H&R BLOCK VIRTUAL INCOME TAX COURSE
EXAM ACTUAL QUESTIONS AND ANSWERS -
LATEST AND COMPLETE UPDATE WITH
VERIFIED SOLUTIONS – ASSURED PASS WITH
INSTANT DOWNLOAD PDF.
Chapters 1-6 Review
Chap. 1: Which of the following statements is correct about interest?
A. Total interest of more than $1,500 from all sources must be reported on
Schedule B.
B. Credit Unions often call interest on deposits "dividends."
C. The amount of a penalty on early withdrawal of savings may be more than
the total amount of interest income received by the taxpayer.
D. U.S. Savings Bond & other Treasury obligation interest is taxable on the
federal return and all state returns.
E. Taxpayers will receiv - ANSWER: -A. Total interest of more than $1,500
from all sources must be reported on Schedule B.
B. Credit Unions often call interest on deposits "dividends."
C. The amount of a penalty on early withdrawal of savings may be more than
the total amount of interest income received by the taxpayer.
, E. Taxpayers will receive a form 1099-INT, Interest Income, from their financial
institution if the total interest is $10 or more.
-----------------------------------------------------------------
It is important to be knowledgeable about interest income so that you can ask the
taxpayer appropriate questions. U.S. Savings Bond and other Treasury obligation
interest is never taxable on a state return and state bonds and state obligations are
never taxable on a federal return.
Chap. 1: John & Christy Shephard are married; and they received the following
income for the year: Choose all that are considered unearned income.
A. Wages: $70,500
B. Interest from a bank savings account: $30
C. Unemployment compensation: $10000
D. Gift from John's Father: $2000
E. Dividends: $35
F. Christy's side gig delivering groceries: $4,500 - ANSWER: -B. Interest
from a bank savings account: $30
EXAM ACTUAL QUESTIONS AND ANSWERS -
LATEST AND COMPLETE UPDATE WITH
VERIFIED SOLUTIONS – ASSURED PASS WITH
INSTANT DOWNLOAD PDF.
Chapters 1-6 Review
Chap. 1: Which of the following statements is correct about interest?
A. Total interest of more than $1,500 from all sources must be reported on
Schedule B.
B. Credit Unions often call interest on deposits "dividends."
C. The amount of a penalty on early withdrawal of savings may be more than
the total amount of interest income received by the taxpayer.
D. U.S. Savings Bond & other Treasury obligation interest is taxable on the
federal return and all state returns.
E. Taxpayers will receiv - ANSWER: -A. Total interest of more than $1,500
from all sources must be reported on Schedule B.
B. Credit Unions often call interest on deposits "dividends."
C. The amount of a penalty on early withdrawal of savings may be more than
the total amount of interest income received by the taxpayer.
, E. Taxpayers will receive a form 1099-INT, Interest Income, from their financial
institution if the total interest is $10 or more.
-----------------------------------------------------------------
It is important to be knowledgeable about interest income so that you can ask the
taxpayer appropriate questions. U.S. Savings Bond and other Treasury obligation
interest is never taxable on a state return and state bonds and state obligations are
never taxable on a federal return.
Chap. 1: John & Christy Shephard are married; and they received the following
income for the year: Choose all that are considered unearned income.
A. Wages: $70,500
B. Interest from a bank savings account: $30
C. Unemployment compensation: $10000
D. Gift from John's Father: $2000
E. Dividends: $35
F. Christy's side gig delivering groceries: $4,500 - ANSWER: -B. Interest
from a bank savings account: $30
