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Question 37 of 73. William and Wilma paid $5,000 of qualied adoption expenses in 2021. They also received $2,000 of adoption assistance benefits from Wilma's employer in 2021. Their daughter's adoption became final on July 1, 2021. What is the amount they will claim for the Adoption Credit on Form 8839, line 16? O $0 0 $2,000 0 $3,000 0 $5,000 [3 Mark for follow up Question 38 of 73. The Child and Dependent Care Credit has been expanded for Tax Year 2021. What is the maximum amount of expenses on which the credit is based? 0 $3,000 for one qualifying individual and $5,000 for two or more qualifying individuals. 0 $4,000 for one qualifying individual and $8,000 for two or more qualifying individuals. O $6,000 for one qualifying individual and $12,000 for two or more qualifying individuals. 0 $8,000 for one qualifying individual and $16,000 for two or more qualifying individuals. D Mark for follow up Question 39 of 73. Which of the following taxpayers may qualify for the Premium Tax Credit? (They will each use the single filing status. They are U.S. citizens. Each purchased healthcare coverage through the Healthcare Marketplace, and each received Form 1095-A, Health insurance Marketplace Statement.) O Alanis. Her tax liability is zero. O Caleb. His household income places him at more than 400% of the federal poverty level in his state. 0 Jordan. He was eligible for employer-sponsored coverage, but he chose not to enroll in the plan, because it would have cost him 5% of his household income. 0 Sydney. She will be claimed as a dependent on her grandmother's return. [:1 Mark for follow up Question 40 of 73. Which of these is TRUE regarding the Adoption Credit? 0 Employer assistance payments qualify for the credit. 0 The Adoption Credit is a refundable credit. 0 The maximum credit is $14,440 per child. The maximum credit is $14,440 per return. Mark for follow up Question 41 of 73. Which of these certificates qualifies for the mortgage interest credit? Farmers Home Administration Certificate. Federal Housing Administration Certificate. Homestead Staff Exemption Certificate. Mortgage Credit Certificate. Mark for follow up Question 42 of 73. When dependent care benefits are withheld from a taxpayer's income, where are they reported by the employer? Box 10 of Form W-2, Wage and Tax Statement. Form 1040, U.S. Individual Income Tax Return. Form 2441, Child and Dependent Care Expenses. The employer is not required to report them. Mark for follow up Question 43 of 73. Health insurance purchased through the Marketplace would be reported to the taxpayer on which form(s)? Form 1095-A, Health Insurance Marketplace Statement. Form 1095-B, Health Coverage. Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. Forms 1095-B, Health Coverage and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. Mark for follow up Question 44 of 73. Choose the response that accurately completes the following sentence: A taxpayer claiming the Premium Tax Credit: May be claimed as a dependent on another person's return, as long as they are under age 27. May have employer-sponsored healthcare coverage Must have purchased private coverage through a plan outside the Marketplace. Must be lawfully present in the United States. Mark for follow up Question 45 of 73.Which of the following statements is TRUE regarding employer-provided dependent care assistance? The amount of the employer-provided assistance is: O Included in the total expenses for the Child and Dependent Care Credit. 0 Included in wages on the Form W-2, Wage and Tax Statement. 0 Not reported to the IRS. O Subtracted from the total expenses for child or dependent care on Form 2441, Child and Dependent Care Expenses. [:1 Mark for follow up Question 46 of 73. What amount can a taxpayer receive for purchasing a qualied plug-in electric motor vehicle? 0 10% of the purchase price of the vehicle. 0 $8,000 per qualifying vehicle. 0 The credit ranges from $2,500 to $7,500, depending on battery capacity and other factors. 0 The credit ranges from $2,500 to $7,500, depending on the purchase price of the vehicle. C] Mark for follow up Question 47 of 73. On June 1, 2008, Matthew and his wife Julia purchased a new home. They received the First-time Homebuyer Credit in the amount of $7,000. What tax form is used to repay their tax credit? 0 Form 1115, Foreign Tax Credit. 0 Form 3800, General Business Credit. 0 Form 5405, Repayment of the First-Time Homebuyer Credit. 0 Form 8935, Quaiified Plug-in Electric Drive Motor Vehicle Credit. Question 48 of 73. If a taxpayer claiming the American Opportunity Tax Credit has their tax liability reduced to zero, what is the maximum amount they may receive as a refundable credit? 25% of the credit, up to $2,000. 40% of the credit, up to $1,000. 100% of the first $2,000 of qualified education expenses. 100% of the first $4,000 of qualified education expenses. Mark for follow up Question 49 of 73. Assuming they meet all other requirements, which of these taxpayers could claim the American Opportunity Tax Credit (AOTC)? Julia is a full-time student working toward her Master of Arts degree and would like to claim the AOTC. Kasper would like to claim the AOTC for his son, who is a sophomore at a state university. Olaf would like to claim the AOTC for his son, who is attending a private secondary school. Maria is claimed by her parents but would like to claim her own education credit. Mark for follow up Question 50 of 73. What is the maximum credit allowed for the lifetime learning credit? O $2,000 per return. $2,500 per return. $4,000 per return. $10,000 per return. Mark for follow up Question 51 of 73. Susie (29) spent $2,900 for tuition and required course fees to complete two college courses during the year. Susie cannot be claimed as a dependent on anyone else's return, and she will use the single filing status. She is not a degree candidate, nor was she a full-time student. However, the courses she took were job-related. Her 2021 modified adjusted gross income was $55,000. Given the information provided, Susie potentially qualifies for which of the following tax benefits for education? American Opportunity Tax Credit. Lifetime learning credit. O Qualified tuition program.1.51 .n hh, A.'II A In \"um\"... Luul 4 uwlluul. \"u.\" 1.1le 0 Tuition and fees deduction. [:1 Mark for follow up Question 52 of 73. What happens if an education credit is received but the school later refunds some of the tuition? 0 Any additional education credits will be disallowed. 0 Part of the credit may have to be recaptured (paid back). 0 The credit will be reduced in future years. 0 There is no tax consequence. U Mark for follow up Question 53 of 73. Which of the following expenses qualies for an education credit in 2021? 0 Cost of student medical fees. 0 Fees for an optional student activity. 0 Tuition payments. The taxpayer didn't receive scholarships, grants, or other nontaxable benets. O Tuition payments. The taxpayer received a nontaxable grant. which could only be used for tuition and covered the entire tuition expense. C] Mark for follow up Question 54 of 73. Jamie is a degree candidate at her local state college. She received a scholarship for $4,000, which covered half of her tuition costs. How much, if any, of the scholarship is taxable income? 0 $0 0 $1,000 O $2,000 0 $4,000 [:1 Mark for follow up Question 55 of 73. Review the following scenario, and then choose the appropriate response describing steps a paid tax preparer must take to demonstrate due diligence: Charlie (21) comes in to your office to have his tax return prepared. He states that he is a full-time college student with income from a part-time job, and his parents will not claim him as a dependent. He wants to claim the American Opportunity Tax Credit (AOTC). Which of the following describes an appropriate question to ask or action to take? 0 Ask him if he has ever been convicted of a misdemeanor offense or had his driver's license revoked. 0 Inform him that he may be assessed a penalty of $540 if he fails to provide all the information required. 0 Inform him he must provide copies of all transcripts before you can prepare his return. 0 Request a copy of his Form 1098-T, Tuition Statement, and inquire into when and how his educational and other living expenses were paid. Question 56 of 73. Choose the response that accurately completes the following sentence. Education assistance from an employer: 0 Can be used for any education credit. 0 Can only be used for the lifetime learning credit. Q Is tax-free and cannot be used for any credit or deduction. O Qualies for the American Opportunity Tax Credit. but not the lifetime learning credit. Question 57 of 73. Which of the following taxpayers may potentially qualify for the Retirement Savings Contributions Credit (Saver?s Credit)? (Assume that all are over the age of 18, not claimed as a dependent on another's return, and not a student.) 0 Alice and John are a married couple filing a joint return. Their modied adjusted gross income is $42,762. Alice contributed to a Roth IRA. 0 Larry will use the single filing status. His modied adjusted gross income is $27,000. His employer made contributions on his behalf to a simplied employee pension (SEP) IRA. O Maurice will use the head of household ling status. His modified adjusted gross income is $54,000. He contributed to a traditional IRA. 0 Victoria and Evan are a married couple ling ajoint return. Their modied adjusted gross income is $72,000. Victoria made voluntary contributions to her company's 401 (k) plan. C] Mark for follow up Question 58 of 73. Which of the following statements is TRUE about both Roth and traditional IRAs? 0 Contributions made to a Roth IRA are tax-deductible. O Distributions from a Roth IRA are always taxed when the money is withdrawn. 0 Taxpayers may contribute to traditional and Roth IRAs for the same tax year. Q Taxpayers may contribute up to $19,500 to their IRA each year. C] Mark for follow up Question 59 of 73. Which of the following statements is CORRECT regarding a spousal IRA? O A spouse may be eligible to contribute to an IRA even if they have no income of their own. 0 A spousal IRA is allowed for any ling status. 0 The limitation on the amount that can be contributed to a spousal IRA is always the same as that of the working spouse. 0 The taxpayer's income is not taken into consideration when establishing a spousal IRA. [3 Mark for follow up Question 60 of 73. Rome (67) and Camille (69) are married and file a joint return. Their gross income (including one-half of their social security) for 2021 was $48,650. Up to what amount of their social security benefits may be taxable? O 0% O 50% O 85% 2_._.__, A. .- A ._ -2-.._..4_ A"... . u._......_.. .u.-. 2.\".-.s O 100% C] Mark for follow up Question 61 of 73. What is the age requirement (if any) to contribute to a Roth IRA? O The taxpayer must be at least age 18 and less than age 70. O The taxpayer must be at least age 18, but there is no maximum age. O The taxpayer must be at least 19 if not a full-time student, or age 24 if they are a full-time student, but there is no maximum age. 0 There is no age requirement if the taxpayer meets the compensation requirements. C] Mark for follow up Question 62 of 73. Harry (65) retired this year and began taking distributions from his 401(k). Contributions to his 401(k) were made over the course of his career through a combination of before-tax contributions, after-tax contributions, and employer matching. How should Harry determine the taxable amount of his distribution? O All of Harry's distributions will be taxable because a 401(k) is a qualied plan. 0 Distributions from a 401(k) plan are always tax-free. 0 Harry should use the General Rule to determine how much of his distribution is attributable to cost basis. O Harry should use the Simplified Method to determine how much of his distribution is attributable to the return of cost basis. C] Mark for follow up Question 63 of 73. As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020, eligible taxpayers could take COVID- 19-related distributions from retirement plans or IRAs during 2020. All of the following statements regarding these distributions are true EXCEPT? O COVID-iQ-related distributions were penalty-free for eligible taxpayers. O Eligible taxpayers could take COVlD-19-related distributions of up to $100,000 from retirement plans or IRAs during 2020. O Taxpayers who took COVlD-19-related distributions from a retirement plan (including IRAs) in 2020 could have elected to include taxable amounts in their income ratably over a three-year period. O Taxpayers who took COVlD-19-related distributions from a retirement plan (including IRAs) in 2020 must pay a penalty for early distribution. C] Mark for follow up Question 64 of 73. Joe (55} and Gail {49) are filing jointly for 2021. Joe earned $40,000, and Gail earned $2,500. Joe may contribute up to $7,000 to his IRAfor 2021. If Joe contributes $5,000 to his IRA, how much can they contribute to Gail's IRA for 2021? 0 $2,000 O $2,500 O $6,000 0 $7,000 Question 65 of 73. Lloyd, a 50-year-old single taxpayer, earned $65,000 in wages. He is covered by an employer-sponsored retirement plan. What is his maximum allowable contribution to a traditional IRA for 2021? 0 $0 O $6,000 0 $7,000 0 $19,500 [:1 Mark for follow up Question 66 of 73. Which of these would be an exception to the early retirement distribution penalty? 0 A 401(k) distribution of $10,000 to pay qualified first-time homebuyer expenses. 0 A 401(k) distribution used to pay higher education costs. 0 An IRA distribution to pay off credit card debt. 0 A 401(k) distribution made to an alternate payee under a qualified domestic relations order (QDRO). C] Mark for follow up Question 67 of 73. Ursula inherited a traditional IRA from her father. There was $100,000 in the account when she inherited the IRA. Her father had made $10,000 in nondeductible contributions. What is Ursula's basis in the inherited IRA? 0 $0 0 $10,000 0 $90,000 0 $100,000 [:1 Mark for follow up Question 60 of 73. Elysia, a 38-year-old single taxpayer, contributed $2,000 to a traditional IRA. Her modified adjusted gross income (MAGI) is $30,000, all from wages. Elysia has never taken a distribution from any retirement account. She is potentially eligible for a Retirement Savings Contributions Credit (Saver's Credit) of up to what amount? O $0 0 $200 0 $400 0 $2,000 C] Mark for follow up Question 69 of 73. What is the tax treatment of Canadian social security benefits in the U.S? Canadian social security benefits are: Not taxable in the U.S. Taxed as a pension using the general rule. Taxed as a pension using the simplified method. The same as U.S. social security benefits and reported like U.S. social security benefits. Mark for follow up Question 70 of 73. Brian, a 48-year-old single taxpayer, earned $98,000 in wages. He is not covered by an employer-sponsored retirement plan. What is his maximum allowable contribution to a traditional IRA for 2021? $6,000 $7,000 $19,500 Mark for follow up Question 71 of 73. Anastasia, a 42-year-old taxpayer, earned $80,000 in wages. What is the maximum contribution she can make to her 401(k) plan in 2021? $6,000 $7,000 $19,500 $26,000 Mark for follow up Question 72 of 73. Mario is a fireman for Your City. Which of the following types of retirement plans would he contribute to through his employer? O 401(k). 403(b) . O 457 O IRA. Mark for follow up Question 73 of 73. Jasmine, a 40-year-old single taxpayer, contributed $5,000 to her traditional IRA. She is an active participant in a retirement plan at work. Her IRA modified adjusted gross income is $76,500. What is her IRA adjustment to income? $o $2,500 $5,000 $7,000