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MARYLAND INDIVIDUAL TAX PREPARERS EXAM(FEDERAL ONLY)

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MARYLAND INDIVIDUAL TAX PREPARERS EXAM(FEDERAL ONLY) QUESTIONS AND ANSWERS 2026

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MARYLAND INDIVIDUAL TAX
PREPARERS EXAM(FEDERAL ONLY)

Capital Gains - Short Term - ANSWERS-Held 1 year or less; taxed at
ordinary rates.


Capital Gains - Long Term - ANSWERS-Held over 1 year; taxed at
0/15/20%.


Schedule C Income - ANSWERS-Self-employment income; business
expenses allowed.


Self-Employment Tax Rate - ANSWERS-15.3% for Social Security +
Medicare.


ACA - Premium Tax Credit - ANSWERS-Helps taxpayers afford
Marketplace health insurance.


ACA - Shared Responsibility - ANSWERS-Federal penalty eliminated
(0%), but still required knowledge.


Due Diligence Requirement - ANSWERS-Required for EITC, CTC, ODC,
AOTC, HOH — $600 penalty per failure.

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