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Review later 1 Your dient is a 10 year old child with $5,600 worth of investment income. Which of the following is an option for this child's 2021 tax return? Pay tax at the same rate as for estates and trusts Pay tax at her parent's marginal tax rate Use the standard deduction to wipe out any tax on the $5,600 Elther B or C Which of the following companies paid zero federal income tax in 2020? Nike Fedex Salesforce.com Zoom All of the above A Review Lat Which of the following children would NOT be eligible for the Child Tay apply.) Review Le 3 Your client has 4 children. Which of the following children would NOT be eligible for the Child Tax Credit for tax year 2021? (Check all that apply) Age 22 and not a full time student de 24 and full-time student Review Later Which of the following is a permanent change IRS made to the Earned Income Credit, starting with tax year 2021? dy No upper age limit on claiming the credit (old rules: no qualifying children, you had to be under age 65 to claim) You can claim the ElC with no qualifying children if you are age 19 or older as of 12/31/2021 (assuming you meet all other eligibility criteria) We can use that GLORIOUS "look back" provision for EIC, where we can elect to use either the current year earned income or the 2019 earned income for purposes of calculating the credit on the current year tax return. None of the above are permanent changes to EIC V D AB Review Late 5 Which of the following taxpayers would qualify for Earned Income Credit for tax year 2021, assuming that all other EIC qualifications are met? Married Filing Separately taxpayer, with a qualifying child, who lived apart from her spouse for the last month of 2021 Head of Household taxpayer, with a qualifying child, who lived apart from his spouse for the last 9 months of 2021 Married Filing Separately taxpayer, with a qualifying child, who lived apart from her spouse for the last two days of 2021 All of the above B Review The maximum amount of qualified ewenses that can be used to claim the child and Dependent Care Credit for nechta Review Later 7 A taxpayer gives his daughter $100,000 in 2021, to buy her first home. Which of the following is a consequence of that gift? The giver's estate tax exclusion will be reduced by $85,000 The recipient will have to pay Income tax on $85,000 The recipient must ille Form 709, Gif Tax Return X D The giver must pay income tax on $85,000 on his 2021 tax return Review later In order to claim a deduction for contributing to a Health Saving Account, a taxpayer must have a Hugh Deductible tigh Health Man (HDHP) that meets certain guidelines How would a taxpayer find out whether or not her health Check with the IRS check the form 100s Ale w tell you whether or not an HOUP tor VO Review Later 9 Your clients are a Married Filing Jointly couple. Neither spouse is an active participant in any other retirement plan than their Traditional IRAs. Can both of them contribute $6,000 to a Traditional IRA for tax year 2021? Oves , as long as magi is below $ 105,001 Yes as long as MAGL is below $ 124,999 Yes No Por 10 Your clients are a Married Filing Jointly couple. Neither spouse is an active participant in any other retirement plan than their Roth IRAs. Can both of them contribute $6,000 to a Roth IRA for tax year 2021? Yes, as long as MAGI is below $198,000 Yes, as long as MAGI is below $207,999 Yes No Which of the following is a true statement about the SEP IRA contribution for tax year 2021? Maximum is $58,000 for all taxpayers Maximum is 25% of compensation Maximum is $58,000 or 25% of compensation, whichever is less Maximum is 25% of taxable income A o Between the American Rescue Plan Act stimulus payment and the Child Tax Credit, the government is per baby for 2021. $2,000 $3,000 $4,500 $5,000 8 What is the due date for DPP forgveness applications? No mores from the end of the covered period 15 You can carryback a Net Operating Loss (NOL) incurred in tax year: (Check all that apply.) 14 2018 2019 2020 2021 Review later 1 Your dient is a 10 year old child with $5,600 worth of investment income. Which of the following is an option for this child's 2021 tax return? Pay tax at the same rate as for estates and trusts Pay tax at her parent's marginal tax rate Use the standard deduction to wipe out any tax on the $5,600 Elther B or C Which of the following companies paid zero federal income tax in 2020? Nike Fedex Salesforce.com Zoom All of the above A Review Lat Which of the following children would NOT be eligible for the Child Tay apply.) Review Le 3 Your client has 4 children. Which of the following children would NOT be eligible for the Child Tax Credit for tax year 2021? (Check all that apply) Age 22 and not a full time student de 24 and full-time student Review Later Which of the following is a permanent change IRS made to the Earned Income Credit, starting with tax year 2021? dy No upper age limit on claiming the credit (old rules: no qualifying children, you had to be under age 65 to claim) You can claim the ElC with no qualifying children if you are age 19 or older as of 12/31/2021 (assuming you meet all other eligibility criteria) We can use that GLORIOUS "look back" provision for EIC, where we can elect to use either the current year earned income or the 2019 earned income for purposes of calculating the credit on the current year tax return. None of the above are permanent changes to EIC V D AB Review Late 5 Which of the following taxpayers would qualify for Earned Income Credit for tax year 2021, assuming that all other EIC qualifications are met? Married Filing Separately taxpayer, with a qualifying child, who lived apart from her spouse for the last month of 2021 Head of Household taxpayer, with a qualifying child, who lived apart from his spouse for the last 9 months of 2021 Married Filing Separately taxpayer, with a qualifying child, who lived apart from her spouse for the last two days of 2021 All of the above B Review The maximum amount of qualified ewenses that can be used to claim the child and Dependent Care Credit for nechta Review Later 7 A taxpayer gives his daughter $100,000 in 2021, to buy her first home. Which of the following is a consequence of that gift? The giver's estate tax exclusion will be reduced by $85,000 The recipient will have to pay Income tax on $85,000 The recipient must ille Form 709, Gif Tax Return X D The giver must pay income tax on $85,000 on his 2021 tax return Review later In order to claim a deduction for contributing to a Health Saving Account, a taxpayer must have a Hugh Deductible tigh Health Man (HDHP) that meets certain guidelines How would a taxpayer find out whether or not her health Check with the IRS check the form 100s Ale w tell you whether or not an HOUP tor VO Review Later 9 Your clients are a Married Filing Jointly couple. Neither spouse is an active participant in any other retirement plan than their Traditional IRAs. Can both of them contribute $6,000 to a Traditional IRA for tax year 2021? Oves , as long as magi is below $ 105,001 Yes as long as MAGL is below $ 124,999 Yes No Por 10 Your clients are a Married Filing Jointly couple. Neither spouse is an active participant in any other retirement plan than their Roth IRAs. Can both of them contribute $6,000 to a Roth IRA for tax year 2021? Yes, as long as MAGI is below $198,000 Yes, as long as MAGI is below $207,999 Yes No Which of the following is a true statement about the SEP IRA contribution for tax year 2021? Maximum is $58,000 for all taxpayers Maximum is 25% of compensation Maximum is $58,000 or 25% of compensation, whichever is less Maximum is 25% of taxable income A o Between the American Rescue Plan Act stimulus payment and the Child Tax Credit, the government is per baby for 2021. $2,000 $3,000 $4,500 $5,000 8 What is the due date for DPP forgveness applications? No mores from the end of the covered period 15 You can carryback a Net Operating Loss (NOL) incurred in tax year: (Check all that apply.) 14 2018 2019 2020 2021