VITA EXAM QUESTIONS AND ANSWERS

VITA EXAM QUESTIONS AND ANSWERS 1. Rebecca's most beneficial allowable filing status is Head of Household. - ANS false 2. Rebecca has $_______ in qualifying child care expenses for the child and dependent care credit.. - ANS 2500 3. Pat and Terri are only eligible to claim the child tax credit on their 2020 tax return. - ANS false 4. The taxable amount of Pat's unemployment compensation is $_________? - ANS 3300 5. Medicaid waiver payments can be considered earned income for the computation of the earned income credit. - ANS true 6. Andrew's HSA deduction amount on Form 8889, Part I, line 13 is $3,000. - ANS False 7. The HSA contribution made by Andrew's employer will be shown in Box 12 on his Form W-2 with the following: - ANS W 8. The over-the-counter allergy medication is a qualified medical expense for HSA purposes. - ANS true 9. Barbara and Claire can make an agreement on who can claim Molly as a dependent. - ANS false 10. Jenny is eligible for earned income credit, but can allow Claire to claim the credit. - ANS false 11. Robert is eligible to claim the donation to his friend's GoFundMe account as a charitable contribution. - ANS false 12. Robert qualifies for an above-the-line charitable contribution adjustment of $300 on his 2020 tax return if he chooses not to itemize. - ANS false 13. Carly can claim $3,960 as a student loan interest deduction on Form 1040, Schedule 1. - ANS false 14. Carly is eligible to deduct $250 as an adjustment to income on Form 1040, Schedule 1 for qualified educator expenses. - ANS false 15. The Franklins can use $ ___________ of qualified child care expenses to calculate the child and dependent care credit. - ANS 6000 false 16. The refundable amount of the American opportunity credit located on Form 8863, Education Credit is: - ANS 918 17. The Franklins' Form 8962, Premium Tax Credit, shows they are entitled to a net premium tax credit on their 2020 tax return. - ANS true 18. The Franklins can claim a recovery rebate credit of $1,200 for Christina on their 2020 tax return. - ANS false 19. What is the amount of the earned income credit on the Franklins' Form 1040? - ANS not 538 0 464 5920 20. The Kennedys' standard deduction for tax year 2020 is: - ANS not 24800 26100 27400 28700 21. The total taxable interest on Form 1040 is $_____________. - ANS not 1000 22. The total amount of capital gains reported on the Kennedys' 2020 tax return is $250. - ANS false 23. What is the taxable portion of Travis' pension from Pinto Corporation using the Simplified Method? - ANS 20277 24. Individuals over age 70 1/2 who are still working or running a business can choose to contribute to a traditional IRA beginning in 2020. - ANS true 25. The Kennedys' will report their net gambling winning of $763 on Form 1040, Schedule 1. - ANS false 26. What is the taxable portion of the Social Security benefits on the Kennedy's Form 1040? - ANS 3148 27. The Kennedys' total payments reported on Form 1040 are $_______. - ANS 500 1000 4385