Tax 2015

amount from Form 2441 Line 11

Child and dependent Care Credit

VITA volunteer income tax assistance, TE tax counseling for the elderly and LITC low income tax preparer clinic

not subject to tax preparer penalties are

$500 for each failure with no annual maximum

penalty for a tax preparer who fails to meet Earned Income Tax Credit due diligence requirement is

$250 per disclosure limited to $10000 annually

penalty for sharing taxpayer information with another individual or business without the taxpayer's permission is

The greater of $1000 or 50% of the income derived by the preparer

penalty for unreasonable position and understatement of liability

Exemptions 2014 and 2015

$3950 and $4000

HOH with 3 qualifying children max is

$6242

business

If property is used for _____ purposes it is not a capital asset

1040 Form Line 40

Itemized deductions (from Schedule A) or your standard deduction (see left margin)

1040 Form Line 7

Wages, salaries, tips, etc. Attach Form(s) W-2

Part 2 of Form 8867

qualifying children

the American Opportunity Credit

which credit is more advantageous AOC or LLC

Beth is Neil's qualifying child for the credit from February 1 through April 1 the day before she turned 13

Neil's daughter Beth turned 13 on april 2 of the tax year. She lived with him all year and Neil paid child care expenses for Beth from February 1 through August 27 while he was at work. For what time period is Beth a qualifying individual for Neil's child and dependent care credit

line 50 the refundable portion of the AOC is reported on line 68

On form 1040 the lifetime learning credit and the nonrefundable portion of the American opportunity credit is reported

form 1040 line 32

Once the deduction for a traditional IRA contribution is calculated it is entered on

earning and profits

Ordinary dividends are paid out of the ___

Schedule E Schedule SE EIC worksheet and EIC Worksheet B

Other than Form 1040 which forms are necessary to determine the EITC for a self employed taxpayer

It is $500 for each failure with no limit if they do not exercise due diligence

Paid preparers can be assessed a penalty of ____ if they do not exercise due diligence when preparing a tax return claiming the EITC

all / only returns that claim EITC

Paid preparers must complete and attach Form 8867 to

Pat is allowed to claim Dave because he is the father even though he didn't provide all of the support

Pat 28 single lives with his son Dave 4 at his moms place sue sue is providing all support and under the tie breaker rules

life time learning credit

Philip 23 is in his first year of graduate school. Through student loans and gifts from his grandparents, he pays his tuition each semester. Philip is still living with his parents. He does not work but attends classes full time to finish his master's degree. Which credit are philip's parents eligible to claim on their tax return

CTC qualification

Qualification - A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.

0%, 15% and 20% always the lesser of the original

Qualified dividends and capital gain distributions are taxed at special capital gain tax rates. The capital gain tax rates are

CTC Relationship Test

Relationship Test - To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.

Test for a qualifying child

Relationship, Age, Residency, Support and Joint Return test

CTC residence test

Residence Test - The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.

Sandy meets that relationship age and residency test for the EITC and fore the dependent exemptions for Alice but does not meet the dependent support test Sandy is Alice's qualifying child for the EITC but not for the dependent exemption

Sandy 23 single full time student who lived with her sister Alice 28 in US all year Sandy provided more than half of her own support

always

Schedule D is _____________ when form 8949 is used

zero dollars

Serve Card ATM withdrawals are

three accounts

Sid can use Form 8888 allocation of refund including savings bond purchase to direct deposit his refund into

Previous Year 2014 Standard Deduction Table

Single $6,200 Head of Household $9,100 Married Filing Separately $6,200 Married Filing Jointly and QW $12,400

86% taxable at the most

Social Security benefits are

HOH

Standard Deduction of $9250.00

Schedule C or Schedule C-EZ and do not file Schedule SE

Statutory employees report their wages and expenses on

CTC support Test

Support Test - In order to claim a child for this credit, the child must not have provided more than half of their own support.

Form 1040 line 8b

Tax exempt interest is reported

tax return

Tax preparers are required to provide a copy of the to each taxpayer

Form 1040, line 10 if the prior year was a itemized return

Taxable state tax refunds are reported on

request an installment agreement from the IRS

Taxpayer who cannot pay their full balance due can

Part 1 of Form 8867

Taxpayer's filing status not MFS, Valid SSN for taxpayer and spouse if filing MFJ, Taxpayer's nonresident alien status, investment income and form 2555EZ and if taxpayer could be a qualifying child on another return

Part 3 of Form 8867

Taxpayers Without a Qualifying Child

not qualify to deduct the student loan interest because his filing status is MFS

Ted paid $2000 in interest on an eligible student loan HIS AGI is $64000 and his filling status is MFS Ted does

employees of their church; self- employed

The "dual-status" of ordained ministers means that they are _______________ yet ___________________ for social security purposes

True

The $50 Gift is disbursed to clients after their tax return is successfully processed. Before e-file bebing, this means when the tax return is per-acknowledged, which means they can get their $50 Gift even before e-file start

client acknowledge form

The Client will sign the _____________, which prints with FOP paperwork, to indicate they received the $50 gift and how they chose to receive it.

The exception to the 10% additional tax for first time homebuyers is only available for withdrawals from a traditional IRA

The Coles (under 59 1/2) married and filing jointly They have each withdrawn $6000 from their employer sponsored 401K plans to make a down payment on their first home the tax consequences are

POA power of attorney

The IRS requires taxpayers to submit a _____________ to authorize another person to sign their tax return for them, prepare and file a written response to an IRS request for them ot to represent them at a conference with the IRS

gifts from a bank

The TP must report ____ as taxable interest on their federal return

schedule a

The amounts on Form 1098 are expenses that are

there is no business address separate from the address entered in the form 1040 personal information section

The business address line on Schedule C should be left blank if

the smaller of expenses the taxpayer's earned income or the spouse's earned income

The child and dependent care credit is based on the percentage of

For home purchased in 2009 there is no requirement to repay the FTHBC unless the tax payer ceases to use the home as their main home in their first 36 months

The dickenson purchase their new home in 2009 and claimed the first time homebuyer credit on their 2009 return when must they begin repaying this credit

There isn't' one This means a client can chose the Serve Card as a disbursement for their federal refund they will not be charged a disbursement fee it is )

The disbursement Fee for the Serve card is determined locally and cannot be more then $25

3000

The dollar limit on the amount of work related expenses that can be used on form 2441 to calculate the child and dependent care credit for on qualifying child is

false there are no additional fees beyond tax preparation for choosing tax preparation with IRS Direct

The fee for tax preparation with IRS direct is $32.95

Saver's Credit Eligibility

The following individuals are not eligible for the Saver's credit: Those under age 18. Full-time students (enrolled as full-time for 5 months and over in a calendar year). Those claimed as dependent on another person's return. Those at income levels above the aforementioned limits.

net profit or loss from self employment less the employer equivalent portion of self employment tax

The general calculation of self-employment income to use when claiming the EITC is

the self employed taxpayer uses EIC worksheet B rather than EIC Worksheet A to determine their EITC

The process for determining the EITC is different for a self employed taxpayer The difference is the

Because the amounts put into a saving account and not sued to support are not included

The social security payment the nephew received does not count towards his support why is that

true

There is not support test when determining who is a qualifying child for the EITC

under the age of 70 and one half

To be eligible to contribute to an traditional IRA a taxpayer must be

and tax rate schedule found in the instruction for form 1040 es

To calculate estimated tax payment the TP will need a copy of the prior year's tax return estimated tax worksheet and instruction for this worksheet and

Which taxpayer will pass the earned income test for the child and dependent care credit

To claim the Child and Dependent Care Credit, the taxpayer and their spouse if married must have earned income during the year. If taxpayer is self-employed, a net loss from self-employment reduces earned income.

Schedule SE

To determine the EITC amount for self employed taxpayer filing schedule C with net profit of $6321 you must also first complete

Worksheet B, Statutory employees report their income and expenses on Schedule C but do not complete Schedule SE. Instead first complete the EIC worksheet then fill out Worksheet B to determine the EITC for a statutory employee

To determine the EITC for a statutory emplyee which form do you complete after completing the EIC worksheet

federal level and exempt on all state returns

US saving bonds are tax on

if their tax liability less certain other credits is less than the calculated CTC amount

Under what circumstances may a taxpayer qualify to claim the additional child tax credit

100% taxable

Unemployment compensation is

The product options grid and the desktop mat

Use these resources to educate clients on the Direct2Cash disbursement options

Warren is not required to file a tax return because his gross income is less than the gross income amount for his filing threshold. Therefore he is automatically exempt from the shared responsibility payment and does not need to file to claim a coverage exemption

Warren's filing status is single gross income $9684 not required to file is he required to file Form 8965 to claim a health coverage exemptions

tips reported to the employer are reported in Box 1 and Box 7 on the taxpayers w-2

What box on Form w-2 contains the amount of tip and income the taxpayer reports to their employer and which is employer includes in Box 1

net earnings from self employment

What is earned income for claiming the EITC

residential rental income is reported on schedule E but is not income from a flow through entity

What is not a flow through entity for which income is reported on the taxpayer's form 1040

it is a possible misdemeanor charges, fines up to $1000 and/or imprisoned for one year

What is the penalty for knowingly or recklessly disclosing or using tax information

Circular 230

What publication contains the rules governing tax practitioners

reference code, SSN and valid photo identification

What three things must clients bring with them to Walmart when picking up their Direct2Cash disbursement

form 1099 1099 INT box 2 and reported on form 1040 line 30

When an early withdrawal penalty is assessed it is reported to the taxpayer via ____________________ and reported on form 1040 __

partially taxable when received

When nondeductible contributions have been made to a traditional IRA distributions are

Flex Credit, Flex Plan

When the TP pays the balance due with a Credit card it is called _____ when they do a payment plan it is called ____?

Optional State and Local Sales Tax

When using Optional State and Local Sales Tax Tables to calculate the sales tax deduction on Schedule A, the taxpayer can claim the amount indicated on the tables plus any tax on specifically named items purchased during the year.

no but profiler needs a valid email address for the card

When you issue a temporary serve card during the interview do they need to activate it before they can begin using it

It is included in the amount on Line 21

Where is the gambling income shown on form W-2G reported on Form 1040

EIC worksheet B is used by self employed individuals clergy and church employees and statutory employees

Which groups must use EIC Worksheet B

AOC can be claimed by a first time college frehman beginning an undergraduate degree without regard to the individuals age.

Which students qualifies for the American Opportunity Credit AOC

Loss from the sale of personal use property

Which transaction does not require the taxpayer to sue Schedule D

both the taxpayer and their spouse must have a valid SSN to claimed the EITC on a joint return not EITC on MFS

Who is not eligible to claim the EITC earned income tax credit

Tips of less than 20 per month are not subject to social security or medicare tax so they are subtracted out prior to calculating these taxes

Why are unreported tips of less than 20 per month subtracted from total tip income on line 5 of form 4137

Write YES to both questions on line 7a and enter the name of the country where the account is located on line 7b

Willard has a reportable foreign bank account in the Cayman Islands. How is this information reported on the return

Subtract the repayment from the total amount of unemployment compensation and report the difference on Line 19 of Form 1040 then write REPAID along with the amount repaid next to the line

William received unemployment compensation from NJ $10000 at the end of the year he repaid $2000 how should William report this on his Form 1040

W-2 employees calculated EITC on

Worksheet A

Self-employed taxpayer calculated EITC on

Worksheet B

To write of bad debt the amount first need to be reported as income and taxed before it can be written off

Writing of bad debt. How

A temporary serve card that you issued to client during the interview is a disbursement option available for assisted refund and IRS direct but you can't use the card issued during pre-season

Your client has chosen tax preparation with IRS Direct and would like to have their refund disbursed to a temporary serve card that you issue during the interview can they do that

Angelina meets all the test relationship test she is the niece age she is under 19 residency she lived with Yvetter for more the half of the year and didn't provide her own support and is not married meets joint return test

Yvette 22 single and not a dependent of anyone he niece Angelina 18 lived with her since Feb 1 she is not married and Yvette is providing all support

Zion must file a tax return and attach form 8962 because APTC was paid for him even through he is not otherwise required to file

Zion 28 filing status single only income is $10,100 which is less than the filing threshold for his filing status. He is enrolled in the qualified health plan He received APTC to help pay for the premiums what form is Zion required to file

To claim EITC a taxpayer must have

a SSN if married spouse must have one as well, earned income, investment income less then $3350.00, if married must file joint return

tax preparer's account

a taxpayer's refund check may not be

must be 18 or older

age of TP to apply for assisted refund

form 1040 line 31 a

alimony payment paid by taxpayer are

box 8 w-2

allocated tips are reported in

1040 Form Line 78

amount due

non-taxable sick pay

box 12 code J

a direct rollover

code G in Box 7 of Form 1099 R is

Which copy of Form W-2 is attached to the TP federal income tax return if they file a paper return, or is kept with their Form 8879 if they file electronically

copy B

state and local income tax showing on w-2 and w-2g, payment of taxes due from a prior year [two year old return]

deductible for state or local income tax

credit card statements are sufficient

documentation for charitable contributions

three day

electronic return originators must file a tax return within____ days of receiving the taxpayer's signature on the return. The ITS can assess a penalty of $50 incident with a max of $25000 annually for failure to comply

W-2 copies, employee received and with goes to the Social Security Administation

employee received Copy B and @ and 2 copies. Copy A goes to the Social Security Administration.

zero

exemption amount of a person claimed by another person is

True

financial institutions generally do not allow a joint refund to be deposited into an individual account. As such, verify with your clients that both names are on the account.

file the return along with form 9465 installment agreement request

if a taxpayer cannot pay the full balance due at the due day

EITC investment income limits

investment income must be less the $3350.00

14039

is the form that lets the IRS flag a taxpayer account for questionable tax activity

Line 11 of Schedule A

is where additional mortgage interest not reported on 1098 is entered.

Line 5 of Schedule A

is where the State and Local Taxes are entered

Saver's Credit aka retirement savings contribution credit

it is an actual tax credit. A tax credit, on the other hand, actually gives you the entire dollar value back or subtracts the value from the taxes you owe - making it far more valuable monetarily than a deduction. Credit, it is non-refundable, meaning it can only be subtracted from the taxes you owe, possibly down to zero, but it can't provide you with a tax refund. Reported on line line 51 1040

more than one year

long term is

$25000

max annual penaltytax preparer is subject to if they fail to keep copies of completed returns or a list of the information

Form 8283

needs to be filed if donation is more then $500.00

Personal property taxes are allowed

only if they are based on the value of an item

taxed at capital gains rates

qualified dividends are

1040 Form Line 76A

refund

1040 Form Line 44

reports the taxpayer's tax from the tax table

SSN is compromised if

return rejected b/c SSN already used, IRS notice indicating wages from an unknown employer or notice regarding a tax retrun after all tas issues have been resolved refund paid or account balance paid

has either taxable interest or dividend income in individually greater than $1500.00

schedule b must be completed if the taxpayer

because the total income is more the $200,000 which is the threshold amount for singles the TP has an additional medicare tax but it was not withheld my the employer because wages were below the threshold

self employment of net earning $14,000 and wages of $190000.00 additional medicare tax is

QW with dependent child or just QW if

spouse died two years ago, the dependent must be child, step child or adopted child grandchildren do not qualify

Incompetence and disreputable conduct

steve is running a political campaign for office Steve's tax prepare Arnold give a copy of Steve's return to the local paper Steve didn't give consent for Arnold to disclose his return this is

taxpayer who is filing MFS

taxpayer who is not eligible to take the student loan interest deduction

The desktop mat is a valuable resource to educate all customers about their product choices and must reside on the desk the entire tax season for every client

the desktop mat is only an appropriate resource for clients if they want to apply for tax preparation with assisted refund

Max fine is $50 per return for not signing the return and $50 per return for not including the prepare PTIN or business EIN

the fine for not signed return a tax prepare prepared of including PTIN is

phone number employer infor and biographical info

the taxpayer is required to include their on form 9465 Installment Agreement request

Use form 8888 allocation of refund including savings bond purchases when a taxpayer chooses to allocate their refund into two or more checking or savings accounts and check the box on line 76a of form 1040

to get the refund deposited

1040 Form Line 74

total of tax payments withheld

W2 box 1

wages, sick pay, prizes and awards, bonuses

medicaid providing only family planning services

what does not provide the minimum essential coverage

Medical itemized deductions must be

whatever is above 10%of the AGI if AGI is 29K and med expenses are $3750 then $850 can be deducted

by phone, online website,check or money order but not cash

when faced with a balance due to the IRS taxpayer can

with 24 hours of the IRS notification

when must an electronic return originator attempt to notify a taxpayer of an IRS reject

You check the disbursement Detail section in customer Lookup to see if it has a date stamp and authorization number

when your client calls to say that she hasn't' received notification from the AR provider that her Direct2Cash disbursement is available

payments from an annuity purchased with the taxpayer's after-tax dollars

which is generally not a fully taxable payment

Housing allowance travel expenses combat pay

which military pay is not subject to income tax

2015 tax year max EITC for single

$503 ???? I think it changed

Max IRA for a 50 year old for 2015 is and for a 18 year old

$6500.00 $5500.00

Standard mileage rate deduction for medical in 2015 is

23 cents per mile

Standard mileage rate deduction for business in 2015 is

57.5 cents per mile

EITC amount is listed on Form 1040 on line

66a

Clients cannot have funds disbursed to a temporary serve card they received during pre-season however they can choose the serve card you will just simply issue them a new on

A client presents you with a Temporary serve card they received during per-season and would like to have their refund disused to it Can they use it

relative

A qualifying ______ can be claimed as a dependent

is taxable

A traditional IRA distribution with code 7 in Box 7 of Form 1099-R from an IRA for which all contributions have been deductible is

subtraction of total adjustment to income from the total income

AGI is

Additional CTC

Additional Child Tax Credit - If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.

1040 line 27

After completing schedule SE the calculated amount of the TP adjustment to income flows to

form 1040 line 27

After completing schedule SE the calculated amount of the taxpayer adjustment to income flow to

CTC Age test ??????

Age Test - To qualify, a child must have been under age 17 - age 16 or younger - at the end of 2010.

No the nephew turned 17 years old during the tax year and is not longer eligible to be a qualifying child for the child tax credit

Also living with them is their nephew, Wally A. Norton (04-07-1998, 403-00-4044). Wally had wages of $2,100. Is the nephew a qualifying child for the child tax credit

Child Tax Credit CTC amount

Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17. and reported on form 1040 line 52 the additional child tax credit is reported on line 67

Does not qualify for the Saver's Credit

An employer funded pension plan does not qualify for the Saver's Credit because the taxpayer is not making any contribution into the plan.

completes EIC worksheet B

An ordained minister received wage income from a church

on 1040 line 13 88 it is from the 1099 DIV box 2a

Brian received a form 1099 DIV with a total capital gain dist. of 87.59 how will it be reported

$3000 and $4500

Buster had a capital loss of $7500 for this tax year he is not married When his tax return is completed Custer is able to claim of his capital loss and carry forward to next year

no

Can the Serve Card do cash back on purchases

Cedrick's adjustment to income for self employment tax is $2911 This is the amount from Schedule SE Line 13 which is half of the amount on Line 12

Cedrick's SE tax from his Schedule SE Line 12 is $5821 How much is Cericks' adjustment to income for elf employment tax?

CTC citizenship test

Citizenship Test - To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien

CTC dependent test

Dependent Test - You must claim the child as a dependent on your federal tax return.

Qualifying medical expenses are

Diagnostic devices, Braille Books, Medicare Part D premiums, co-pay etc funeral, burial or cremation expenses are not qualifying med expenses

an employee who received wages and unemployment compensation

Do not use Worksheet B if the taxpayer is

Part 5 of Form 8867

Documents Provided to You

Part V

Donatella placed in service a computer used 70% business . In which part of Form 4562 should she enter the depreciation information if she is not taking the section 179 deduction or special depreciation allowance

Part 4 of Form 8867

Due Diligence Requirements

reported as a refundable credit in the payments section on form 1040 Line 66a

EITC is

8867 Form

Eligibility checklist for EITC

the reference code, reminders about how the process works, and the information needed to pick up the disbursement

Email notification from the AR provider when the Direct2Cash disbursement is available includes

Schedule E part I

Expenses from rental activities are reported on

w-2 Form Box 2

Federal Income Tax withheld

1040 Form Line 64

Federal income tax withheld from Forms W-2 and 1099

Previous Year 2015 Standard Deduction Table

Filing Status Standard Deduction Single $6,300 Married Filing Jointly $12,600 Married Filing Separately $6,300 Head of Household $9,250 Qualifying Widow(er) $12,600

yes because income over $10300

Filing status single gross income for 2015 $10,758 does TP need to file

a part time student are not treated as working or have earned income for the child and dependent care credit

For the Child and Dependent Care Credit requirements, Trevor is not considered to be working if he is

The life time learning credit

For the _______________, student activity fees and fees for course related books supplies and equipment can be included in qualified tuition and related expenses only if the fees must be paid to the institution as a condition of enrollment or attendance

Form 2555-EZ

Foreign Earned Income Exclusion. These forms are filed to exclude income earned in foreign countries from gross income or to deduct or exclude a foreign housing amount.

Schedule C Line 1

Form 1099 MISC Box 7 is entered

Form to be completed after Information to claim earned income credit after disallowance

Form 8862

Federal income

Forms W4 W4p ad W4v are used to let payers know how much tax to withhold from the taxpayer's income

$9250 minimum filing requirements $13250 under 65, $14800 over 65

HOH standard deductions

Yes and it is $45 because the threshold for HOH is $200,000

HOH wages $199,950 and $95 taxable interest modified AGI is $200,045 is HOH subject to Net Investment Income NIIT

Under the rules for all taxpayers, because helen is a qualifying child for marlin she cannot claim the EITC

Helen 21 full time college student she and her son Adam 1 year lived with Helen's father Mealing all year. Helen has a part time job as a waitress which of the following is not true

He is required to complete form 4562 Depreciation and Amotization because he is claiming depreciation on an asset place in service during the tax year

Henry purchase pre-owned office furniture for 3500 on May 1 of the tax year he used 75% for business

Alex is Herer's qualifying child because he passes the relationship age and residency tests for her. Hester and alex are both qualifying children for Marge because they pass the relationship age and residency tests for EITC However Hester can't claim the EITC with Alex as her qualifying child because Hester is a qualifying child for her Mother Marge

Herster 23 is a full time college student. she and her son Alex 1 lived with Herer's mother marge all year. hester has a part time job as a greeter Which of the following is true

until the period of limitations for the return runs out

How long should taxpayers return their tax returns records

Gambling losses are entered on Schedule A as other miscellaneous itemized deductions not subject to the 2% of AGI limit

How to deal with gambling losses

yes because income is over $20600.00

Husband 59 wife 63 filling status MFJ income $20946 do they need to file

6500

IRA contribution 50 plus is

Two form of identification

IRS recommendation for preparing the tax return of someone not know to you is

$1,500 form 1040

If Eileen's ordinary dividends are ___ or less she can report the total of her ordinary dividends on ___

She is disqualified from claiming the retirement savings contributions credit because she is a full time student during the tax year

If Julie contributed to an IRA during the tax year, what would disqualify her from claiming the retirement savings contributions credit

true

If a client chooses the Serve Card as a disbursement option for their federal refund and does not pass the Know Your customer KYC process their refund will be disbursed as an Office Check and they will need to be contacted about the situation

False

If a client has a question about the affordable Care act ACA you can answer their tax questions but you really can't help them beyond that

reported as a refundable credit in the Payments section on Form 1040 Line 66a

If a taxpayer is a member of the clergy their EITC is

Earned Income and AGI Limits

If filing... Qualifying Children Claimed Zero One Two Three or more Single, Head of Household or Surviving Spouse $14,820 $39,131 $44,454 $47,747 Married Filing Jointly $20,330 $44,651 $49,974 $53,267

since state income taxes were not included in the itemized deduction the refund isn't taxed.

If state tax refund is $20 and total itemized deductions from Wendy's 2014 schedule A line 29 are $11,744 which does not include state income taxes how much is tax of the state refund

False

If the clients return was filed MFJ only one of the taxpayers needs to be present to pick up the Direct2Cash disbursement

the benefits are not taxable and he doesn't need to file unless there are dividends and interest income

If the only income is Social Security benefits

Generally, if the taxpayer's EITC for any year after 1996 was denied or reduced for any reason other than a mathematical or clerical error complete and attach Form 8862 Information to claim earned income after disallowance to the next tax return for which the EITC is claimed

If the taxpayer's EITC for any year after 1996 was denied or reduced for any reason other than a mathematical or clerical error, complete and attach Form 8862 Information to claim earned income credit after dis allowance to

full early distribution needs to be rolled over even if taxes have been with held such as distribution was $10000 taxes withheld $2000 within 60 days $10000 needs to be deposited into a qualified plan in order for the full amount being nontaxable

In order to roll over a early distribution from a pension plan to a qualified plan within 60 days and have the full amount being nontaxable the

A preparer may not charge a contingent fee when preparing an original return

In which of the following situation may a tax prepare not charge a contingent fee

if an early distribution is received and Form 1099 R has code 1 or J in Box 7 there is no requirement to file Form 5329 unless there is an exception to the 10% penalty

In which scenario is the tax payer not required to file form 5329 with their tax return

willful and reckless conduct

Intentionally excluding w-2 information from a taxpayer's return to ensure they get a greater refund is an example of

NO because per new aggregation rules TP can have one tax ree direct rollover yearly and as many as they like for the trustee-to-trustee transfers.

Jenetta has four IRAs 1,2,3,4 she does one direct rollover and has her trustee perform a trustee to trustee transfer on the other. Does she need to add any rolled over amount in her income

If they file a joint return Jesse and Monica qualify for the EITC under the rules for taxpayers who do not have a qualifying child because one of them is at least 25 but under 65

Jesse 28 Monica 28 married no qualifying children income $5000 live in assisted living and do not provide more then half of their support they both have valid SSN what is true

Part II

Kai place in service some equipment he used 70% for his busines . In which part of form 4562 should he report his special depreciation allowance

even though the daughter is born outside the US since both parents are US citizens the daughter is as well

Karl and Paula married US citizen their daughter was born in Italy

file both Form 8949 and schedule D to report her realized gain.

Katie disposed of her personal antique vase collection. she made $1950 for the sale she is required to

Lenny is not a qualifying child or qualifying relative because he is 19 and not a qualifying relative because of the income $5000 income would have to be less the $4000

Lenny 19 not a student lives with his father

2014 to 2015 phaseout ranges of which credits

Lifetime Learning Credit

all years of postsecondary education

Lifetime Learning Credit is available for

CTC Limitations

Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.

Where is the child and Dependent Care Credit entered on Form 1040

Line 49