HRB FINAL EXAM 2025/2026 Actual Complete Real Exam
Questions & Correct Answers (Verified Answers) | Already
Graded A+ | Newest Exam | Just Released!!
Where on the tax form can you find the regular standard
deduction amounts? - ANSWER-Line 22 on 1040A, In the left
margin at the top of the page 2 of forms 1040 and 1040A. Look
at actual form to look for line
How much is added to the standard deduction if the taxpayer
(or spouse is age
65 or older, or blind? - ANSWER-$1550 if unmarried,
$1250 if married
What is the personal exemption amount for 2016? - ANSWER-
$4,050
What two amounts are combined to make up the gross income
filing requirments for most taxpayers? - ANSWER-The standard
deduction and the personal exemption amounts
,Under what circumstances might a taxpayer be required to file
a return even though they do not meet the gross income filing
requirements? - ANSWER-1. Has net employment of $400 or
more net self employment 2. You had unemployment income
you owe medicare Advantage MSA, receive HAS, Archer, MSA
3. Reeived an Advanced Premium Tax credit even if they didn't
otherwise have a filing requirment for the year *Tips, HSA, SE
$400, PTC
What is the difference between injured spouse allocation and
innocent spouse relief? - ANSWER-The difference between
injured spouse and innocent spouse is significant in the eyes
of the IRS. Both release you from an income tax liability arising
from a "married filing jointly" return but different outcomes.
Innocent spouse filed a joint return byt was unaware that their
spouse deliberately under reported tax liability. Injured spouse
seeks to protect his or her share of the refund in case it gets
seized or offset due to the other spouse's debts or unpaid
obligations
What is the Difference between earned income and unearned
income? - ANSWER-Earned income is received for services
performed. Examples are wages commissions, tips and
generally farming and other business income . Taxable income
other than that received for services performed. Unearned
,Income includes money received ro the investment of money or
other property, such as interest, dividends, and royalties. It
also includes pensions alimony, unemployment compensation
and other income that is not earned
If an employee thinks their Form W2 is incorrect, what should
they do? - ANSWER-Employee should discuss with employer
who issued the document and request a W2C. If no help from
employer, notify IRS. Tax prepaper can then file a substitute.
What information do you need to know to determine whether a
taxpayer is required to file a return? - ANSWER-Gross income,
filing status, age and if they are a dependent
For tax purposes, when is a person's marital status determined?
- ANSWER-On
the last day of the tax
year
CHAPTER 3: DEPENDENT EXEMPTIONS AND SUPPORT -
What is the first due diligence requirement for the EITC,
CTC,ACTC, AOTC and how does a paid preparer meet this
requirement? - ANSWER-Complete and submit the form 8867.
, 1. Complete the form thoroughly and conscientously read the
form carefully 2. submit the form on every claim for eitc,
ctc/actc and aotc
What four requirements must be met for an individual to
be claimed as a
dependent - ANSWER-Must pass the dependent test,
joint return test,
citizenship, qualifying child
or relative
What are the five tests for a qualifying child? - ANSWER-1.
Relationship 2. Age
3. Residency 4. Support 5. Joint
Return
How can a married individual meet the joint return test to
remain a qualifying
child? - ANSWER-They can meet this test by not filing a joint
return with their
spouse or they can file a joint return with their spouse if they
are filing only to
claim a refund on any taxes
withheld
Questions & Correct Answers (Verified Answers) | Already
Graded A+ | Newest Exam | Just Released!!
Where on the tax form can you find the regular standard
deduction amounts? - ANSWER-Line 22 on 1040A, In the left
margin at the top of the page 2 of forms 1040 and 1040A. Look
at actual form to look for line
How much is added to the standard deduction if the taxpayer
(or spouse is age
65 or older, or blind? - ANSWER-$1550 if unmarried,
$1250 if married
What is the personal exemption amount for 2016? - ANSWER-
$4,050
What two amounts are combined to make up the gross income
filing requirments for most taxpayers? - ANSWER-The standard
deduction and the personal exemption amounts
,Under what circumstances might a taxpayer be required to file
a return even though they do not meet the gross income filing
requirements? - ANSWER-1. Has net employment of $400 or
more net self employment 2. You had unemployment income
you owe medicare Advantage MSA, receive HAS, Archer, MSA
3. Reeived an Advanced Premium Tax credit even if they didn't
otherwise have a filing requirment for the year *Tips, HSA, SE
$400, PTC
What is the difference between injured spouse allocation and
innocent spouse relief? - ANSWER-The difference between
injured spouse and innocent spouse is significant in the eyes
of the IRS. Both release you from an income tax liability arising
from a "married filing jointly" return but different outcomes.
Innocent spouse filed a joint return byt was unaware that their
spouse deliberately under reported tax liability. Injured spouse
seeks to protect his or her share of the refund in case it gets
seized or offset due to the other spouse's debts or unpaid
obligations
What is the Difference between earned income and unearned
income? - ANSWER-Earned income is received for services
performed. Examples are wages commissions, tips and
generally farming and other business income . Taxable income
other than that received for services performed. Unearned
,Income includes money received ro the investment of money or
other property, such as interest, dividends, and royalties. It
also includes pensions alimony, unemployment compensation
and other income that is not earned
If an employee thinks their Form W2 is incorrect, what should
they do? - ANSWER-Employee should discuss with employer
who issued the document and request a W2C. If no help from
employer, notify IRS. Tax prepaper can then file a substitute.
What information do you need to know to determine whether a
taxpayer is required to file a return? - ANSWER-Gross income,
filing status, age and if they are a dependent
For tax purposes, when is a person's marital status determined?
- ANSWER-On
the last day of the tax
year
CHAPTER 3: DEPENDENT EXEMPTIONS AND SUPPORT -
What is the first due diligence requirement for the EITC,
CTC,ACTC, AOTC and how does a paid preparer meet this
requirement? - ANSWER-Complete and submit the form 8867.
, 1. Complete the form thoroughly and conscientously read the
form carefully 2. submit the form on every claim for eitc,
ctc/actc and aotc
What four requirements must be met for an individual to
be claimed as a
dependent - ANSWER-Must pass the dependent test,
joint return test,
citizenship, qualifying child
or relative
What are the five tests for a qualifying child? - ANSWER-1.
Relationship 2. Age
3. Residency 4. Support 5. Joint
Return
How can a married individual meet the joint return test to
remain a qualifying
child? - ANSWER-They can meet this test by not filing a joint
return with their
spouse or they can file a joint return with their spouse if they
are filing only to
claim a refund on any taxes
withheld
