VITA Basic Exam Questions And Answers

VITA Basic Exam Questions And Answers What is the most advantageous filing status allowable that Joe can claim on his tax return for 2021? - ANS Head of Household Joe can claim a higher standard deduction because he is blind. - ANS True Chris and Marcie cannot claim the Earned Income Tax Credit (EITC) because they're too young and have no qualifying children. - ANS false Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021 tax return. - ANS false Which of the Reynolds children qualifies for the child tax credit (CTC)? - ANS Laura and Timothy Archie and Tina will not itemize deductions but can deduct the full amount of their charitable contribution. - ANS false The Brooks qualify for the Credit for Other Dependents. - ANS True The Brooks qualify for the Earned Income Tax Credit. - ANS false Alan cannot claim the Earned Income Tax Credit because his age is more than theage limit. - ANS False . Alan must take a required minimum distribution in 2021. - ANS false Bobbie can exclude his unemployment compensation on his 2021 tax return. - ANS False Bobbie is eligible for the following credit: - ANS American Opportunity Credit Lifetime learning credit earned income credit ??? Bobbie can claim the student loan interest deduction on his tax return. - ANS true false Fred and Wilma Jones can claim the Credit for Other Dependents. - ANS True What is the total amount of federal income tax withholding shown on theJones' Form(s) W-2 and 1099? - ANS $6100 5200 2700 ???? The taxable amount of Fred's Social Security is $7,650.00 - ANS True Which of the following statements are true? - ANS Qualified dividends are reported on Form 1099-DIV. Qualified dividends are part of the total ordinary dividends. Qualified dividends qualify for lower, long-term capital gains tax rates. ???? Sheila's most advantageous filing status allowable is - ANS H