H&R Block Income Tax CourseExam 2025
UPDATE/PRACTICE QUESTIONS AND CORRECT
VERIFIED ANSWERS (complete solutions)
ASSURED SUCCESS/GRADED A+!!!
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Terms in this set (307)
Requirements that tax professionals must follow
Due Diligence
when preparing income tax returns.
The amount of tax a taxpayer expects to owe for the
Estimated Tax year after subtracting expected amounts withheld
and certain refundable credits.
A statement by an individual of (1) the amount of
income tax he estimates he will incur during the
current taxable year on income that is not subject to
Estimated Tax Voucher
withholding, (2) the excess amount over that
withheld on income which is subject to withholding,
and (3) his estimated self-employment tax.
Status claimed on Form W-4 directing the employer
Exemption from
not to withhold federal income taxes from the
Withholding
employee.
If a taxpayer did not pay enough tax on a timely
Underpayment Penalty basis during the year, he may be required to pay an
underpayment penalty.
, Two Ways to Pay as You Withholding and Estimated Tax Payments
Go
Form W-4 Employee's Withholding Allowance Certificate
Application for Automatic Extension of Time To File
Form 4868
U.S. Individual Income Tax Return
A tax return filed on Form 1040X after the original
Amended Return
return has been filed.
A tax year for which the statute of limitations has
Closed Year
expired.
A taxable year for which the statute of limitations has
Open Year
not yet expired.
Generally 5% for each month or part of a month the
Failure-to-File Penalty return is late, but not more than 25% of the tax not
paid.
Taxpayer fails to file the return by the due date, and
Failure to File
there is a balance due.
Form 1040X Amended U.S. Individual Income Tax Return
Within three years of the date the original return was
When can an amended
filed, or within two years of the date the tax was
return be filed?
paid, whichever is later.
Can the 1040X be e-filed? No.
Portfolio Income and Those from such sources as dividends, interest,
Losses capital gains and losses, and royalties.
Schedule E Supplemental Income and Loss
Payments received for the right to extract natural
Royalty resources from the taxpayer's property or to use a
taxpayer's literary, musical, or artistic creation.
A series of payments under a contract made at
Annuity regular intervals over a period of more than one
year.
UPDATE/PRACTICE QUESTIONS AND CORRECT
VERIFIED ANSWERS (complete solutions)
ASSURED SUCCESS/GRADED A+!!!
Save
Terms in this set (307)
Requirements that tax professionals must follow
Due Diligence
when preparing income tax returns.
The amount of tax a taxpayer expects to owe for the
Estimated Tax year after subtracting expected amounts withheld
and certain refundable credits.
A statement by an individual of (1) the amount of
income tax he estimates he will incur during the
current taxable year on income that is not subject to
Estimated Tax Voucher
withholding, (2) the excess amount over that
withheld on income which is subject to withholding,
and (3) his estimated self-employment tax.
Status claimed on Form W-4 directing the employer
Exemption from
not to withhold federal income taxes from the
Withholding
employee.
If a taxpayer did not pay enough tax on a timely
Underpayment Penalty basis during the year, he may be required to pay an
underpayment penalty.
, Two Ways to Pay as You Withholding and Estimated Tax Payments
Go
Form W-4 Employee's Withholding Allowance Certificate
Application for Automatic Extension of Time To File
Form 4868
U.S. Individual Income Tax Return
A tax return filed on Form 1040X after the original
Amended Return
return has been filed.
A tax year for which the statute of limitations has
Closed Year
expired.
A taxable year for which the statute of limitations has
Open Year
not yet expired.
Generally 5% for each month or part of a month the
Failure-to-File Penalty return is late, but not more than 25% of the tax not
paid.
Taxpayer fails to file the return by the due date, and
Failure to File
there is a balance due.
Form 1040X Amended U.S. Individual Income Tax Return
Within three years of the date the original return was
When can an amended
filed, or within two years of the date the tax was
return be filed?
paid, whichever is later.
Can the 1040X be e-filed? No.
Portfolio Income and Those from such sources as dividends, interest,
Losses capital gains and losses, and royalties.
Schedule E Supplemental Income and Loss
Payments received for the right to extract natural
Royalty resources from the taxpayer's property or to use a
taxpayer's literary, musical, or artistic creation.
A series of payments under a contract made at
Annuity regular intervals over a period of more than one
year.
