VITA Basic Test Questions With 100% Correct Answers.

Calvin has qualifying health insurance coverage (also known as minimum essential coverage) as defined under the Affordable Care Act. - Answer True Calvin and Betty may need to make a shared responsibility payment on their joint return if they don't qualify for an exemption. - Answer True Who can claim the American opportunity credit? - Answer Dana can claim the credit because Tom is her dependent. Dana's most advantageous allowable filing status is: - Answer Head of Household Who can Bob claim as a qualifying child(ren) for the earned income credit? - Answer Bob can claim Sara, but not Joan. Who can claim Sara as a dependent? - Answer Joan can claim Sara because she is Sara's mother. (Wrong) Will may claim R.J. as a dependent on his tax return. - Answer True Is Will able to claim R.J. as a qualifying child for the earned income credit (EIC)? - Answer No, because Will has an ITIN. Which benefit(s) can Will claim on his tax return? (Choose the best answer) - Answer All of the above What are the correct filing statuses? - Answer Both John and Marsha must file as Single Is it allowable for John and Marsha to each claim one qualifying child for the earned income credit on their individual returns? - Answer NoWhat amount of gambling winnings should be reported as other income on Linda's return? - Answer $1,400