VITA Advanced Test -with 100% verified solutions-2024

Head of Household ANSWER---1. What is the most beneficial filing status that Karen is eligible to claim on her 2021 tax return? False ANSWER---2. Karen's Economic Impact Payment (EIP3) must be included in her total income. $300 ANSWER---3. What amount may Karen deduct as a charitable contribution when filing her 2021 tax return? $6,600 ANSWER---4. What is the maximum amount Paul and Maggie are eligible to claim for the child tax credit? $3,500 ANSWER---5. How much of the child care expenses can be used to claim the child and dependent care credit? All the above ANSWER---6. Form 8889, Part 1 is used to report HSA contributions made by _______________. 1000 ANSWER---7. Carol is eligible to contribute an additional $________ to her HSA because she is age 55 or older. $2,980 ANSWER---8. What is the total unreimbursed qualified medical expenses reported on Form 8889, Part II? Barbara and Jenny ANSWER---9. For the purpose of determining dependency, Marie meets the conditions to be the qualifying child of _______________. False ANSWER---10. Jenny is not eligible to claim Marie for the earned income credit because her filing status is Married Filing Separate. True ANSWER---11. Michael's mortgage insurance premium of $230 can be claimed as an itemized deduction on his Schedule A. $1000 ANSWER---12. What amount of gambling losses is Michael eligible to claim as a deduction on his Schedule A? False ANSWER---13. Sean is not required to file a tax return because he has enough tax withholding to cover his tax liability. Sean must be at least age 25 but under age 65 on December 31. ANSWER---14. Which of the following is not a requirement for Sean to claim the earned income credit as a single person with no qualifying children in 2021? $18,035 ANSWER---15. What is the taxable portion of Tara's pension from Oak Enterprises using the simplified method? False ANSWER---16. None of Tara's social security income is taxable. $3,900 ANSWER---17. What is the total amount of other income reported on the Washingtons' Form 1040, Schedule 1 ? False ANSWER---18. Gilbert is eligible to deduct $500 as an adjustment to income on Form 1040, Schedule 1 for qualified educator expenses. 26450 ANSWER---19. The Washington's standard deduction on their 2021 tax return is $________. IDK ANSWER---20. The total qualified expenses for the American Opportunity Credit are $ _________. Credit for other dependents ANSWER---21. Which of the following credits are the Washingtons' eligible to claim on their tax return? IDK ANSWER---22. What is the Washington's total federal income tax withholding? $________ $650 ANSWER---23. What is the net short term capital gain reported on Cy