2020 Advanced Test Questions Review
**PLEASE NOTE that there have been new updates in Taxslayer and we have been issued a second stimulus check that were not in effect when the test and answers were written. The IRS, on their testing site, are giving guidance on some of the questions as what to enter--so read each question carefully when you go to the actual test site and enter your answers-the answer might change from when you have visited my site-they may tell you to enter something different.

Also, on the IRS site--do not enter dollar signs or commas $ , when typing in a dollar amount or it will be marked incorrect.

As of now, I do not know what guidance the IRS is giving for question number 27.
This has been a weird year

I am not reviewing entries or tracking entries-totally anonymous
This is a tool to check your answers before you submit online in Link and Learn certification Site. There will be hints if you get the answer incorrect.
If you find an error or disagree, please email me as I am human and could have made a mistake. maryvitataxes@gmail.com
Please note: PUB 4012 and PUB 4491 are available online https://www.irs.gov/pub/irs-pdf/p4012.pdf and https://www.irs.gov/pub/irs-pdf/p4491.pdf are referenced here. The Table of Contents is great--click on page number and it will take you to the section wanted--also use <find> to find keywords to help.
1.What is the most beneficial filing status allowable for Rebecca?
1 point
Clear selection
2. Rebecca has $3,100 in qualifying child care expenses for the child and dependent care credit.
1 point
Clear selection
3. Pat and Terry are eligible for which of the following credits? Select the best answer
1 point
Clear selection
4. Pat’s unemployment compensation is not taxable this year because it was received as a result of the coronavirus pandemic.
1 point
Clear selection
5. Which of the following statements is true?
1 point
Clear selection
6. What is the amount of Andrew’s HSA deduction on Form 8889, Part I, line 13?
1 point
Clear selection
7. Andrew can identify the employer’s HSA contribution by the Code W in Box 12 on his Form W-2.
1 point
Clear selection
8. What is the total unreimbursed qualified medical expenses reported on Form 8889,Part II?
1 point
Clear selection
9. Which individuals can make an agreement on who can claim Molly as a dependent?
1 point
Clear selection
10. Who can claim the earned income credit for Molly?
1 point
Clear selection
11. If Robert chooses to itemize, which of the following is he eligible to claim as a deduction on Schedule A?
1 point
Clear selection
12. If Robert chooses not to itemize, what is the amount that he can deduct as an above-the-line charitable contribution adjustment in 2020?
1 point
Clear selection
13. What is the amount of Carly’s student loan interest deduction on Form 1040,Schedule 1? $________.
1 point
14. How do educator expenses affect Carly’s tax return?
1 point
Clear selection
15. What is the amount of qualified child care expenses used in the calculation of the Franklin’s Form 2441, Child and Dependent Care Expenses?
1 point
Clear selection
16. The refundable portion of the American opportunity credit located on Form 8863,Education Credit is $________.
1 point
17. The amount of the Franklin’s net premium tax credit on Form 8962, Premium Tax Credit is $________. Advanced Question 17-Practice has last years federal poverty guidelines-the answer is $1646 Note: In the initial release of the Practice Lab, last year’s Federal Poverty Line amount is used to calculate Form 8962, Premium Tax Credit. Enter 1646 as the correct answer. (In Taxslayer you probably got $1787 the true correct answer but please enter 1646 for the test)
1 point
18. The Franklins can claim a recovery rebate credit of $________ for Cristina on their2020 tax return.
1 point
19. Do the Franklins qualify for the earned income credit?
1 point
Clear selection
20. The Kennedy’s standard deduction on their 2020 tax return is $________.
1 point
21. What is the amount of taxable interest reported on the Kennedys’ Form 1040?
1 point
Clear selection
22. What is the total net amount of capital gain or (loss) reported on Form 1040?
1 point
Clear selection
23. What is the taxable portion of Travis’ pension from Pinto Corporation using the Simplified Method? $________.
1 point
24. Sylvia is eligible to make a contribution to her traditional IRA by the due date of her tax return?
1 point
Clear selection
25. What are the Kennedys’ total gambling winnings reported on their Form 1040,Schedule 1?
1 point
Clear selection
26. The taxable portion of the Social Security benefits on the Kennedys’ Form 1040 is $17,850.
1 point
Clear selection
27. What are the total payments reported on the Kennedys’ Form 1040? $________. *** Per the IRS go ahead and enter 4385 which is the amount before the second stimulus check came out
1 point
28. When must Sylvia take a required minimum distribution (RMD) from her traditional IRA?
1 point
Clear selection
29. Richard’s most beneficial filing status allowable is Head of Household.
1 point
Clear selection
30. Which item(s) can be deducted by Richard as a business expense?
1 point
Clear selection
31. What is the qualified business income (QBI) deduction on the Richard’s tax return?
1 point
Clear selection
32. Richard must report $________ of his canceled debt on his 2020 tax return.
1 point
33. Richard is required to pay a 10% additional tax on the early distribution from his IRA account in 2020.
1 point
Clear selection
34. Richard has been assigned an Identity Protection PIN by the IRS. How does this affect preparation of Richard’s tax return?
1 point
Clear selection
See image below for question 35-- from testing site 1/10/21
35. Which of the following statements is true? *** Per IRS--rules have changed as per the testing site--now enter D as of 1/10/2021
1 point
Clear selection
Submit
Never submit passwords through Google Forms.
This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy