IRS VITA/TCE Advanced Certification
Exam Questions & Answers (Grade
A+)
Maximum Foreign Income Exclusion (Changes to 2016) -
correct answer ✅Increased to $101,300
Maximum Foreign Housing Exclusion (Changes to 2016) -
correct answer ✅Increased to $44.28 per day
Modified Adjusted Gross (AGI) Limit (IRAs and Other Retirement
Plans) -
correct answer ✅*Max IRA Deduction remains at $5,500, ($6500 if
age 50 older)
** If a taxpayer is covered by a retirement plan at work, the
deduction for contributions to a traditional IRA is reduced (phased
out) if the modified AGI is:
**More than $98,000 but less than $118,000 for Married Filing
Jointly taxpayers or Qualifying Widow(er) if both spouses are
covered by a retirement plan.
**More than $61,000 but less than $71,000 for a Single or
Household or
**Less than $10,000 for Married filing separately
, IRS VITA/TCE Advanced Certification
Exam Questions & Answers (Grade
A+)
***For an IRA Contributor who is not covered by a workplace
retirement plan and is Married to someone who is covered, the
deduction is phased out if the couple's income is between
$184,000 & $194,000
Revenue Procedure 2016-47 (Changes to 2016 NEW IRA Self-
Certification Procedure) -
correct answer ✅Explains a self-certification procedure designed
to help recipients of retirement plan distributions who
inadvertently miss the 60-day time limit for properly rolling these
amounts into another retirement plan or individual retirement
arrangement (IRA). Eligible taxpayers can qualify for a waiver of the
60-day time limit and avoid possible taxes and penalties on early
distributions, if they meet certain circumstances. Taxpayers who
missed the time limit will now ordinarily qualify for a waiver if one
or more of 11 circumstances, listed in the revenue procedure,
apply:
**An error was committed by the financial institution making the
distribution or receiving the contribution.
Exam Questions & Answers (Grade
A+)
Maximum Foreign Income Exclusion (Changes to 2016) -
correct answer ✅Increased to $101,300
Maximum Foreign Housing Exclusion (Changes to 2016) -
correct answer ✅Increased to $44.28 per day
Modified Adjusted Gross (AGI) Limit (IRAs and Other Retirement
Plans) -
correct answer ✅*Max IRA Deduction remains at $5,500, ($6500 if
age 50 older)
** If a taxpayer is covered by a retirement plan at work, the
deduction for contributions to a traditional IRA is reduced (phased
out) if the modified AGI is:
**More than $98,000 but less than $118,000 for Married Filing
Jointly taxpayers or Qualifying Widow(er) if both spouses are
covered by a retirement plan.
**More than $61,000 but less than $71,000 for a Single or
Household or
**Less than $10,000 for Married filing separately
, IRS VITA/TCE Advanced Certification
Exam Questions & Answers (Grade
A+)
***For an IRA Contributor who is not covered by a workplace
retirement plan and is Married to someone who is covered, the
deduction is phased out if the couple's income is between
$184,000 & $194,000
Revenue Procedure 2016-47 (Changes to 2016 NEW IRA Self-
Certification Procedure) -
correct answer ✅Explains a self-certification procedure designed
to help recipients of retirement plan distributions who
inadvertently miss the 60-day time limit for properly rolling these
amounts into another retirement plan or individual retirement
arrangement (IRA). Eligible taxpayers can qualify for a waiver of the
60-day time limit and avoid possible taxes and penalties on early
distributions, if they meet certain circumstances. Taxpayers who
missed the time limit will now ordinarily qualify for a waiver if one
or more of 11 circumstances, listed in the revenue procedure,
apply:
**An error was committed by the financial institution making the
distribution or receiving the contribution.
