VITA Basic Exam

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 taxreturn. false Which of the Reynolds children qualifies for the child tax credit (CTC)? Laura and Timothy Archie and Tina will not itemize deductions but can deduct the full amount of theircharitable contribution. false The Brooks qualify for the Credit for Other Dependents. True The Brooks qualify for the Earned Income Tax Credit. false Alan cannot claim the Earned Income Tax Credit because his age is more than theage limit. False . Alan must take a required minimum distribution in 2021. false Bobbie can exclude his unemployment compensation on his 2021 tax return. False Bobbie is eligible for the following credit: American Opportunity Credit Lifetime learning credit earned income credit ??? Bobbie can claim the student loan interest deduction on his tax return. true false Fred and Wilma Jones can claim the Credit for Other Dependents. True What is the total amount of federal income tax withholding shown on theJones' Form(s) W-2 and 1099? $6100 5200 2700 ???? The taxable amount of Fred's Social Security is $7,650.00 True Which of the following statements are true? Qualified dividends are reported on Form 1099-DIV. Qualified dividends are part of the total ordinary dividends. Qualified dividends qualify for lower, long-term capital gains tax rates. ???? Sheila's most advantageous filing status allowable is HOH Which child qualifies Shelia for EITC? Rebecca Rebecca and John are dependents on Shelia's tax return. false Sheila can prevent having a balance due next year by using the Tax WithholdingEstimator at IRS.gov and then adjust her withholding. true Mary's gambling winnings do not have to be reported on her return. False Mary's most advantageous filing status is: Married filing separately head of household ??? Mary is subject to the additional 10% tax on early distributions. true Mary qualifies for which of the following credits? both a and b