Homework Answers
The process which can reduce the tax liability on prior year return that id being prepared as the advice is given
is by purchasing the savings bonds
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federal income tax question
Mark for follow up Question 12 of 12. Most tax planning suggestions...
federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
federal income tax question Mark for follow up Question 3 of 12 Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
federal income tax question Mark for follow up Question 6 of 12 Which of the following...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
federal income tax question Question 4 of 12. filed line 4c. Jane is a full-time student...
federal income tax question
Question 4 of 12. filed line 4c. Jane is a full-time student who anticipates receiving a $2,500 American Opportunity Tax Credit in 2019. Not looking for a huge tax refund, how should Jane treat the credit when completing her 2020 Form W-4? Jane should add an estimate of the expected annual credit amount in Step 3 of her 2020 Form W.-4. This will decrease the amount of her withholding per pay period and reduce the amount...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 12 of 75. After the filing deadline has passed. Kate comes...
Mark for follow up Question 12 of 75. After the filing deadline has passed. Kate comes into your tax office and says she thinks she needs to file an amended return. Under which of the folowing shuations would you suggest that she NOT 1le an a O She wants to change her fling status from single to head of household, since she asded a dependent for whom she provided over hal of the support O She originally filed Form 1040...
Mark for follow up Question 67 of 75. Which of the following taxpayers does not qualify...
Mark for follow up Question 67 of 75. Which of the following taxpayers does not qualify for the exclusion of interest from Series EE and I U.S. Savings Bonds on Form 8815. All bonds held by the taxpayers were issued after 1989. Janet paid qualified higher education expenses in 2018 for her dependent who is a Junior in College. Her modified adjusted gross income (AGI) is $65,775. U Sasha has two dependents and files as head of household, her modified...
Online payment agreement. Mark for follow up Question 7 of 10. A request for an installment...
Online payment agreement. Mark for follow up Question 7 of 10. A request for an installment agreement is guaranteed if the balance due is $10,000 or less and three of the following four statements apply. Which is NOT one of these three statements? All tax returns for the past five years have been filed in a timely manner with any tax due paid, and there are no previous installment agreements. The taxpayer does not use an Individual Tax Identification Number...
federal income tax question Each penalty They may each take a tax-free distribution of $5,000, for...
federal income tax question
Each penalty They may each take a tax-free distribution of $5,000, for a total of $10.000 Mark for follow up Question 9 of 10 The attributes of a Health Saving Account used as a retirement savings account includes which of the following? After age 65, all distributions are tax-free. The funds can accumulate year after year with no required minimum distribution An individual can contribute up to $7.000 a year. Individuals over age 50 may contribute...
federal income tax question The taxpayer has a syreu UIVUILE Uelee at bay. TUI Mark for...
federal income tax question
The taxpayer has a syreu UIVUILE Uelee at bay. TUI Mark for follow up Question 2 of 10. What is the main factor that differentiates relief under IRC 66(c) from 6015(f)? The filing status for a taxpayer residing in a community property state is married filing separately. Assets were transferred to RS. The statute of limitations is one year. None of the above. Mark for follow up Question 3 of 10. What section of the Internal...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
federal income tax question
Question 4 of 12. filed line 4c. Jane is a full-time student who anticipates receiving a $2,500 American Opportunity Tax Credit in 2019. Not looking for a huge tax refund, how should Jane treat the credit when completing her 2020 Form W-4? Jane should add an estimate of the expected annual credit amount in Step 3 of her 2020 Form W.-4. This will decrease the amount of her withholding per pay period and reduce the amount...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 12 of 75. After the filing deadline has passed. Kate comes into your tax office and says she thinks she needs to file an amended return. Under which of the folowing shuations would you suggest that she NOT 1le an a O She wants to change her fling status from single to head of household, since she asded a dependent for whom she provided over hal of the support O She originally filed Form 1040...
Mark for follow up Question 67 of 75. Which of the following taxpayers does not qualify for the exclusion of interest from Series EE and I U.S. Savings Bonds on Form 8815. All bonds held by the taxpayers were issued after 1989. Janet paid qualified higher education expenses in 2018 for her dependent who is a Junior in College. Her modified adjusted gross income (AGI) is $65,775. U Sasha has two dependents and files as head of household, her modified...
Online payment agreement. Mark for follow up Question 7 of 10. A request for an installment agreement is guaranteed if the balance due is $10,000 or less and three of the following four statements apply. Which is NOT one of these three statements? All tax returns for the past five years have been filed in a timely manner with any tax due paid, and there are no previous installment agreements. The taxpayer does not use an Individual Tax Identification Number...
federal income tax question
Each penalty They may each take a tax-free distribution of $5,000, for a total of $10.000 Mark for follow up Question 9 of 10 The attributes of a Health Saving Account used as a retirement savings account includes which of the following? After age 65, all distributions are tax-free. The funds can accumulate year after year with no required minimum distribution An individual can contribute up to $7.000 a year. Individuals over age 50 may contribute...
federal income tax question
The taxpayer has a syreu UIVUILE Uelee at bay. TUI Mark for follow up Question 2 of 10. What is the main factor that differentiates relief under IRC 66(c) from 6015(f)? The filing status for a taxpayer residing in a community property state is married filing separately. Assets were transferred to RS. The statute of limitations is one year. None of the above. Mark for follow up Question 3 of 10. What section of the Internal...
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