HRB FINAL EXAM QUESTIONS
WITH ACCURATE ANSWERS
"A single taxpayer has AGI of $80,000. He is an active participant correct answer
"A single taxpayer is receiving pension benefits from previous correct answer
"Are the employer's contributions to an employee's SEP-IRA correct answer
"May an employee contribute to their SEP-IRA or separate IRA in correct answer
"Schedule C, Line F asks for the accounting method used in the business. correct
answer
"Under what circumstances would a taxpayer's Roth IRA contributions correct
answer
"Under what circumstances would an active participant's deduction correct
answer
"What are some key differences between qualified and nonqualified correct
answer
"What are the key differences between a traditional 401(k) or correct answer
,"What are the main differences between traditional IRAs and Roth correct answer
"What effect does a net loss from self-employment have on total correct answer
"What is the easiest way to determine if an employee is an active correct answer
"What is the impact of a taxpayer being covered by an employersponsored
correct answer
"What is the last date on which a contribution may be made and correct answer
"What is the maximum amount of contributions on which the correct answer
"What types of distributions will reduce the amount eligible for the correct
answer
"Which taxpayers are not entitled to claim a retirement savings correct answer
• Amortizable bond premiums" correct answer
• Are funded by employers. correct answer
• Assets with an unlimited or indeterminable useful life (such as land) correct
answer
,• Born after January 1, 1999. correct answer
• Casualty and theft losses from income-producing property correct answer
• Cellular phones." correct answer
• Claimed as a dependent on someone else's 2016 return. correct answer
• Computers and related equipment unless used exclusively at a business. correct
answer
• Contributions and the earnings on the contributions to be taxdeferred correct
answer
• Do not have the tax benefits of qualified plans. correct answer
• Employers to deduct annual allowable contributions for each plan correct
answer
• Federal Estate Tax correct answer
• Full-time students during any part of five-calendar months in 2013" correct
answer
• Impairment-Related Work Expenses correct answer
, • Inventory" correct answer
• May be more flexible than qualified plans (nonqualified plans may correct
answer
• Money borrowed from a related person is not a qualified student loan." correct
answer
• Property used for entertainment, recreation or amusement. correct answer
• Repayments of certain income more than $3,000 correct answer
• Some taxes to be deferred even further through a transfer into a different
correct answer
• Tax Professionals must have knowledge of tax law, and apply a reasonability
check to the information provided by their clients." correct answer
• These amounts are subtracted from gross receipts." correct answer
• Under the cash method, only income actually received or expenses actually paid
during the year are included. (15.5)" correct answer
• Unrecovered cost of a decedent's Pension or Annuity correct answer
$184,000 (MFJ or QW)." correct answer
WITH ACCURATE ANSWERS
"A single taxpayer has AGI of $80,000. He is an active participant correct answer
"A single taxpayer is receiving pension benefits from previous correct answer
"Are the employer's contributions to an employee's SEP-IRA correct answer
"May an employee contribute to their SEP-IRA or separate IRA in correct answer
"Schedule C, Line F asks for the accounting method used in the business. correct
answer
"Under what circumstances would a taxpayer's Roth IRA contributions correct
answer
"Under what circumstances would an active participant's deduction correct
answer
"What are some key differences between qualified and nonqualified correct
answer
"What are the key differences between a traditional 401(k) or correct answer
,"What are the main differences between traditional IRAs and Roth correct answer
"What effect does a net loss from self-employment have on total correct answer
"What is the easiest way to determine if an employee is an active correct answer
"What is the impact of a taxpayer being covered by an employersponsored
correct answer
"What is the last date on which a contribution may be made and correct answer
"What is the maximum amount of contributions on which the correct answer
"What types of distributions will reduce the amount eligible for the correct
answer
"Which taxpayers are not entitled to claim a retirement savings correct answer
• Amortizable bond premiums" correct answer
• Are funded by employers. correct answer
• Assets with an unlimited or indeterminable useful life (such as land) correct
answer
,• Born after January 1, 1999. correct answer
• Casualty and theft losses from income-producing property correct answer
• Cellular phones." correct answer
• Claimed as a dependent on someone else's 2016 return. correct answer
• Computers and related equipment unless used exclusively at a business. correct
answer
• Contributions and the earnings on the contributions to be taxdeferred correct
answer
• Do not have the tax benefits of qualified plans. correct answer
• Employers to deduct annual allowable contributions for each plan correct
answer
• Federal Estate Tax correct answer
• Full-time students during any part of five-calendar months in 2013" correct
answer
• Impairment-Related Work Expenses correct answer
, • Inventory" correct answer
• May be more flexible than qualified plans (nonqualified plans may correct
answer
• Money borrowed from a related person is not a qualified student loan." correct
answer
• Property used for entertainment, recreation or amusement. correct answer
• Repayments of certain income more than $3,000 correct answer
• Some taxes to be deferred even further through a transfer into a different
correct answer
• Tax Professionals must have knowledge of tax law, and apply a reasonability
check to the information provided by their clients." correct answer
• These amounts are subtracted from gross receipts." correct answer
• Under the cash method, only income actually received or expenses actually paid
during the year are included. (15.5)" correct answer
• Unrecovered cost of a decedent's Pension or Annuity correct answer
$184,000 (MFJ or QW)." correct answer
