H&R BLOCK

Which is a difference between credit unions and consumer banks? - ANSWER-Credit unions are not open to all members of the public. Which is a drawback of virtual (internet only) banks? - ANSWER-Some financial transactions can only be done in person, not virtually. Which is an advantage to having an account at a consumer bank instead of a credit union? - ANSWER-Consumer banks often offer more financial services than credit unions. When opening a checking or share draft account, which woul...

Kiera, 25, taxpayer, $5,800, unmarried Jan-June f/t student Jaylon, 1, son, $0- contributes more than 50% Annette, 48, mother, $25k Kiera & Jaylon have lived with Annette for all of 2018 - ANSWER-Single, Child Tax Credit/Additional Child Tax Credit, Earned Income Tax Credit Alicia, 29, taxpayer $36,450, separated Bebe, 3 & Meme, 5, daughters Live in Alicia's parents finished basement since 2017 Contributing more than 50% of cost of living Husband does not contribute nor live with Al...

Sam pays his 19 yr. old son, Joshua, $550/month to maintain the lawn & garden at the family residence. Sam is subject to what household employment tax rules for Joshua? - ANSWER-A. Since Joshua is not performing any child case services, the household tax rules do not apply. B. Since Joshua is the taxpayer's child under age 21, the household employment tax rules do not apply. C. Since no evidence is given that Joshua is a student, he is considered to be Sam's household employee. D. Since Jos...

Circular 230 - ANSWER-Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure - ANSWER-The release of tax information by an IRS employee. Due Diligence - ANSWER-Requirements that tax professionals must follow when preparing income tax returns. Noncompliance - ANSWER-Failure or refusal to comply with the tax code. Privilege - ANSWER-Protection from being required to disclose confident...

What is the standard deduction for a taxpayer filing single? - ANSWER-$6200 What is the standard deduction for a taxpayer filing married filing joint? - ANSWER-$12400 What is the standard deduction for a taxpayer filing married filing separate? - ANSWER-$6200 What is the standard deduction for a taxpayer filing qualifying widow? - ANSWER-$9100 What is the standard deduction for a taxpayer filing head of household? - ANSWER-$9100 What does Form 1099-G provide? - ANSWER-Certain gove...

Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? - ANSWER-Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able to claim Adam as a qualifying relative dependent. Note: Being cousins alone will not meet the relationship test for qualifying relative, because a cousin is not listed as a specific relative...

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