Question

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Federal Tax Law Update Test for Circular 230 Professionals False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 2600 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As ordered in the divorce decree, Sarah received $14,000 in alimony for the year. How much of the alimony must be included as income on Form 1040? A. $0 4. An ITIN will expire if not used on at least one tax return for a period of two consecutive taxable years. False D. A sole proprietor may be able to deduct up to 20% of QBI. 5. Which of the following statements is true regarding the deduction for qualified business income (QBI)? 6. Curtis, age 29, did not have health care coverage all year. His AGI is $35,000. What is the maximum Shared Responsibility Payment (SRP) he will be required to pay? $ 875 (Enter only numerals. Do not enter dollar signs, commas, periods, or decimal points in your answer.) 7. When itemizing deductions for tax year 2019, the 7.5% threshold for medical and dental expenses for taxpayers who have attained the age of 65 has expired, and all taxpayers are now subject to a 10% AGI threshold. False Note: Please select b. False as the correct answer. Year-end legislation changed the medical

Answer 1

As per HOMEWORKLIB RULES we can answer only 4 sub questions in a single question.

1. The amount of exemption will be 16,200 and not 16,800. So the answer is false.
2. The question is asking for total amount of deduction which is 24,400 + an additional 2,600 = 27,000. Answer is 27,000.
3. Before 2019 tax payer is required to disclose the entire money received as alimony in form 1040, but from 2019 it is changed as nil. Answer is 0.
4. ITIN will expire if remained unused for last 3 years and not 2 years. Answer will be false.