Education tax credits-benefits are available to taxpayers

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Reference no: EM131913284

1. Franklin, age 35, is a single taxpayer with no dependents. His adjusted gross income for the year exceeds $261,500. If Franklin claims the standard deduction on his 2017 return, which of the following is most likely to be the amount he claims for his personal exemption?

2. Which of the following taxpayers is NOT required to file a tax return for 2017? For each scenario, you may assume the taxpayer had no additional income or adjustments.

3. Henry, age 66, is a single taxpayer. He is not blind or disabled. He has no dependents, nor is he a dependent of another taxpayer. What is Henry's 2017 standard deduction amount?

4. Betsy (32) and Jared (36) are married and file a joint return. Betsy earned $102,000 during the year, and is covered by a retirement plan at work. Jared earned $95,000, and is not covered by a plan at work. Assuming they had no other income or adjustments, what is the maximum amount Jared may contribute to a Roth IRA for 2017?

5. Assume each of the following taxpayers itemizes deductions in 2017. Then, choose the response that best describes a taxpayer whose deductions will be limited for certain expenses.

6. Which of the following statements is accurate regarding the myRA Retirement Savings Program?

7. What education tax credits and benefits are available to taxpayers in Tax Year 2017?

8. Which of the following describes a de minimis error where the safe harbor from penalties for filing an incorrect information return or an incorrect payee statement would apply?

9. Which of the following is TRUE, beginning in 2017, regarding safe harbor from penalties for failure to file correct information returns and failure to furnish correct payee statements for some de minimis errors?

10. Which of the following statements accurately describes changes in the Qualifying Widow(er) (QW) tax filing status for Tax Year 2017?

11. A casualty is the damage, destruction, or loss of property resulting from an event that is:

12. Failure to the meet the 2017 due diligence requirements for EITC, AOTC, and CTC/ACTC claimed on one return could result in which of the following?

13. A federally declared disaster area is recognized by the authority of:

14. Joel is a qualifying, full-time student who would like to claim the American Opportunity Tax Credit (AOTC) on his 2017 return. However, he did not receive a Form 1098-T from the educational institution. As Joel's Tax Professional, you inform him that?

15. All of these statements about Form 8867, Paid Preparer's Due Diligence Checklist, are true EXCEPT:

16. Which of the following filing statuses is different for tax year 2017?

17. A taxpayer who suffers a casualty loss within a federally-declared disaster area in 2018 may complete Form 4684, Casualties and Thefts, when they elect to:

Reference no: EM131913284

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