HRB 1-6 EXAM QUESTIONS AND
VERIFIED ANSWERS (LATEST
2026- 2027) 100% CORRECT
A taxpayer should include which of the following when
figuring their federal gross income? - correct
answer- Compensation received for personal
injuries and physical illness.
First $5,250 of educational assistance from an employer's
qualified educational assistance program.
Qualified scholarships and fellowships.
Unemployment compensation.
A taxpayer should include which of the following when
figuring their federal gross income? - correct
answer- Gifts and inheritances.
Life insurance payments, if paid by reason of the death of
the insured.
Meals and lodging provided for the convenience of the
employer
Prizes and awards.
,Alice, a 49-year-old single taxpayer, earned $98,000 in
wages. She is not covered by an employer-sponsored
retirement plan. What is her maximum allowable
contribution to a traditional IRA for 2022? - correct
answer- $0
$6,000
$7,000
$20,500
All of the following statements regarding a taxpayer's
identification number are true, EXCEPT? - correct
answer- A dependent on a tax return, can have a
social security number, individual taxpayer identification
number, or an adoption taxpayer identification number.
A social security number, individual taxpayer
identification number, or an adoption taxpayer
identification number is not required for a taxpayer to
claim a qualifying relative.
A social security number, individual taxpayer
identification number, or an adoption taxpayer
identification number must be received before the due
, date of the return, including extensions, or the taxpayer
may not claim the dependent on that year's tax return.
A taxpayer may not amend a return to add a dependent
whose identification number was received after the due
date of the return.
As part of the Coronavirus Aid, Relief, and Economic
Security Act (CARES Act) of 2020, legislation provided for
expanded distribution options and favorable tax
treatment to COVID-19-related distributions from
retirement plans or IRAs during 2020. All of the following
statements regarding these distributions are true,
EXCEPT: - correct answer- Eligible individuals
included those diagnosed with COVID-19 or individuals
whose spouse or dependent was diagnosed with the
illness.
Eligible taxpayers could take penalty-free COVID-19-
related distributions of up to $100,000 from retirement
plans or IRAs during 2020.
Taxpayers who took COVID-19-related distributions from
a retirement plan (including IRAs) in 2020 could have
elected to include taxable amounts in their income ratably
over a three-year period.
VERIFIED ANSWERS (LATEST
2026- 2027) 100% CORRECT
A taxpayer should include which of the following when
figuring their federal gross income? - correct
answer- Compensation received for personal
injuries and physical illness.
First $5,250 of educational assistance from an employer's
qualified educational assistance program.
Qualified scholarships and fellowships.
Unemployment compensation.
A taxpayer should include which of the following when
figuring their federal gross income? - correct
answer- Gifts and inheritances.
Life insurance payments, if paid by reason of the death of
the insured.
Meals and lodging provided for the convenience of the
employer
Prizes and awards.
,Alice, a 49-year-old single taxpayer, earned $98,000 in
wages. She is not covered by an employer-sponsored
retirement plan. What is her maximum allowable
contribution to a traditional IRA for 2022? - correct
answer- $0
$6,000
$7,000
$20,500
All of the following statements regarding a taxpayer's
identification number are true, EXCEPT? - correct
answer- A dependent on a tax return, can have a
social security number, individual taxpayer identification
number, or an adoption taxpayer identification number.
A social security number, individual taxpayer
identification number, or an adoption taxpayer
identification number is not required for a taxpayer to
claim a qualifying relative.
A social security number, individual taxpayer
identification number, or an adoption taxpayer
identification number must be received before the due
, date of the return, including extensions, or the taxpayer
may not claim the dependent on that year's tax return.
A taxpayer may not amend a return to add a dependent
whose identification number was received after the due
date of the return.
As part of the Coronavirus Aid, Relief, and Economic
Security Act (CARES Act) of 2020, legislation provided for
expanded distribution options and favorable tax
treatment to COVID-19-related distributions from
retirement plans or IRAs during 2020. All of the following
statements regarding these distributions are true,
EXCEPT: - correct answer- Eligible individuals
included those diagnosed with COVID-19 or individuals
whose spouse or dependent was diagnosed with the
illness.
Eligible taxpayers could take penalty-free COVID-19-
related distributions of up to $100,000 from retirement
plans or IRAs during 2020.
Taxpayers who took COVID-19-related distributions from
a retirement plan (including IRAs) in 2020 could have
elected to include taxable amounts in their income ratably
over a three-year period.
