QUESTIONS WITH 100% CORRECT ANSWERS
1. Sheldon must take a required minimum distribution from his retirement plan by December 31,
2020, to avoid an additional tax due. - False- Publication 4491, Important Changes for 2020 and
Income - Retirement Income lessons.
5. What is most advantageous filing status allowable that Sophia can claim on the tax return for tax
year 2020 - Married Filing Jointly
9. The Browns qualify for which of the following credits? - Both A & B
11. What is the amount of Daniel and Avery's standard deduction? - 24800
27. Aoki must pay an additional _______ tax on the early distribution from her IRA. - 10%
30. Aioki must use the most current IP PIN to file her 2020 tax return. - True
29. Aioki can split her refund using Form 8888, Allocation of Refund (Including Savings Bonds
Purchases). - true
25. Aioki qualifies for the retirement savings contribution credit - True
26. The amount of taxable unemployment compensation is ________. - All of the Above
23. Emma can prevent having a balance due next year by using the Tax Withholding Estimator at
IRS.gov and then adjust her withholding. - True
19. What is Emma's most advantageous filing status allowable? - Head of Household
18. Emma's disability pension is reported as wages and considered earned income for the purposes
of the earned income credit. - true
20. Which of the following statements are true? - All of the Above