony, unemploy...

True or False: The credit union's BSA Officer is ultimately responsible for the credit union's BSA compliance. - Correct answer-False. Although the BSA Officer is responsible for coordinating and monitoring day-to-day BSA/AML compliance and managing all aspects of the BSA compliance program, the credit union's board of directors is ultimately responsible for the credit union's compliance. This is why it is critical that the board of directors designate a qualified BSA officer and rece...

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 ...

HR Block Income Tax Midterm Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Which of the following is not one of the four requirements to claim a dependent? D Answer: a) The dependent must be a qualifying child or qualifying relative. b) The dependent must be a U.S. citizen or a resident of the United States, Canada, or Mexico. c) If the dependent is married, they cannot be claimed as a dependent if they file a joint return with their spouse. ...

H&R Block Specialist Test Questions & Revised Correct Answers 1. Sam pays his 19 yr. old son, Joshua, $550/month to maintain the lawn & garden at the family residence. Sam is subject to what household employment tax rules for Joshua? - ANSWER : A. Since Joshua is not performing any child case services, the household tax rules do not apply. B. Since Joshua is the taxpayer's child under age 21, the household employment tax rules do not apply. C. Since no evidence is given that Jos...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

VITA 2024 ADVANCED TEST EXAM QUESTIONS AND ANSWERS LATEST UPDATE 2024/2025 (100% SOLVED) What is the most advantageous filing status allowable that Joe can claim on his taxreturn for 2021? Head of Household Joe can claim a higher standard deduction because he is blind. True Chris and Marcie cannot claim the Earned Income Tax Credit (EITC) because theyare too young and have no qualifying children. false Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021 t...