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Question 1 A taxpayer may exclude which of the following from their gross income? An allocation of income from a business structured as a partnership, based on the taxpayer's percentage of ownership. An inheritance from a deceased relative. Dividend income from a mutual fund investment. Gain from the sale of rental property. Question 2 Which of the following is included in an individual taxpayer's federal gross income? Disaster relief payments. A federal income tax refund. Interest on state and local municipal bonds. Unemployment compensation. Question 3 Choose the response that best defines gross income. All worldwide income realized in any form, from whatever source derived, unless specifically excluded by law. Financial gain derived from labor or capital, less any deductions or adjustments. Income less allowable reductions. Specific income items identified and classified as taxable income Question 4 What is the 2020 gross income filing requirement for a married couple, filing jointly, where neither is blind, but one is age 65, and the other is age 60? They lived together all year. $23,500 $24,400 $25,700 $26,000 Question 5 Which taxpayer(s) is/are required to file a 2019 federal income tax return? None of the individuals are blind. Larry (67) has gross income of $13,700. He is single and has no dependents. Stephanie (34) has gross income of $18,150. She will file as head of household with one dependent. Glenn (37) and Lana (35) are married and have gross income of $24,280. They lived together all year and wish to file a joint return. Dan (66) and Leslie (63) have gross income of $25,950. They wish to file a joint return. Question 6 Which taxpayer(s) is/are required to file a 2019 federal income tax return? None of the individuals are blind. Antonio (33) has gross income of $4,300. His filing status is married filing separately. Robert (69) has gross income of $11,950. He is single and has no dependents. Jose (36) has gross income of $17,600. He is a qualifying widower with one dependent. Tom (65) and Louise (62) are married and have gross income of $24,150. They lived together all year and wish to file a joint return. Question 7 In which of the following situations might it be appropriate for a married taxpayer filing a joint return to file an injured spouse claim? The joint overpayment was applied to a prior tax liability of the taxpayer and their spouse. The joint overpayment was applied to their spouse's past-due child support. The taxpayer is unable to pay the tax liability because their spouse has suffered some type of injury. There is an understatement of tax due because the taxpayer's spouse omitted income on the original return. Question 8 Howard and Teresa were married for 52 years. Howard died on May 9, 2019. Teresa has no dependents, and she did not remarry. The correct and most favorable filing status for Teresa's 2019 return is: Married filing jointly. Married filing separately. Single. Qualifying widow. Question 9 Marcus and Petrice were divorced on October 16, 2019. Neither has any dependents. Neither has remarried. The correct filing status they should each use is: Head of household. Married filing jointly. Married filing separately. Single. Question 10 Grant and Haley married in 2019. Grant owes $19,000 on his student loans, but he has not been paying on them, and they are in default. The couple filed a joint return for 2019, but the IRS offset their refund because of Grant's default on the loans. Haley is not obligated to pay Grant's loans, and she would like to receive her portion of their tax refund. As the couple's tax preparer, what advice would you offer? Grant should request a certificate of non-attachment. Grant and Haley should submit a joint offer in compromise. Haley should request relief as an injured spouse. Haley should request relief as an innocent spouse Question 11 Which of the following expense items should be included when determining whether a taxpayer who wishes to file as head of household paid more than half the cost of keeping up their home? Education. Medical expenses. Real estate taxes. Rental value of the home owned by the taxpayer. Question 12 Failure to meet the due diligence requirements when determining eligibility for the Child Tax Credit, Earned Income Tax Credit, American Opportunity Tax Credit, and head of household filing status could result in a penalty of: $50, per return, assessed towards the taxpayer. $500, per return, assessed towards the tax preparer. $520, per return, assessed towards the taxpayer. $530, for each item on each return, assessed towards the tax preparer. Question 13 Roy (39) is a U.S. citizen. He was married at the beginning of 2019. His wife lived in the household until August. Their divorce was finalized on September 30, and Roy has not remarried. Roy provided 100% of the support for his son, who lived with him all year and is his qualifying child. Roy's most advantageous filing status is: Head of household. Married filing jointly. Married filing separately. Single. Question 14 Sandra's (57) husband, Ben, died in 2017, and she has not remarried. Sandra's mother, Dorothy, lives in a nursing home. Dorothy's only income for 2019 consisted of $17,650 in social security benefits. Sandra pays the entire cost of the nursing home and more than 50% of Dorothy's support. Sandra does not have any children, and no one else lives with her. What is Sandra's correct and most favorable filing status? Head of household. Married filing jointly. Qualifying widow. Single. Question 15 Jesse and Erin have four dependent children, ages 17, 15, 12, and 10. What is the maximum amount Jesse and Erin may be eligible to receive for the Child Tax Credit and the credit for other dependents? $4,000 $6,000 $6,500 $8,000 Question 16 In 2019, Ana's (28) brother, Todd (19), her fiance, Jay (30), and her daughter, Alaina (4), lived with her for the entire year. Ana's adjusted gross income is $32,700, Todd's gross income is $5,000, Jay's gross income is $4,500, and Alaina has no income. None of the individuals in the household were students during the year. Neither Todd, nor Jay, nor Alaina provided over 50% of their own support. Ana qualifies for and files as head of household in 2019. How many qualifying dependents can Ana claim on her return? One. Two. Three. Four. Question 17 Which taxpayer is potentially eligible to receive the Child Tax Credit? In each scenario, the child mentioned is the taxpayer's only dependent or potential dependent, and the taxpayer provided more than half the child's support. Abigail has a daughter, Malena, who was 7 years old at the end of 2019. Malena lived in Mexico for all of 2019 and is not a U.S. citizen, U.S. national, or U.S. resident alien. Lucia has a niece, Alejandra, who was 9 years old at the end of 2019. Alejandra is not a citizen of the United States. Alejandra does have an Individual Taxpayer Identification Number (ITIN), and she lived in Mexico for all of 2019. Ian has a nephew, Dylan, who is a resident alien. Dylan was 16 years old at the end of 2019. Dylan lived with Ian all year. Dylan obtained a social security number valid for employment before the due date of the return. Perry has a son, Ryan, who was 17 years old at the end of 2019. Ryan is a citizen of the United States and qualifies as a dependent on Perry's 2019 tax return. Question 18 Interest from a municipal bond investment is: Federally taxable and must be reported on Form 1040. Nontaxable and does not have to be reported. Not federally taxable, but must be reported on Form 1040. Not federally taxable and only reportable on Form 1040 when the amount received exceeds $1,500. Question 19 Elliana, a single taxpayer, had wage income of $58,750 in 2019. Her only other income was dividend income reported to her on Form 1099-DIV. She is required to file a Schedule B if her dividend income is greater than: $350 $1,000 $1,500 $2,000 Question 20 A taxpayer whose only capital gain income consists of dividend distributions from a mutual fund investment should compute their tax liability using: Form 8949, Sales and Other Dispositions of Capital Assets. The Qualified Dividends and Capital Gain Tax Worksheet. Schedule D, Capital Gains and Losses. The 2019 Tax Tables for Form 1040. Question 21 Interest income from U.S. Treasury obligations, such as Treasury bills, notes, and bonds, is: Federally taxable and must be reported on Form 1040. Nontaxable and does not have to be reported on Form 1040. Not federally taxable but should be reported on Form 1040. Not federally taxable and only reportable on Form 1040 when the amount received exceeds $1,500. Question 22 Ruth and Steve will file a joint return. During the year, they received dividends from a mutual fund investment, and they received a 2020 Form 1099-DIV reporting a distribution of $1,000 in total ordinary dividends, shown in box 1, and qualified dividends of $1,000, shown in box 2. Their only other income was from wages. Their taxable income for the year was $86,500. How much tax will they pay on their dividend income? $150 $200 $220 $300 Question 23 A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2020 totaling more than: $3,000 $3,350 $3,450 $3,600 Question 24 All of these scenarios describe a person who may be the qualifying child of a taxpayer claiming the Earned Income Tax Credit (EITC) EXCEPT: Emerald (16), a full-time high school student. The taxpayer is her 22-year-old sister. Layla (23), a full-time student. The taxpayer is her 68-year-old grandmother. Maeve (24), a full-time student. The taxpayer is her 22-year-old sister. Riley (33), who is totally and permanently disabled. The taxpayer is her 29-year-old brother. Question 25 Which of the following is NOT a requirement for a taxpayer to be eligible to claim the Earned Income Tax Credit (EITC)? The taxpayer must: Be a U.S. citizen. Have earned income. Have a valid SSN for employment in the U.S. Have investment income of $3,600 or less.