HRB 1-6 quiz UPDATED ACTUAL Questions and CORRECT Answers
Gifts and inheritances.
Life insurance payments, if paid by reason of the death of
A taxpayer should include which of the following when the insured.
figuring their federal gross income? Meals and lodging provided for the convenience of the
employer
Prizes and awards.
A) A PTIN is required semi-annually for anyone who pre-
pares or assists in preparing federal tax returns for com-
pensation.
To avoid the risk of penalties, tax preparers must abide
B) If a tax preparer does not have a PTIN, they can still
by rules regarding preparer tax identification numbers
prepare tax returns for compensation.
(PTINs). Which of the following statements is TRUE re-
C) The IRS may provide a PTIN to taxpayers who are victims
garding PTINs?
of identity theft.
D) The preparer must enter their PTIN on the tax return in
the space provided.
Tucker is an unmarried, 29-year-old taxpayer. He received
the following income for the year:
Wages: $44,500. A)$44,500
Interest from a bank savings account: $50. B)$44,550
Unemployment compensation: $7,000. C)$51,500
Gift from his father: $3,000. D)$54,550
How much of Tucker's income is considered earned in-
come?
Part I of the Schedule B (Form 1040).
Lucca has a financial interest in a financial account in a
Part II of the Schedule B (Form 1040).
foreign country. Where should this be reported on his tax
Part III of the Schedule B (Form 1040).
return?
Part II of Schedule 1 (Form 1040).
Omari (47) is single. He had wages of $45,950. In 2022,
$0
he opened an interest-bearing savings account and re-
$8
ceived Form 1099-INT, Interest Income, showing he had
, earned $16 of interest income for the year. What amount $10
of interest must be reported on his Form 1040? $16
Fully taxable.
Vanida received workers' compensation due to an injury
Nontaxable.
on the job. When Vanida files her tax return, her workers'
Partially taxable.
compensation income will be:
Taxable at the discretion of the employer.
A joint return must be signed by both the taxpayer and the
spouse.
Every taxpayer must sign their own return.
When a tax return is filed electronically, there are no sig-
Ricky and his wife, Sarah, are filing their tax return. Which
nature requirements for the taxpayer.
of the following statements regarding signing the return
When a taxpayer signs their tax return, they declare, under
is NOT correct?
penalties of perjury, that they have examined the return
and accompanying schedules and statements, and to the
best of their knowledge and belief, they are true, correct,
and complete.
Taxpayers may only use a handwritten signature to sign
the return.
The IRS will provide an Identity Protection Personal Iden-
When tax returns are filed electronically, what is one way tification Number (IP PIN) used to sign the return.
a taxpayer can sign the return? There is no taxpayer signature requirement when a tax
return is filed electronically.
This can be accomplished by using a personal identifica-
tion number (PIN).
Compensation received for personal injuries and physical
illness.
A taxpayer should include which of the following when First $5,250 of educational assistance from an employer's
figuring their federal gross income? qualified educational assistance program.
Qualified scholarships and fellowships.
Unemployment compensation.
Gifts and inheritances.
Life insurance payments, if paid by reason of the death of
A taxpayer should include which of the following when the insured.
figuring their federal gross income? Meals and lodging provided for the convenience of the
employer
Prizes and awards.
A) A PTIN is required semi-annually for anyone who pre-
pares or assists in preparing federal tax returns for com-
pensation.
To avoid the risk of penalties, tax preparers must abide
B) If a tax preparer does not have a PTIN, they can still
by rules regarding preparer tax identification numbers
prepare tax returns for compensation.
(PTINs). Which of the following statements is TRUE re-
C) The IRS may provide a PTIN to taxpayers who are victims
garding PTINs?
of identity theft.
D) The preparer must enter their PTIN on the tax return in
the space provided.
Tucker is an unmarried, 29-year-old taxpayer. He received
the following income for the year:
Wages: $44,500. A)$44,500
Interest from a bank savings account: $50. B)$44,550
Unemployment compensation: $7,000. C)$51,500
Gift from his father: $3,000. D)$54,550
How much of Tucker's income is considered earned in-
come?
Part I of the Schedule B (Form 1040).
Lucca has a financial interest in a financial account in a
Part II of the Schedule B (Form 1040).
foreign country. Where should this be reported on his tax
Part III of the Schedule B (Form 1040).
return?
Part II of Schedule 1 (Form 1040).
Omari (47) is single. He had wages of $45,950. In 2022,
$0
he opened an interest-bearing savings account and re-
$8
ceived Form 1099-INT, Interest Income, showing he had
, earned $16 of interest income for the year. What amount $10
of interest must be reported on his Form 1040? $16
Fully taxable.
Vanida received workers' compensation due to an injury
Nontaxable.
on the job. When Vanida files her tax return, her workers'
Partially taxable.
compensation income will be:
Taxable at the discretion of the employer.
A joint return must be signed by both the taxpayer and the
spouse.
Every taxpayer must sign their own return.
When a tax return is filed electronically, there are no sig-
Ricky and his wife, Sarah, are filing their tax return. Which
nature requirements for the taxpayer.
of the following statements regarding signing the return
When a taxpayer signs their tax return, they declare, under
is NOT correct?
penalties of perjury, that they have examined the return
and accompanying schedules and statements, and to the
best of their knowledge and belief, they are true, correct,
and complete.
Taxpayers may only use a handwritten signature to sign
the return.
The IRS will provide an Identity Protection Personal Iden-
When tax returns are filed electronically, what is one way tification Number (IP PIN) used to sign the return.
a taxpayer can sign the return? There is no taxpayer signature requirement when a tax
return is filed electronically.
This can be accomplished by using a personal identifica-
tion number (PIN).
Compensation received for personal injuries and physical
illness.
A taxpayer should include which of the following when First $5,250 of educational assistance from an employer's
figuring their federal gross income? qualified educational assistance program.
Qualified scholarships and fellowships.
Unemployment compensation.
