VITA Final Exam Review Questions and Answers| Verified

1. Rebecca's most beneficial allowable filing status is Head of Household. false 2. Rebecca has $_______ in qualifying child care expenses for the child and dependent care credit.. 2500 3. Pat and Terri are only eligible to claim the child tax credit on their 2020 tax return. false 4. The taxable amount of Pat's unemployment compensation is $_________? 3300 5. Medicaid waiver payments can be considered earned income for the computation of the earned income credit. true 6. Andrew's HSA deduction amount on Form 8889, Part I, line 13 is $3,000. False 7. The HSA contribution made by Andrew's employer will be shown in Box 12 on his Form W-2 with the following: W 8. The over-the-counter allergy medication is a qualified medical expense for HSA purposes. true 9. Barbara and Claire can make an agreement on who can claim Molly as a dependent. false 10. Jenny is eligible for earned income credit, but can allow Claire to claim the credit. false 11. Robert is eligible to claim the donation to his friend's GoFundMe account as a charitable contribution. false 12. Robert qualifies for an above-the-line charitable contribution adjustment of $300 on his 2020 tax return if he chooses not to itemize. false 13. Carly can claim $3,960 as a student loan interest deduction on Form 1040, Schedule 1. false 14. Carly is eligible to deduct $250 as an adjustment to income on Form 1040, Schedule 1 for qualified educator expenses. false