VITA Study guides, Class notes & Summaries

1. Rebecca's most beneficial allowable filing status is Head of Household. false 2. Rebecca has $_______ in qualifying child care expenses for the child and dependent care credit.. 2500 3. Pat and Terri are only eligible to claim the child tax credit on their 2020 tax return. false 4. The taxable amount of Pat's unemployment compensation is $_________? 3300 5. Medicaid waiver payments can be considered earned income for the computation of the earned income credit. true 6. Andrew's HSA de...

Prior to working at a VITA/TCE site, ALL VITA/TCE volunteers (greeters, clients, facilitators, tax preparers, quality reviewers, etc.) must: Annually pass the volunteer standards of conduct (VSC) certification test with a score of 80% or higher and sign and date the form 13615, volunteer standards of conduct agreement agreeing to comply with the VSC by upholding the highest ethical standards Can a volunteer be removed and barred from the VITA/TCE program for violating the Volunteer Standards of...

What is the most beneficial filing status allowable for Rebecca? a. Single b. Married filing jointly c. Head of Household d. Qualifying Widow(er) Qualifying Widow(er) T or F: Rebecca has $3,100 in qualifying child care expenses for the child and dependent care credit False Pat and Terry are eligible for which of the following credits? Select the best answer a. Credit for other dependents b. Child tax credit c. Earned income credit d. Both a and b Both a and b - Credit for other dependents - Ch...

-Jeff and Linda got married in December of 2018. They are both U.S. citizens with valid Social Security numbers. They do not elect to file a joint return for 2018. -Jeff worked all year and received wages of $32,000. He received full health insurance coverage from his employer all year. -Linda worked part-time at a book store January through September. She earned $9,000 for the year. In November, she started working at the library. She had health insurance through her employers, except for the m...

Which of the following is a violation of the Volunteer Standards of Conduct? a . Knowingly preparing a false tax return b . Having a donation/tip jar in the taxpayer waiting area at the site c . Using taxpayer's personal information to ask for a date d. All of the above d. All of the above Which volunteers must take Volunteer Standards of Conduct training and test? a . Site Coordinators/Local Coordinators b. Quality Reviewers and tax return preparers c . Greeters d. All VITA/TCE volunteers d. ...

To ensure quality service and accurate return preparation, every site is required to have a process for assigning taxpayers to IRS tax law-certified preparers who are certified at or above the level required to prepare their tax return. a. True b. False a. True During the intake process, which of the following should the volunteer verify that the taxpayer and spouse, if applicable, have with them to ensure the taxpayers can be served that day? a. Photo identification for both b. Social Security...

(Calvin) which of the following statements is correct calvin must claim 0 exemptions, because his parents can claim him as a dependent on their tax return (yes) (Calvin) Using publication 4012, is Calvin required to file a tax return? yes (yes) (Dana) Dana's most advantageous allowable filing status is: head of household (yes) Both Dana and Tom have qualifying health insurance coverage (also known as minimum essential coverage) as defined under the Affordable Care Act true (yes) (Julia) Jul...

Calvin has qualifying health insurance coverage (also known as minimum essential coverage) as defined under the Affordable Care Act. True Calvin and Betty may need to make a shared responsibility payment on their joint return if they don't qualify for an exemption. True Who can claim the American opportunity credit? Dana can claim the credit because Tom is her dependent. Dana's most advantageous allowable filing status is: Head of Household Who can Bob claim as a qualifying child(ren) for ...

What is the most advantageous filing status allowable that Joe can claim on his taxreturn for 2021? Head of Household Joe can claim a higher standard deduction because he is blind. True Chris and Marcie cannot claim the Earned Income Tax Credit (EITC) because theyare too young and have no qualifying children. false Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021 taxreturn. false Which of the Reynolds children qualifies for the child tax credit (CTC)? Laura and ...

Jeff may need to make a shared responsibility payment FALSE Linda does not need to make a shared responsibility payment because she qualifies for an exemption under the short coverage gap criteria TRUE Ava cannot claim her son for the earned income credit because he did not live with her for more than half the year and does not meet the residency test. FALSE, attendance at school is considered temporary absence and this time is counted as time that her child lived with her. David is Ava's qu...