100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
HR BLOCK Final Test Review (ITC 2024) Practice Questions and Answers $12.49   Add to cart

Exam (elaborations)

HR BLOCK Final Test Review (ITC 2024) Practice Questions and Answers

 8 views  0 purchase
  • Course
  • H&R block income tax course
  • Institution
  • H&R Block Income Tax Course

HR BLOCK Final Test Review (ITC 2024) Practice Questions and Answers Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,...

[Show more]

Preview 4 out of 32  pages

  • October 30, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • H&R block income tax course
  • H&R block income tax course
avatar-seller
Emillect
©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




HR BLOCK Final Test Review (ITC 2024)

Practice Questions and Answers


Which of the following is a requirement for all taxpayers who want to claim the EIC?




Live in the U.S. for more than half a year.


Have a valid social security number.


Have a qualifying child dependent.


Have AGI less than $21,430 ($27,380 MFJ). - ANSWER✔✔-Have a valid social security number.


A combined due diligence penalty of $2,180 would indicate a penalty for which of the following?




EIC, CTC/ODC/ACTC, and head of household.


EIC, AOTC, and CTC/ODC/ACTC.


EIC, AOTC, CTC/ODC/ACTC, and head of household.


Page 1/32

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




EIC, PTC, CTC/ODC/ACTC, and head of household. - ANSWER✔✔-EIC, AOTC, CTC/ODC/ACTC, and head of

household.


When dependent care benefits are withheld from a taxpayer's income, where are they reported by the

employer?




Form 2441.


Form 1040.


Box 10 of Form W-2.


The employer is not required to report them. - ANSWER✔✔-Box 10 of Form W-2.


All of the following are due diligence requirements a tax preparer must meet for EIC, AOTC,

CTC/ODC/ACTC, and HOH, EXCEPT:




Investigate and verify the accuracy of information the taxpayer provides to show eligibility for EIC, AOTC,

CTC/ODC/ACTC, and HOH.




Page 2/32

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Complete all worksheets used to compute the credits. If the worksheet is completed by hand, keep a

copy in the taxpayer's client file.




Maintain a copy of documents provided by the taxpayer that the tax preparer relied on when

determining credit eligibility. Then record the date the information was obtained and the name of who

provided the information.




When information provided by the taxpayer appears to be incorrect, inconsistent, or incomplete, the tax

preparer must make additional inquiries to determine if the taxpayer is eligible for the benefit. Then

document both the questions asked and responses provided. - ANSWER✔✔-Investigate and verify the

accuracy of information the taxpayer provides to show eligibility for EIC, AOTC, CTC/ODC/ACTC, and

HOH.


When a taxpayer receives Form 1099-R with no amount entered in box 2a and code 7 entered in box 7,

the entire distribution:




Could be partly or entirely taxable.


Is never taxable.



Page 3/32

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Is an early distribution and taxable.


Has been rolled into a traditional IRA or into another qualified plan. - ANSWER✔✔-Is never taxable.


What is the maximum amount of the American Opportunity Tax Credit a taxpayer could receive per

student?


$1,650


$1,800


$2,000


$2,500 - ANSWER✔✔-$2,500


Which test for a qualifying child does NOT need to be met in order for the child to be a qualifying person

for purposes of Earned Income Credit (EIC)?


Age.


Relationship.


Residency.


Support. - ANSWER✔✔-Support.


Which of the following expenses qualifies for an education credit in 2021?


Page 4/32

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Emillect. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart