1040 Preparation and Planning 1: Fundamentals (2015 Edition) (00677800, 2015 Edition)

The first course in this series will introduce you to the fundamentals of federal income tax and will give you an overview of the general income tax structure. The topics presented in this initial course are discussed in general terms and will be covered at length in subsequent courses in this series. It is essential to clearly and thoroughly understand these basic principles. Even though you may already be familiar with much of the subject matter, you are urged to take this introductory course for a quick brush-up. This course will review filing requirements, exemption amounts, exemption eligibility requirements, and the phaseout rules for high-income individuals.

final exam score: 

final exam status: 
80%

Question 6

Incorrect

Assuming spouses do not live apart for the entire year, joint filing is not a prerequisite to claiming:

 Earned income credit Net operating losses

 Net operating losses

 (You Answered) Deduction for IRA contributionson behalf of a nonworking spouse

 Dependent care credit 
Question 8

Incorrect

Which of the following is not a requirement in determining whether a taxpayer who is legally married can be considered unmarried for head of household filing-status purposes?

 (You Answered) An individual’s spouse must not have lived in the home for the last six months of the tax year.

 An individual must maintain a household that, for more than one-half the year, was the principal residence of the taxpayer’s dependent child.

 An individual must file a separate return.

 A taxpayer’s home must be, for the entire year, the main home of the dependent child, stepchild, or adopted child whom the taxpayer, or the noncustodial parent, can properly claim as a dependent. 
Question 9

Incorrect

Malcolm and Glenda Jackson divorced on June 1, 2014. Their one minor child lived with Glenda all of 2014. Glenda worked all year to keep the home for herself and her minor child. The divorce decree awarded the exemption for the child to Malcolm. Glenda’s proper filing status is:

 (You Answered) Single

 Head of household

 Married filing separately


 Married filing jointly