ENROLLED AGENT STUDY GUIDE 2025/2026 QUESTIONS
WITH SOLUTIONS RATED A+
✔✔Form 4797 - ✔✔Sale of Business Property,
✔✔There is an additional tax that has increased to 25% of funds are withdrawn within
two years of beginning participation in a simple IRA. - ✔✔
✔✔All non-business bad debts are short term capital losses and are claimed on
schedule D. - ✔✔
✔✔Form 4137 - ✔✔Social Security and Medicare Tax On Unreported Tip Income
✔✔Form 4684 - ✔✔Casualties and theft and schedule a, itemized deductions.
Beginning in 2018 personal casualty and theft losses of an individual or deductible only
to the extent they're attributable to a federal declared disaster.
✔✔Kost dices Jason Nguyen Rise cama Tyler Search In Pink que bien Space Ford
Alone For Business property amor te Over de Live Alone - ✔✔Points do not increase
basis
✔✔A taxpayer must file a claim for a refund or credit by the later of three years after
filing the original return or two years after paying the tax. - ✔✔
✔✔A persons loss is the smaller of adjusted basis or decrease in fair market value. This
is different from depreciation purposes so be careful looking at the question. - ✔✔
✔✔Section 1244 stock is stock that was issued for money or property in a domestic
small business corporation. - ✔✔
✔✔Adjusted basis for installment sale purposes is the total of the following three items.
- ✔✔Adjusted basis, selling expenses, depreciation recapture.
✔✔If the owner of a traditional IRA reach his age 70.5 before January 1, 2020 he must
begin distributions from his IRA by April 1 of the following year he reaches age 70.5. -
✔✔
✔✔Spouses minor children and parents are not household employees for federal tax
purposes even if you pay them. - ✔✔Use schedule H to report household employment
taxes if you pay any of the following wages to the employer. A household employee is
paid cash wages for $2300 or more in 2021. If combine cash wages of all household
employees is $1000 or more in any calendar quarter of 20 20 or 2021. Wages from
which you withhold federal income tax.
, ✔✔There is a 6% tax if you don't work through the excess contribution to an IRA. - ✔✔
✔✔If the excess provisional income of $40,000 is more than their benefits therefore it
will add 85% of Social Security benefits to arrive to the AGI - ✔✔
✔✔Either a taxpayer can deduct the loss as an itemized deduction or as an increase to
their standard deduction. - ✔✔
✔✔If you pay cash wages of $2300 or more for 2021 to any one household and 40 then
you need to report it and pay Social Security Medicare taxes. - ✔✔Count wages you
pay to your spouse, your children under the age of 21, your parent, or any employee
under the age of 18 at any time during the year.
✔✔For 2021 only ARPA increase the applicable percentage which begins at 50% for
taxpayers with AGI less than $125,000. So for the child care credit it is 50% of what the
expenses are for the child - ✔✔
✔✔Federal estate taxes on income in respect of a decedent is allowed as a
miscellaneous deduction on schedule A. - ✔✔
✔✔A viatical settlement is the sale or assignment of any part of the death benefit under
in life insurance contract. - ✔✔
✔✔When married but filing separately on a return they can only get 1/2 of the amount
granted on a joint return when it comes to a capital loss for that year - ✔✔
✔✔When certain children have more than $2200 of unearned income in 2021 part of
your income maybe Tax at the parents tax rates instead of the child tax rates. - ✔✔
✔✔Deductions allowed for AMT include charitable contributions and mortgage interest
payments. - ✔✔
✔✔In 2021 a tax rate of 15.3% applies to the first 142,800 of income from self-
employment income. A tax rate of 2.9% applies to the excess. - ✔✔
✔✔If a debt is canceled or forgiven other than a is a gift or request the taxpayer must
include that he canceled debt in his income. - ✔✔If an outstanding loan is discharged in
bankruptcy or canceled due to a tax payers insolvency, then it is not included in the
taxpayers income.
✔✔The limit on housing expenses is generally 30% of the maximum foreign earned
income exclusion, but it may vary depending on the location. - ✔✔
WITH SOLUTIONS RATED A+
✔✔Form 4797 - ✔✔Sale of Business Property,
✔✔There is an additional tax that has increased to 25% of funds are withdrawn within
two years of beginning participation in a simple IRA. - ✔✔
✔✔All non-business bad debts are short term capital losses and are claimed on
schedule D. - ✔✔
✔✔Form 4137 - ✔✔Social Security and Medicare Tax On Unreported Tip Income
✔✔Form 4684 - ✔✔Casualties and theft and schedule a, itemized deductions.
Beginning in 2018 personal casualty and theft losses of an individual or deductible only
to the extent they're attributable to a federal declared disaster.
✔✔Kost dices Jason Nguyen Rise cama Tyler Search In Pink que bien Space Ford
Alone For Business property amor te Over de Live Alone - ✔✔Points do not increase
basis
✔✔A taxpayer must file a claim for a refund or credit by the later of three years after
filing the original return or two years after paying the tax. - ✔✔
✔✔A persons loss is the smaller of adjusted basis or decrease in fair market value. This
is different from depreciation purposes so be careful looking at the question. - ✔✔
✔✔Section 1244 stock is stock that was issued for money or property in a domestic
small business corporation. - ✔✔
✔✔Adjusted basis for installment sale purposes is the total of the following three items.
- ✔✔Adjusted basis, selling expenses, depreciation recapture.
✔✔If the owner of a traditional IRA reach his age 70.5 before January 1, 2020 he must
begin distributions from his IRA by April 1 of the following year he reaches age 70.5. -
✔✔
✔✔Spouses minor children and parents are not household employees for federal tax
purposes even if you pay them. - ✔✔Use schedule H to report household employment
taxes if you pay any of the following wages to the employer. A household employee is
paid cash wages for $2300 or more in 2021. If combine cash wages of all household
employees is $1000 or more in any calendar quarter of 20 20 or 2021. Wages from
which you withhold federal income tax.
, ✔✔There is a 6% tax if you don't work through the excess contribution to an IRA. - ✔✔
✔✔If the excess provisional income of $40,000 is more than their benefits therefore it
will add 85% of Social Security benefits to arrive to the AGI - ✔✔
✔✔Either a taxpayer can deduct the loss as an itemized deduction or as an increase to
their standard deduction. - ✔✔
✔✔If you pay cash wages of $2300 or more for 2021 to any one household and 40 then
you need to report it and pay Social Security Medicare taxes. - ✔✔Count wages you
pay to your spouse, your children under the age of 21, your parent, or any employee
under the age of 18 at any time during the year.
✔✔For 2021 only ARPA increase the applicable percentage which begins at 50% for
taxpayers with AGI less than $125,000. So for the child care credit it is 50% of what the
expenses are for the child - ✔✔
✔✔Federal estate taxes on income in respect of a decedent is allowed as a
miscellaneous deduction on schedule A. - ✔✔
✔✔A viatical settlement is the sale or assignment of any part of the death benefit under
in life insurance contract. - ✔✔
✔✔When married but filing separately on a return they can only get 1/2 of the amount
granted on a joint return when it comes to a capital loss for that year - ✔✔
✔✔When certain children have more than $2200 of unearned income in 2021 part of
your income maybe Tax at the parents tax rates instead of the child tax rates. - ✔✔
✔✔Deductions allowed for AMT include charitable contributions and mortgage interest
payments. - ✔✔
✔✔In 2021 a tax rate of 15.3% applies to the first 142,800 of income from self-
employment income. A tax rate of 2.9% applies to the excess. - ✔✔
✔✔If a debt is canceled or forgiven other than a is a gift or request the taxpayer must
include that he canceled debt in his income. - ✔✔If an outstanding loan is discharged in
bankruptcy or canceled due to a tax payers insolvency, then it is not included in the
taxpayers income.
✔✔The limit on housing expenses is generally 30% of the maximum foreign earned
income exclusion, but it may vary depending on the location. - ✔✔
