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Enrolled Agent Exam 1 Questions and Answers
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Enrolled Agent Exam 1 Questions and Answers
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Enrolled Agent Exam 1Qualifying Child Test - Answer -1. Relationship Test
2. Age Test
3. Residence Test
4. Support Test
W-2G - Answer -Certain Gambling Winnings
Form 1099-B - - Answer -Proceeds from Broker and Barter Exchange Transactions
Form 1099-C - - Answer -Cancellation of Debt
Form 1099-DIV - - Answer -Dividends and Distributions
Form 1099-G - - Answer -Certain Government Payments
Form 1099-INT - Answer -Interest Income
Form 1099-MISC - - Answer -Miscellaneous Income
Rents, Prize awards, Crop Insurance, Fishing boat
,Form 1099-NEC - - Answer -Nonemployee Compensation
Form 1099-OID - - Answer -Original Issue Discount
Form 1099-PATR - - Answer -Taxable Distributions Received From Cooperatives
Form 1099-Q - - Answer -Payments From Qualified Education Programs (Under Sections 529 and 530)
Form 1099-R - - Answer -Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans,
IRAs, Insurance Contracts, etc.
Form 1099-S - - Answer -Proceeds From Real Estate Transactions
Form 1099-SA - - Answer -Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Schedule K-1 (Form 1065) - - Answer -Partner's Share of Income, Deductions, Credits, etc.
Schedule K-1 (Form 1120-S) - - Answer -Shareholder's Share of Income, Deductions, Credits, etc.
Nondeductible expenses include: - Answer -Rent and insurance premiums paid for the taxpayer's own
dwelling;
Life insurance premiums paid by the insured;
Upkeep of a personal automobile;
Personal interest; and
,Payments for food, clothing, or domestic help.
AMT - Answer -alternative minimum tax
Report of Foreign Bank and Financial Accounts - Answer -Generally, any U.S. citizen, resident, or person
doing business in the United States who has an ownership interest in, or signatory authority or other
authority over, a financial account (or several accounts) in a foreign country with an aggregate value in
excess of $10,000 at any time during the calendar year must file a Form FinCEN Report 114, Report of
Foreign Bank and Financial Accounts (commonly referred to as an FBAR)
Due Date for Filing for Taxes - Answer -An automatic extension of 6 months is provided for an individual
who files Form 4868 or uses a credit card to make the required tax payment on or before the initial due
date.
A U.S. citizen or resident who is on military or naval duty outside the U.S. (or Puerto Rico) on April 15 is
given an automatic 2-month extension without the necessity of filing Form 4868. Filing of Form 4868
during the 2 months will allow another 4-month extension.
The due date for a decedent's final return is the date on which the return would have been due if death
had not occurred.
A Form 1040-NR nonresident alien's tax return (when not subject to wage withholding) must be filed by
the 15th day of the 6th month after the close of the tax year (unless extended). A nonresident alien
must file his or her tax return on the 15th day of the 4th month after the close of the tax year (unless
extended) if his or her wages are subject to withholding.
Employers are required to keep records on employment taxes until at least _____ years after the due
date of the return or payment of the tax. - Answer -4 years
In determining if a taxpayer qualifies for head of household filing status, the married taxpayer is
considered unmarried if all the following requirements are met: - Answer -The taxpayer filed a separate
return.
The taxpayer paid more than half the cost of keeping up the home for the tax year.
, The taxpayer's spouse did not live in the home during the last 6 months of the tax year.
The home was, for more than half the year, the main home of the taxpayer's child, stepchild, or adopted
child whom the taxpayer or the noncustodial parent can properly claim as a dependent.
The taxpayer must be able to claim the child as a dependent.
Household Maintenance - Answer -Qualifying Expenditures - Property Taxes, Mortgage Interest, Rent,
Utilities, Upkeep, Repair, Property insurance, food consumed in-home
Additional Standard Deduction - Answer -An individual who has attained the age of 65 or is blind is
entitled to the amount.
The individual is entitled to the amount if (s)he attains age 65 before the end of the tax year
A person who becomes blind on or before the last day of the taxable year is entitled to the amount.
Standard Deductions - Answer -Married Filing Jointly - $25,100
Qualifying Widow(er) - 25,100
Head of Household - 18,800
Single (other than above) - 12,550
Married Filing Separately -12,550
John and Linda Smith are a childless married couple with no other dependents who lived apart for all of
the current year. On December 31 of the current year, they were legally separated under a decree of
separate maintenance. Based on the facts, which of the following is the only filing-status choice
available to them for the current year? - Answer -Single.
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