An Enthusiast about Tax: Military Taxpayer WBT (2014) (00547023, 2014)

This course focuses on the tax situations unique to members of the United States Armed Forces and their families. This course covers the following: ▪ Combat zone issues ▪ Military Leave Earning Statements (LES) reporting ▪ Moving expenses

Passed
Score: 80%

Which tests for the exclusion of gain on the sale of a home may a service member suspend?

They may not suspend the tests.

They may extend the use test, but not the ownership test.

They may extend the ownership test, but not the use test.

XXThey may suspend both tests

Which special coding is generally used on Form W-2 to identify military bonuses?

Code "D" is generally used.

Code "Q" is generally used.

Code "V" is generally used.

XX There is no code generally used

Military taxpayers may deduct all of the following except:

XXEveryday uniform.

Battle dress uniform.

Utility Uniform

Epaulets

Which of these is special pay?

Diving Duty

Accrued Leave

Reserve training

XX Overseas extension

You are in a combat zone from January 1 through April 15. You receive a W-2 showing a repayment of student loans of $2,400. How much is taxable to you?

None of it.

Half of it.

XX$1,600

All of it.

Which of these is not a combat zone?

Afghanistan

Kosovo

XXSouth Korea

Arabian Peninsula

Which of these is taxable pay?

Combat pay.

XX Enlistment bonus

Back Wages

Overseas Housing Allowance

Question with INCORRECT answer:

Question

Jacob was on active duty in a combat zone from January 1, 2012, until June 30, 2013. Jacob filed his 2012 federal income tax return on August 17, 2013. He was unable to file Form 4868 for the 2012 return. Jacob owed a balance due of $640 on his 2012 return. Which of the following is true?

Your answer: Jacob was required by law to file Form 4868 on or before the original due date of the 2012 return.

Question

The "Soc Wage YTD" box on an LES corresponds to which box on Form W-2?

Your answer: Box 1.

Question

How does the military thrift savings plan differ from the uniformed service retirement plan?

Your answer: The military thrift savings plan is a defined benefit plan, whereas the uniformed service retirement plan is a defined contribution plan.

Question

Which of the following is not a characteristic of contributions to the military thrift savings plan?

Your answer: Contributions to the military thrift savings plan are qualified retirement savings contributions for purposes of the Saver's Credit.

Question

Which of these is taxable pay?

Your answer: Enlistment bonus