H&R BLOCK INCOME TAX FINAL EXAM
AND PRACTICE EXAM QUESTIONS
WELL RESEARCHED CURRENTLY
TESTING COMPLETE ACCURATE EXAM
QUESTIONS WITH 100% DETAILED
VERIFIED AND CORRECT ANSWERS
ACTUAL BRAND-NEW EXAM ALREADY
GRADED A+
In 2022, Gabby incurred $2,500 in unreimbursed
employee business expenses (none of the expenses are
impairment-related). Her adjusted gross income was
50,000, and she had no other miscellaneous deductions.
What amount is she able to deduct on her 2022 Schedule
A (Form 1040), Itemized Deductions?
a) $0
b) $1,000
c) $1,500
d) $2,500 - ....ANSWER...a) $0
Robert is single. He purchased a new main home in
March of 2017 for $900,000. Robert will be itemizing his
deductions. On what portion of the acquisition debt will
1
,interest be deductible on Robert's tax return for 2022?
a) $375,000
b) $500,000
c) $750,000
d) $900,000 - ....ANSWER...d) $900,000
On what forms are noncash contributions totaling more
than $500 reported?
a) Form 8283, Noncash Charitable Contributions, and
Schedule A (Form 1040), Itemized Deductions.
b) Form 8283, Noncash Charitable Contributions, and
Schedule 1 (Form 1040), Additional Income and
Adjustments to Income.
c) Schedule A (Form 1040), Itemized Deductions, and
Schedule 1 (Form 1040), Additional Income and
Adjustments to Income.
d) Schedule A (Form 1040), Itemized Deductions, and
Form 1040, U.S. Individual Income Tax Return. -
....ANSWER...a) Form 8283, Noncash Charitable
Contributions, and Schedule A (Form 1040), Itemized
Deductions.
Zoya has a first mortgage and a smaller home equity loan.
Zoya took out the home equity loan on January
2
,3, 2021. It was not used to build, buy, or improve her
home. The equity loan proceeds were used to purchase a
new car and pay off credit cards. During the year, she paid
$6,350 in interest on her first mortgage and $1,490 in
interest on the home equity loan. What amount of
mortgage interest can Zoya deduct on her Schedule A
(Form 1040), Itemized Deductions?
a) $1,490
b) $4,860
c) $6,350
d) $7,840 - ....ANSWER...c) $6,350
Monica cashed in a CD (certificate of deposit) early
because she needed money quickly to pay credit card bills.
The bank charged her an early withdrawal penalty of 3 ,
which amounted to $90. Can Monica deduct the penalty on
her tax return? If so, where on the return is it reported?
a) No; Monica will not be allowed to deduct the early
withdrawal penalty.
b) Yes; Monica can deduct the early withdrawal penalty
but only if she uses Schedule A (Form 1040) and
itemizes.
3
, c) Yes; Monica can deduct $90 on Part II, line 18 of
Schedule 1 (Form 1040) as an adjustment to income.
d) Yes; Monica can deduct $90 on Part II, line 8 of
Schedule 2 (Form 1040) as an adjustment to income.
- ....ANSWER...c) Yes; Monica can deduct $90 on Part II,
line 18 of Schedule 1 (Form 1040) as an adjustment to
income.
Mark paid $255 for the annual registration on his truck.
The fee includes:
• $50 registration fee.
• $5 plate fee.
• $200 1% of the assessed value of the vehicle.
What amount may be deductible on Mark's Schedule A
(Form 1040), Itemized Deductions, as a personal property
tax?
4
AND PRACTICE EXAM QUESTIONS
WELL RESEARCHED CURRENTLY
TESTING COMPLETE ACCURATE EXAM
QUESTIONS WITH 100% DETAILED
VERIFIED AND CORRECT ANSWERS
ACTUAL BRAND-NEW EXAM ALREADY
GRADED A+
In 2022, Gabby incurred $2,500 in unreimbursed
employee business expenses (none of the expenses are
impairment-related). Her adjusted gross income was
50,000, and she had no other miscellaneous deductions.
What amount is she able to deduct on her 2022 Schedule
A (Form 1040), Itemized Deductions?
a) $0
b) $1,000
c) $1,500
d) $2,500 - ....ANSWER...a) $0
Robert is single. He purchased a new main home in
March of 2017 for $900,000. Robert will be itemizing his
deductions. On what portion of the acquisition debt will
1
,interest be deductible on Robert's tax return for 2022?
a) $375,000
b) $500,000
c) $750,000
d) $900,000 - ....ANSWER...d) $900,000
On what forms are noncash contributions totaling more
than $500 reported?
a) Form 8283, Noncash Charitable Contributions, and
Schedule A (Form 1040), Itemized Deductions.
b) Form 8283, Noncash Charitable Contributions, and
Schedule 1 (Form 1040), Additional Income and
Adjustments to Income.
c) Schedule A (Form 1040), Itemized Deductions, and
Schedule 1 (Form 1040), Additional Income and
Adjustments to Income.
d) Schedule A (Form 1040), Itemized Deductions, and
Form 1040, U.S. Individual Income Tax Return. -
....ANSWER...a) Form 8283, Noncash Charitable
Contributions, and Schedule A (Form 1040), Itemized
Deductions.
Zoya has a first mortgage and a smaller home equity loan.
Zoya took out the home equity loan on January
2
,3, 2021. It was not used to build, buy, or improve her
home. The equity loan proceeds were used to purchase a
new car and pay off credit cards. During the year, she paid
$6,350 in interest on her first mortgage and $1,490 in
interest on the home equity loan. What amount of
mortgage interest can Zoya deduct on her Schedule A
(Form 1040), Itemized Deductions?
a) $1,490
b) $4,860
c) $6,350
d) $7,840 - ....ANSWER...c) $6,350
Monica cashed in a CD (certificate of deposit) early
because she needed money quickly to pay credit card bills.
The bank charged her an early withdrawal penalty of 3 ,
which amounted to $90. Can Monica deduct the penalty on
her tax return? If so, where on the return is it reported?
a) No; Monica will not be allowed to deduct the early
withdrawal penalty.
b) Yes; Monica can deduct the early withdrawal penalty
but only if she uses Schedule A (Form 1040) and
itemizes.
3
, c) Yes; Monica can deduct $90 on Part II, line 18 of
Schedule 1 (Form 1040) as an adjustment to income.
d) Yes; Monica can deduct $90 on Part II, line 8 of
Schedule 2 (Form 1040) as an adjustment to income.
- ....ANSWER...c) Yes; Monica can deduct $90 on Part II,
line 18 of Schedule 1 (Form 1040) as an adjustment to
income.
Mark paid $255 for the annual registration on his truck.
The fee includes:
• $50 registration fee.
• $5 plate fee.
• $200 1% of the assessed value of the vehicle.
What amount may be deductible on Mark's Schedule A
(Form 1040), Itemized Deductions, as a personal property
tax?
4
