Enrolled Agent exam Questions and Answers 100% Pass

Enrolled Agent exam Questions and Answers 100% Pass Form 8888 - Allocation of Refund-Bank routing number and account number must be included on the form Form 709 - Federal Gift Tax Return HSA contribution Limitation - Eligible for the months that they are enrolled in Medicare. A tax payer 55 or older at the end of the tax year may make an additional catch-up contribution of $1000. The standard rate is $3600 per year IRS form 9465 - Alternative for paying off a installment agreement can be using a bank loan or using available credit as a viable alternative. Form 1116 - Foreign Tax Credit-Used to claim a credit from a foreign tax paid Different accounting methods are allowable for filing jointly - However both must use the same accounting. And are generally required to sign the return. Generally if there is a prohibited transaction in connection with a traditional IRA account at any time during the year, the account stops being an IRA as of the first day of the year. - 2 | P a g e Katelyn Whitman© 2025, All Rights Reserved. The basis for depreciation is the lesser of the following amounts when you change your home from personal use to business use. - The fair market value of the property home on the date of the change. Or your adjusted basis on the date of the change. A bequest is excluded from income even if the bequest is cash - If total non-Social Security income plus half of the Social Security is less than $32,000 if married filing joint, none of the Social Security is taxable. - If a tax payer is covered by a retirement plan at work, their contribution is not deductible because their AGI is $125,000 or more. - The TCJA changed the treatment of alimony for divorce decrees entered into or modified after 12/31/2018. Under the new rules alimony is no longer a deductible for the pay your spouse, and is not included in income of the recipient spouse. - The maximum capital gains rate is 0% for a tax parent with income that does not exceed the 15% breakpoint - A taxpayer can submit the form 1040 X3 years from the date he filed their return including extensions to claim a refund - When giving to charity there is usually a 30% limitation of AGI - Mortgage interest and mobile home interest and margin interest can be deducted from AGI. But margin interest can only be deducted up to the investment income. - 3 | P a g e Katelyn Whitman© 2025, All Rights Reserved. A tax payer who under pays taxes by $1000 or more may avoid a penalty for under payment of estimated tax if taxes withheld for the year exceed 90% of the current tax year liability or 100% of tax shown on last year's return. Or 110% if AGI is over $150,000. - The minimum annual deductible for family coverage is $2800 for 2021 - Child and dependent care credit - a tax credit that offsets your taxes in a direct dollar-for-dollar manner for child and dependent care expenses Only if you generate taxable income. The American rescue plan act of 2021 child tax credit - The child tax credit increases to $3000 per qualifying child. $3600 for a qualifying child who has not attained age 6 as of the close of the calendar year and is fully refundable for qualifying tax payers. Qualifying child age increases to younger than age 18. A tax payers basis includes the settlement fees and clos