H&R Block Midterm Review UPDATED
Exam Questions and CORRECT Answers.
Which of the following is not counted as support? A - CORRECT ANSWER - a) Life
insurance premiums.
b) Lodging.
c) Clothing.
d) Entertainment.
How much is the Child Tax Credit worth? A - CORRECT ANSWER - a) $1,000 per
qualifying child.
b) $3,000 per qualifying child.
c) $4,050 per qualifying child.
d) $5,000 per qualifying child.
Assuming all other requirements are met, how long may an eligible surviving spouse file as a
qualifying widow(er)? B - CORRECT ANSWER - a) One year.
b) Two years.
c) Three years.
d) Five years.
Which form is required when a custodial parent releases their claim to the qualifying child
exemption to a noncustodial parent? D - CORRECT ANSWER - a) Form 8453.
b) Form 8283.
c) Form 8867.
d) Form 8332
, For 2017, what is the exemption amount for each qualifying child? C - CORRECT
ANSWER - a) $1,000
b) $3,050
c) $4,050
d) $6,350
For 2017, what is the standard deduction for the head of household filing status? C - CORRECT
ANSWER - a) $4,050
b) $6,350
c) $9,350
d) $12,700
What happens if more than one taxpayer submits a tax return claiming the same qualifying child?
A - CORRECT ANSWER - a) The IRS will apply the tie-breaker rules.
b) The IRS will delete the exemption from both tax returns.
c) The IRS will split the exemption between the two taxpayers.
d) Nothing. This is an allowed practice
Taxpayers who have any financial interest in, or signature authority over, a financial account
(such as a bank account, securities account, or brokerage account) located in a foreign country
may have to file: A - CORRECT ANSWER - a) FinCEN Form 114
b) Form 1116.
c) Form 6251.
d) Form 8275.
Which of the following is nontaxable on a federal income tax return? B - CORRECT
ANSWER - a) Interest income from a savings account.
b) Interest income from municipal bonds.
c) Interest from corporate bonds.
d) Interest from personal loans
Exam Questions and CORRECT Answers.
Which of the following is not counted as support? A - CORRECT ANSWER - a) Life
insurance premiums.
b) Lodging.
c) Clothing.
d) Entertainment.
How much is the Child Tax Credit worth? A - CORRECT ANSWER - a) $1,000 per
qualifying child.
b) $3,000 per qualifying child.
c) $4,050 per qualifying child.
d) $5,000 per qualifying child.
Assuming all other requirements are met, how long may an eligible surviving spouse file as a
qualifying widow(er)? B - CORRECT ANSWER - a) One year.
b) Two years.
c) Three years.
d) Five years.
Which form is required when a custodial parent releases their claim to the qualifying child
exemption to a noncustodial parent? D - CORRECT ANSWER - a) Form 8453.
b) Form 8283.
c) Form 8867.
d) Form 8332
, For 2017, what is the exemption amount for each qualifying child? C - CORRECT
ANSWER - a) $1,000
b) $3,050
c) $4,050
d) $6,350
For 2017, what is the standard deduction for the head of household filing status? C - CORRECT
ANSWER - a) $4,050
b) $6,350
c) $9,350
d) $12,700
What happens if more than one taxpayer submits a tax return claiming the same qualifying child?
A - CORRECT ANSWER - a) The IRS will apply the tie-breaker rules.
b) The IRS will delete the exemption from both tax returns.
c) The IRS will split the exemption between the two taxpayers.
d) Nothing. This is an allowed practice
Taxpayers who have any financial interest in, or signature authority over, a financial account
(such as a bank account, securities account, or brokerage account) located in a foreign country
may have to file: A - CORRECT ANSWER - a) FinCEN Form 114
b) Form 1116.
c) Form 6251.
d) Form 8275.
Which of the following is nontaxable on a federal income tax return? B - CORRECT
ANSWER - a) Interest income from a savings account.
b) Interest income from municipal bonds.
c) Interest from corporate bonds.
d) Interest from personal loans
