HRB 1-6 quiz LATEST VERSION 2024

A taxpayer should include which of the following when figuring their federal gross income? - 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? - 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 employersponsored retirement plan. What is her maximum allowable contribution to a traditional IRA for 2022? - ANSWER-$0 $6,000 $7,000 $20,500 All of the following statements regarding a taxpayer's identification number are true, EXCEPT? - 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.