HRB 1-6 QUESTIONS & ANSWERS 2024 ( A+ GRADED 100% VERIFIED)
BRAND NEW, BEST EXAM
1. A taxpayer should include which of the following when figuring their federal
gross income?: Gifts and inheritances.
Life insurance payments, if paid by reason of the death of the insured.
Meals and lodging provided for the convenience of the employer Prizes
and awards.
2. To avoid the risk of penalties, tax preparers must abide by rules regarding
preparer tax identification numbers (PTINs). Which of the following statements is
TRUE regarding PTINs?: A)A PTIN is required semi-annually for anyone who
prepares or assists in preparing federal tax returns for compensation.
B)If a tax preparer does not have a PTIN, they can still prepare tax returns for
compensation.
C)The IRS may provide a PTIN to taxpayers who are victims of identity theft.
D)The preparer must enter their PTIN on the tax return in the space provided.
3. Tucker is an unmarried, 29-year-old taxpayer. He received the following
income for the year:
Wages: $44,500.
Interest from a bank savings account: $50.
Unemployment compensation: $7,000.
Gift from his father: $3,000.
How much of Tucker's income is considered earned income?: A)$44,500 B)$44,550
C)$51,500
D)$54,550
4. Lucca has a financial interest in a financial account in a foreign country.
Where should this be reported on his tax return?: Part I of the Schedule B (Form
1040).
Part II of the Schedule B (Form 1040).
Part III of the Schedule B (Form 1040).
Part II of Schedule 1 (Form 1040).
5. Omari (47) is single. He had wages of $45,950. In 2022, he opened an interest-
bearing savings account and received Form 1099-INT, Interest Income, showing he
had earned $16 of interest income for the year. What amount of interest must be
reported on his Form 1040?: $0
$8
$10
$16
, 6. Vanida received workers' compensation due to an injury on the job. When
Vanida files her tax return, her workers' compensation income will be:: Fully
taxable.
Nontaxable.
Partially taxable.
Taxable at the discretion of the employer.
7. Ricky and his wife, Sarah, are filing their tax return. Which of the following
statements regarding signing the return is NOT correct?: A joint return must be
signed by both the taxpayer and the spouse.
Every taxpayer must sign their own return.
When a tax return is filed electronically, there are no signature requirements for the
taxpayer.
When a taxpayer signs their tax return, they declare, under penalties of perjury, that they
have examined the return and accompanying schedules and statements, and to the best of
their knowledge and belief, they are true, correct, and complete.
8. When tax returns are filed electronically, what is one way a taxpayer can sign
the return?: Taxpayers may only use a handwritten signature to sign the return. The IRS
will provide an Identity Protection Personal Identification Number (IP PIN) used to sign
the return.
There is no taxpayer signature requirement when a tax return is filed electronically.
This can be accomplished by using a personal identification number (PIN).
9. A taxpayer should include which of the following when figuring their federal
gross income?: Compensation received for personal injuries and physical illness. First
$5,250 of educational assistance from an employer's qualified educational assistance
program.
Qualified scholarships and fellowships.
Unemployment compensation.
10. Kiri and Divina are registered domestic partners. Neither had dependents
they could claim for 2022.What is Kiri's and Divina's correct and most favorable
2022 filing status on the federal return?: Single.
Married filing jointly.
Married filing separately.
Qualifying surviving spouse.
11. The IRS requires paid tax preparers to keep a completed copy of returns or
claim for refund; or retain some type of record, or list, which includes the taxpayer's
name, identification number, and tax year. How long must these records be retained
and available for inspection?: Two years following the close of the tax return period in
which the claim for refund was requested.
BRAND NEW, BEST EXAM
1. A taxpayer should include which of the following when figuring their federal
gross income?: Gifts and inheritances.
Life insurance payments, if paid by reason of the death of the insured.
Meals and lodging provided for the convenience of the employer Prizes
and awards.
2. To avoid the risk of penalties, tax preparers must abide by rules regarding
preparer tax identification numbers (PTINs). Which of the following statements is
TRUE regarding PTINs?: A)A PTIN is required semi-annually for anyone who
prepares or assists in preparing federal tax returns for compensation.
B)If a tax preparer does not have a PTIN, they can still prepare tax returns for
compensation.
C)The IRS may provide a PTIN to taxpayers who are victims of identity theft.
D)The preparer must enter their PTIN on the tax return in the space provided.
3. Tucker is an unmarried, 29-year-old taxpayer. He received the following
income for the year:
Wages: $44,500.
Interest from a bank savings account: $50.
Unemployment compensation: $7,000.
Gift from his father: $3,000.
How much of Tucker's income is considered earned income?: A)$44,500 B)$44,550
C)$51,500
D)$54,550
4. Lucca has a financial interest in a financial account in a foreign country.
Where should this be reported on his tax return?: Part I of the Schedule B (Form
1040).
Part II of the Schedule B (Form 1040).
Part III of the Schedule B (Form 1040).
Part II of Schedule 1 (Form 1040).
5. Omari (47) is single. He had wages of $45,950. In 2022, he opened an interest-
bearing savings account and received Form 1099-INT, Interest Income, showing he
had earned $16 of interest income for the year. What amount of interest must be
reported on his Form 1040?: $0
$8
$10
$16
, 6. Vanida received workers' compensation due to an injury on the job. When
Vanida files her tax return, her workers' compensation income will be:: Fully
taxable.
Nontaxable.
Partially taxable.
Taxable at the discretion of the employer.
7. Ricky and his wife, Sarah, are filing their tax return. Which of the following
statements regarding signing the return is NOT correct?: A joint return must be
signed by both the taxpayer and the spouse.
Every taxpayer must sign their own return.
When a tax return is filed electronically, there are no signature requirements for the
taxpayer.
When a taxpayer signs their tax return, they declare, under penalties of perjury, that they
have examined the return and accompanying schedules and statements, and to the best of
their knowledge and belief, they are true, correct, and complete.
8. When tax returns are filed electronically, what is one way a taxpayer can sign
the return?: Taxpayers may only use a handwritten signature to sign the return. The IRS
will provide an Identity Protection Personal Identification Number (IP PIN) used to sign
the return.
There is no taxpayer signature requirement when a tax return is filed electronically.
This can be accomplished by using a personal identification number (PIN).
9. A taxpayer should include which of the following when figuring their federal
gross income?: Compensation received for personal injuries and physical illness. First
$5,250 of educational assistance from an employer's qualified educational assistance
program.
Qualified scholarships and fellowships.
Unemployment compensation.
10. Kiri and Divina are registered domestic partners. Neither had dependents
they could claim for 2022.What is Kiri's and Divina's correct and most favorable
2022 filing status on the federal return?: Single.
Married filing jointly.
Married filing separately.
Qualifying surviving spouse.
11. The IRS requires paid tax preparers to keep a completed copy of returns or
claim for refund; or retain some type of record, or list, which includes the taxpayer's
name, identification number, and tax year. How long must these records be retained
and available for inspection?: Two years following the close of the tax return period in
which the claim for refund was requested.
