IRS Volunteer Income Tax Assistance VITA /TCE Advanced Certification
IRS Volunteer Income Tax Assistance VITA /TCE Advanced Certification Maximum Foreign Income Exclusion (Changes to 2016) - correct answer Increased to $101,300 Maximum Foreign Housing Exclusion (Changes to 2016) - correct answer Increased to $44.28 per day Modified Adjusted Gross (AGI) Limit (IRAs and Other Retirement Plans) - correct answer *Max IRA Deduction remains at $5,500, ($6500 if age 50 older) ** If a taxpayer is covered by a retirement plan at work, the deduction for contributions to a traditional IRA is reduced (phased out) if the modified AGI is: **More than $98,000 but less than $118,000 for Married Filing Jointly taxpayers or Qualifying Widow(er) if both spouses are covered by a retirement plan. **More than $61,000 but less than $71,000 for a Single or Household or **Less than $10,000 for Married filing separately ***For an IRA Contributor who is not covered by a workplace retirement plan and is Married to someone who is covered, the deduction is phased out if the couple's income is between $184,000 & $194,000 Revenue Procedure 2016-47 (Changes to 2016 NEW IRA Self-Certification Procedure) - correct answer Explains a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Eligible taxpayers can qualify for a waiver of the 60-day time limit and avoid possible taxes and penalties on early distributions, if they meet certain circumstances. Taxpayers who missed the time limit will now ordinarily qualify for a waiver if one or more of 11 circumstances, listed in the revenue procedure, apply: **An error was committed by the financial institution making the distribution or receiving the contribution.
Written for
- Institution
- VITA-Volunteer Income Tax Assistance
- Course
- VITA-Volunteer Income Tax Assistance
Document information
- Uploaded on
- February 18, 2024
- Number of pages
- 8
- Written in
- 2023/2024
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
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irs volunteer income tax assistance vita
-
tce advanced certification
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