H & R Block Study quiz ch. 1-11 Latest Update Graded A+

H & R Block Study quiz ch. 1-11 Latest Update Graded A+ Which of the following dependent relatives does not have to live in the same household with the taxpayer at any time during the year to qualify the taxpayer for head of household status? Aunt,mother,brother, married child? Mother Ronald and Sue Dobbins, a married couple, were both 61 years old when Ronald died on January 1, 2017. Sue did not remarry. How many personal exemptions may Sue claim when filing her joint 2017 return? 2 Jennifer Searcy, a single mother, has three children, Sydney (7), Patrick (11), and JoAnna (17). Jennifer's AGI is $62,000, and her tax liability is $4,804. All three children are Jennifer's qualifying child dependents. How much is Jennifer's Child Tax Credit? 2000 Which of the following income items is not subject to income tax on the federal return? Birthday gift,bank interset,ailmony,income from illegal activty Birthday gift Taxpayers who receive interest exceeding $1,500 must file: Schedule B The taxpayer must file Form 1040 to claim which of the following deductions? Schedule A Taxpayers whose only capital gain income is normal capital gain distributions from mutual funds generally compute their tax using: The Qual Div and Cap gain Tax Worksheet Failure to the meet the 2017 due diligence requirements for EITC, AOTC, and CTC/ACTC claimed on one return could result in which of the following? Maximum penalty of $1,530, per return, assessed towards the paid tax preparer. All of the following are due diligence requirements a Tax Professional must meet for EITC, AOTC, and CTC/ACTC EXCEPT: Investigate and verify the accuracy of information the taxpayer provides to show eligibility for EITC, AOTC, and/or CTC/ACTC. Which of the following is NOT TRUE about the due diligence requirements? The Tax Professional must _ (NOT TRUE)Always obtain documentation to prove the relationship and residency of a qualifying child before completing a claim for the EITC, CTC/ACTC, or AOTC. A Tax Professional should ask additional questions whenever the taxpayer's information seems: Incorrect, inconsistent, or incomplete. Which of the following records must a Tax Professional keep? -A record of the individual who provided the information used to prepare the credit claimed. -Photocopies of any documents provided by a taxpayer upon which the Tax Professional relied to determine the taxpayer's eligibility for, or the amount of, the EITC, CTC/ACTC, or AOTC. -Documentation of any inquiries the Tax Professional made to comply with the due diligence requirements, as well as the taxpayer's responses to the inquires at the time of the interview All of the above. For 2017, what is the gross income filing requirement for a married couple, where one is age 64 and the other is age 65, using the married filing jointly status? 22050 Which of the following items is NOT considered when determining the cost of maintenance of a home: Utilities, Insurance on the home,Food consumed in the home, Mortgage principal payment Mortgage principal payment. Is it the CTC refundable credit is or ACTC refundable credit or ACTC nonrefundable credit? Is CTC and/or ACTC worth up to $2000 per child?Which of the above statements about the Child Tax Credit and Additional Child Tax Credit is true? The Additional Child Tax Credit is a refundable credit. Ronald (28) is filing as a single taxpayer with no dependents. Ronald's earned income and AGI in 2017 was $10,281, all from wages. He had no other income. He is a U.S. citizen. 1. Yes - He would receive $362 in EITC. EIC table Single- 0d 10250-10,300 = $362 Marty (24) is a single taxpayer, filing head of household, with one dependent, Mindy (2). Mindy is Marty's daughter, and she lived with him for all of 2017. No one else lived with Marty. Marty's earned income and AGI was $23,457, all from wages. He had no other income. Both Marty and Mindy are U.S. citizens. Marty is not a full-time student. 2. Yes - He would receive $2,579 in EITC. EIC table Single - 1d 23,450-23,500 2579 Rosalee (19) is filing as a single taxpayer with no dependents. Rosalee's earned income and AGI in 2017 was $8,974, all from wages. She had no other income. She is a U.S. citizen. 3. No - Rosalee is not between the ages of 25 and 65. Juan (52) is filing as a single taxpayer with no dependents. Juan's earned income and AGI in 2017 was $15,021, all from wages. He had no other income. Juan is a U.S. citizen. 4. No - Juan's income was greater than $15,010. Lorelei (29) and Sean (28) are married taxpayers, filing a joint return. Lorelei's income from wages was $18,871. Sean's income from wages was $10,465. They had $88 of interest income from their checking account. They had no other income in 2017. Lorelei and Sean are expecting their first child in June of 2018. Both are U.S. citizens. 5. No - Lorelei and Sean have a combined income greater than $20,600. Junichi (34) and Mariko (32) are married taxpayers, filing a joint return. Junichi's gross income from wages was $34,281. Mariko had no income in 2017. They had no other income in 2017. Junichi and Mariko have one dependent daughter, Sakiko (4). They all lived together in 2017, and no one else lived with them. Junichi, Mariko, and Sakiko are all U.S. citizens 6. Yes - They would receive $1,747 in EITC. Ernest (45) and Teresa (41) are married taxpayers, filing a joint return. Ernest's income from wages was $23,457. Teresa's income from wages was $18,293. They had $144 of interest income from a money market account. They had no other income in 2017. Ernest and Teresa have two dependent sons, Michael (17) and Connor (15). They all lived together in 2017, and no one else lived with them. Ernest, Teresa, Michael, and Connor are all U.S. citizens. 7. Yes - Their combined earned income of $41,750 would allow them to receive $1,837 in EITC. Anita (42) is a married taxpayer. Her husband, Mark (43), has not lived with her since 2014 and Anita is considered unmarried for tax purposes, filing head of household. Anita's earned income and AGI was $28,478, all from wages. She had no other income. Anita has one dependent daughter, Samantha (14). Anita and Samantha lived together in 2017, and no one else lived with them. Both are U.S. citizens. -Anita would receive $1,780 in EITC. [She is filing Head of household, 1 dependent]