H&R Block Income Tax Course Questions &
Answers
Due Diligence - Verified ANS ✔✔ - Requirements that tax professionals must
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follow when preparing income tax returns.
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Estimated Tax - Verified ANS ✔✔ - The amount of tax a taxpayer expects to
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owe for the year after subtracting expected amounts withheld and certain
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refundable credits.
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Estimated Tax Voucher - Verified ANS ✔✔ - A statement by an individual of
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(1) the amount of income tax he estimates he will incur during the current
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taxable year on income that is not subject to withholding, (2) the excess
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amount over that withheld on income which is subject to withholding, and (3)
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his estimated self-employment tax.
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Exemption from Withholding - Verified ANS ✔✔ - Status claimed on Form W-4
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directing the employer not to withhold federal income taxes from the
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employee.
n/
Underpayment Penalty - Verified ANS ✔✔ - If a taxpayer did not pay enough n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
tax on a timely basis during the year, he may be required to pay an
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underpayment penalty.
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Two Ways to Pay as You Go - Verified ANS ✔✔ - Withholding and Estimated
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Tax Payments
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Form W-4 - Verified ANS ✔✔ - Employee's Withholding Allowance Certificate
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Form 4868 - Verified ANS ✔✔ - Application for Automatic Extension of Time
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To File U.S. Individual Income Tax Return
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Amended Return - Verified ANS ✔✔ - A tax return filed on Form 1040X after
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the original return has been filed.
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Closed Year - Verified ANS ✔✔ - A tax year for which the statute of limitations
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has expired.
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,Open Year - Verified ANS ✔✔ - A taxable year for which the statute of
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limitations has not yet expired.
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Failure-to-File Penalty - Verified ANS ✔✔ - Generally 5% for each month or n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
part of a month the return is late, but not more than 25% of the tax not paid.
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Failure to File - Verified ANS ✔✔ - Taxpayer fails to file the return by the due
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date, and there is a balance due.
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Form 1040X - Verified ANS ✔✔ - Amended U.S. Individual Income Tax Return
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When can an amended return be filed? - Verified ANS ✔✔ - Within three
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years of the date the original return was filed, or within two years of the date
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the tax was paid, whichever is later.
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Can the 1040X be e-filed? - Verified ANS ✔✔ - No.
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Portfolio Income and Losses - Verified ANS ✔✔ - Those from such sources as
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dividends, interest, capital gains and losses, and royalties.
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Schedule E - Verified ANS ✔✔ - Supplemental Income and Loss
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Royalty - Verified ANS ✔✔ - Payments received for the right to extract natural
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resources from the taxpayer's property or to use a taxpayer's literary, musical,
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or artistic creation.
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Annuity - Verified ANS ✔✔ - A series of payments under a contract made at
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regular intervals over a period of more than one year.
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Beneficiary - Verified ANS ✔✔ - The owner or recipient of funds in an account,
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such as an IRA, or from an insurance policy or will.
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Contribution - Verified ANS ✔✔ - When a person puts money into a n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
retirement plan.
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Defined Benefit Plan - Verified ANS ✔✔ - An employee benefit plan that
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provides determinable benefits not based on employer profits.
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Defined Contribution Plan - Verified ANS ✔✔ - An employee benefit plan that
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provides a separate account for each person covered and pays benefits based
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on account earnings.
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,Disability Pension - Verified ANS ✔✔ - A taxable pension from an employer-
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funded disability plan or a disability provision of a retirement plan.
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Distribution - Verified ANS ✔✔ - When a person takes or receives money from
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a retirement plan.
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Pension - Verified ANS ✔✔ - Generally a series of definitely determinable
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payments made to a taxpayer after retirement from work.
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Rollover - Verified ANS ✔✔ - A qualified transfer of funds from one tax-
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favored account to another, usually of the same type.
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Roth IRA - Verified ANS ✔✔ - A type of individual retirement arrangement in
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which contributions are not tax deductible, earnings grow tax deferred, and
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qualified withdrawals are tax free.
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Traditional IRA - Verified ANS ✔✔ - An individual retirement arrangement,
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contributions to which may or may not be deductible depending on the
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taxpayer's AGI and whether or not he is covered under an employer-sponsored
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retirement plan.
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What is the full retirement age? - Verified ANS ✔✔ - For workers born before
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1938, it is 65. For those born after it is gradually being increased to 67.
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How much of a client's social security and equivalent tier 1 RR benefits may be
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taxable? - Verified ANS ✔✔ - Up to 85%.
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Form SSA-1099 - Verified ANS ✔✔ - Social Security Benefits
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Form RRB-1099 - Verified ANS ✔✔ - Railroad Retirement Benefits
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None of Social Security Benefits Taxable - Verified ANS ✔✔ - Single, Head of
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Household, Qualified Widow - $0-$25,000; Married Filing Jointly - $0-$32,000
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Up to 50% of Social Security Benefits Taxable - Verified ANS ✔✔ - Single, Head
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of Household, Qualified Widow - $25,001-$34,000; Married Filing Jointly -
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$32,001-$44,000
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Up to 85% of Social Security Benefits Taxable - Verified ANS ✔✔ - Single, Head
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of Household, Qualified Widow - $34,001+; Married Filing Jointly - $44,001+;
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Married Filing Single - $1+
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, Fully Taxable Pension - Verified ANS ✔✔ - Pensions to which the taxpayer did
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not make after-tax contributions or from which all pre-tax amounts have been
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recovered in previous years.
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Partly Taxable Pensions - Verified ANS ✔✔ - Those pensions funded through
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employer plans to which the employee contributed some after-tax money.
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Form 1099-R - Verified ANS ✔✔ - Distributions from Pensions, Annuities,
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Retirement, or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
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Exceptions to the Early Withdrawal Penalty - Verified ANS ✔✔ - 01 - The
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distribution was made to an employee who separated from service during or
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after the year in which they reached age 55.
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02 - The distribution is part of a series of substantially equal periodic payments,
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made at least annually for the life of the participant or the life expenctancy of
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the participant.
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03 - The distribution was made due to permanent and total disability.
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04 - The distribution was made due to the death of the employee.
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05 - The distribution was made in a year that the taxpayer's medical expenses
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exceeds 7.5% of AGI.
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06 - The distribution was made to an alternate payee under a qualified
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domestic relations order.
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07 - The distribution was made in a year an unemployed taxpayer paid health
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insurance premiums.
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08 - The distribution was made to pay qualified higher education expenses for
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the taxpayer, spouse, their child, or their grandchild.
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09 - The distribution was made to pay qualified first-time, home-buying
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expenses.
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10 - The distribution was made due to an IRS levy of the qualified plan.
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11 - The distribution was made to a reservist while serving on active duty for at
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least 180 days.
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12 - Other.
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Answers
Due Diligence - Verified ANS ✔✔ - Requirements that tax professionals must
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follow when preparing income tax returns.
n/ n/ n/ n/ n/ n/
Estimated Tax - Verified ANS ✔✔ - The amount of tax a taxpayer expects to
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
owe for the year after subtracting expected amounts withheld and certain
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
refundable credits.
n/ n/
Estimated Tax Voucher - Verified ANS ✔✔ - A statement by an individual of
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
(1) the amount of income tax he estimates he will incur during the current
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
taxable year on income that is not subject to withholding, (2) the excess
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amount over that withheld on income which is subject to withholding, and (3)
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his estimated self-employment tax.
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Exemption from Withholding - Verified ANS ✔✔ - Status claimed on Form W-4
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
directing the employer not to withhold federal income taxes from the
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
employee.
n/
Underpayment Penalty - Verified ANS ✔✔ - If a taxpayer did not pay enough n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
tax on a timely basis during the year, he may be required to pay an
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
underpayment penalty.
n/ n/
Two Ways to Pay as You Go - Verified ANS ✔✔ - Withholding and Estimated
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Tax Payments
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Form W-4 - Verified ANS ✔✔ - Employee's Withholding Allowance Certificate
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Form 4868 - Verified ANS ✔✔ - Application for Automatic Extension of Time
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To File U.S. Individual Income Tax Return
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Amended Return - Verified ANS ✔✔ - A tax return filed on Form 1040X after
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
the original return has been filed.
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Closed Year - Verified ANS ✔✔ - A tax year for which the statute of limitations
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has expired.
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,Open Year - Verified ANS ✔✔ - A taxable year for which the statute of
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limitations has not yet expired.
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Failure-to-File Penalty - Verified ANS ✔✔ - Generally 5% for each month or n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
part of a month the return is late, but not more than 25% of the tax not paid.
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Failure to File - Verified ANS ✔✔ - Taxpayer fails to file the return by the due
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date, and there is a balance due.
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Form 1040X - Verified ANS ✔✔ - Amended U.S. Individual Income Tax Return
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When can an amended return be filed? - Verified ANS ✔✔ - Within three
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years of the date the original return was filed, or within two years of the date
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the tax was paid, whichever is later.
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Can the 1040X be e-filed? - Verified ANS ✔✔ - No.
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Portfolio Income and Losses - Verified ANS ✔✔ - Those from such sources as
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dividends, interest, capital gains and losses, and royalties.
n/ n/ n/ n/ n/ n/ n/ n/
Schedule E - Verified ANS ✔✔ - Supplemental Income and Loss
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Royalty - Verified ANS ✔✔ - Payments received for the right to extract natural
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
resources from the taxpayer's property or to use a taxpayer's literary, musical,
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
or artistic creation.
n/ n/ n/
Annuity - Verified ANS ✔✔ - A series of payments under a contract made at
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
regular intervals over a period of more than one year.
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
Beneficiary - Verified ANS ✔✔ - The owner or recipient of funds in an account,
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
such as an IRA, or from an insurance policy or will.
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
Contribution - Verified ANS ✔✔ - When a person puts money into a n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
retirement plan.
n/ n/
Defined Benefit Plan - Verified ANS ✔✔ - An employee benefit plan that
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
provides determinable benefits not based on employer profits.
n/ n/ n/ n/ n/ n/ n/ n/
Defined Contribution Plan - Verified ANS ✔✔ - An employee benefit plan that
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
provides a separate account for each person covered and pays benefits based
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
on account earnings.
n/ n/ n/
,Disability Pension - Verified ANS ✔✔ - A taxable pension from an employer-
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
funded disability plan or a disability provision of a retirement plan.
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
Distribution - Verified ANS ✔✔ - When a person takes or receives money from
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
a retirement plan.
n/ n/ n/
Pension - Verified ANS ✔✔ - Generally a series of definitely determinable
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
payments made to a taxpayer after retirement from work.
n/ n/ n/ n/ n/ n/ n/ n/ n/
Rollover - Verified ANS ✔✔ - A qualified transfer of funds from one tax-
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
favored account to another, usually of the same type.
n/ n/ n/ n/ n/ n/ n/ n/
Roth IRA - Verified ANS ✔✔ - A type of individual retirement arrangement in
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
which contributions are not tax deductible, earnings grow tax deferred, and
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
qualified withdrawals are tax free.
n/ n/ n/ n/ n/
Traditional IRA - Verified ANS ✔✔ - An individual retirement arrangement,
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
contributions to which may or may not be deductible depending on the
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taxpayer's AGI and whether or not he is covered under an employer-sponsored
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retirement plan.
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What is the full retirement age? - Verified ANS ✔✔ - For workers born before
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1938, it is 65. For those born after it is gradually being increased to 67.
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How much of a client's social security and equivalent tier 1 RR benefits may be
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taxable? - Verified ANS ✔✔ - Up to 85%.
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Form SSA-1099 - Verified ANS ✔✔ - Social Security Benefits
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Form RRB-1099 - Verified ANS ✔✔ - Railroad Retirement Benefits
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None of Social Security Benefits Taxable - Verified ANS ✔✔ - Single, Head of
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
Household, Qualified Widow - $0-$25,000; Married Filing Jointly - $0-$32,000
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Up to 50% of Social Security Benefits Taxable - Verified ANS ✔✔ - Single, Head
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of Household, Qualified Widow - $25,001-$34,000; Married Filing Jointly -
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$32,001-$44,000
n/
Up to 85% of Social Security Benefits Taxable - Verified ANS ✔✔ - Single, Head
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of Household, Qualified Widow - $34,001+; Married Filing Jointly - $44,001+;
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Married Filing Single - $1+
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, Fully Taxable Pension - Verified ANS ✔✔ - Pensions to which the taxpayer did
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
not make after-tax contributions or from which all pre-tax amounts have been
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
recovered in previous years.
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Partly Taxable Pensions - Verified ANS ✔✔ - Those pensions funded through
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employer plans to which the employee contributed some after-tax money.
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
Form 1099-R - Verified ANS ✔✔ - Distributions from Pensions, Annuities,
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Retirement, or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
n/ n/ n/ n/ n/ n/ n/ n/
Exceptions to the Early Withdrawal Penalty - Verified ANS ✔✔ - 01 - The
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distribution was made to an employee who separated from service during or
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after the year in which they reached age 55.
n/ n/ n/ n/ n/ n/ n/ n/ n/
02 - The distribution is part of a series of substantially equal periodic payments,
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made at least annually for the life of the participant or the life expenctancy of
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
the participant.
n/ n/
03 - The distribution was made due to permanent and total disability.
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
04 - The distribution was made due to the death of the employee.
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05 - The distribution was made in a year that the taxpayer's medical expenses
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exceeds 7.5% of AGI.
n/ n/ n/ n/
06 - The distribution was made to an alternate payee under a qualified
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domestic relations order.
n/ n/ n/
07 - The distribution was made in a year an unemployed taxpayer paid health
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insurance premiums.
n/ n/
08 - The distribution was made to pay qualified higher education expenses for
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the taxpayer, spouse, their child, or their grandchild.
n/ n/ n/ n/ n/ n/ n/ n/
09 - The distribution was made to pay qualified first-time, home-buying
n/ n/ n/ n/ n/ n/ n/ n/ n/ n/
expenses.
n/
10 - The distribution was made due to an IRS levy of the qualified plan.
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11 - The distribution was made to a reservist while serving on active duty for at
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least 180 days.
n/ n/ n/
12 - Other.
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