CDFA STUDY MATERIALS EXAM(ACTUAL
EXAM) WITH CORRECT 120+ QUESTIONS
AND ANSWERS LATEST 2024 – 2025 GOOD
SCORE IS GUARANTEED GRADE A+
Calculating spousal support comes _________ the property is divided.
The reason for this is that support can be based on the amount of
_________________________, so it is important to look first at the
property division. - ANSWERS-after, property received
A loss on the sale of a primary residence or personal vacation property
_____________________ deductible. If the vacation property is a
rental instead of for personal use, then the loss
__________________________. - ANSWERS-would not be, would be
deductible
Schedule A: Itemized Deductions - ANSWERS-Schedule ____ may help
identify unlisted assets or sources of income. For example, property
,taxes may reveal real property or a boat that one spouse does not
know exists; and gambling losses would reveal that there are gambling
winnings.
Schedule B: Interest and Ordinary Dividends - ANSWERS-Schedule ____
identifies the assets and investments generating interest and dividends.
Schedule C: Profit or Loss from Business - ANSWERS-Schedule ___ may
be a place to hide assets or income. For example, depreciation expense
is not a cash outflow and should sometimes be added back to net
income to determine actual income. The depreciation schedule may
also reveal additional assets in the business.
Schedule D: Capital Gains and Losses - ANSWERS-Schedule _______ is
used to report gains and losses from the sale of stocks, bonds, and real
estate.
Schedule E: Supplemental Income and Loss - ANSWERS-Schedule _____
is used to report income from rental properties, royalties, partnerships,
and S-corporation income. Depreciation would be something to review.
Form 1065 - ANSWERS-Form _________ is used to report partnership
income.
,Form 1120 - ANSWERS-Form __________ is used to report corporate
income
Form 1120S - ANSWERS-Form ___________ is used to report corporate
income for S corporations.
5-year cliff vesting - ANSWERS-An employee who has at least five years
of service must have a non-forfeitable right to 100% of the employee's
accrued benefit [IRC §411(a)(2)(A)].
3- to 7-year vesting (7-year graded vesting) - ANSWERS-An employee
who has completed at least three years of service must have a non-
forfeitable right to at least the following percentages of his or her
accrued benefit: 20% after three years of service, 40% after four years
of service, 60% after five years of service, 80% after six years of service,
and 100% after seven years of service [IRC §411(a)(2)(B)].
Top-heavy plans or matching contributions typically use _________
vesting - ANSWERS-3-year cliff vesting or 6-year graded vesting.
Schedule 1: Additional Income and Adjustments to Income - ANSWERS-
Schedule ____________________ includes additional income, such as
capital gains, unemployment compensation, prize or award money, and
, gambling winnings. It also includes deductions such as student loan
interest, self-employment tax, and educator expenses.
Schedule 2 Tax - ANSWERS-Schedule _________ details the alternative
minimum tax (ATM) or an excess advance premium tax credit
repayment.
Schedule 3 Nonrefundable Credits - ANSWERS-Schedule _________ is
used to claim a nonrefundable credit other than the child tax credit or
the credit for other dependents, such as the foreign tax credit,
education credits, or general business credit.
Schedule 4 Other Taxes - ANSWERS-Schedule ___________ reports
other taxes, such as self-employment tax, household employment
taxes, additional tax on IRAs or other qualified retirement plans and
tax-favored accounts.
Schedule 5: Other Payments and Refundable Credits - ANSWERS-
Schedule _________ is used to claim a refundable credit other than the
earned income credit, American opportunity credit, or additional child
tax credit.
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