Final Exam
SCORE: 87%
PASSED
Question 3
Deductible repairs and maintenance costs include the following, under the tangible personal property regulations:
Your answer: Property acquired with an acquisition cost of $200 or less.
Question 8
Which of the following forms is used to claim the health coverage tax credit?
Your answer: Form 8962
Final Exam:
The group disposition feature in Asset Manager allows: For a group of assets to be entered and depreciated. For a group of assets to be depreciated using the special allowance advantage. XXXFor a group of assets to be disposed of at once. For a group of assets to be coded with a colored dot
Instead of being entered directly on Schedule A, state estimated payments can now be entered on which screen? The Estimates worksheet screen. Form 1040 pg. 1. The Tax Refund Worksheet screen. XXXThe FedSTATES screen.
(Wrong Answer) Deductible repairs and maintenance costs include the following, under the tangible personal property regulations: Removal costs. XXXProperty acquired with an acquisition cost of $200 or less. Non-incidental costs. Improvements to existing property
All of the following are considered an improvement based on TPR except: A restoration. An adaptation. A betterment. XXXA recurring item
Which form is used to apply for an accounting method change? Form 1040X Form 2848 XXXForm 3115 Form 700
Form 1095-A is provided to taxpayers who purchase insurance through: Private insurance. Government-sponsored entities. XXXThe Marketplace. Employer-sponsored programs
When a taxpayer confirms that everyone in their household had qualifying health insurance for all 12 months of the tax year through their employer-sponsored program, it is likely that the taxpayer received: Forms 1095-A or 8962. XXXForms 1095-B or 1095-C. Forms 8962 or 8965. Forms 1095-A or 8965
(Wrong Answer) Which of the following forms is used to claim the health coverage tax credit? Form 8880 Form 8885 XXXForm 8962 Form 8965
Which statement best describes the purpose of Form 1095-A? List the individuals eligible for the advance premium tax credit and calculate their credit. Reconcile any advance premium tax credit paid with the actual premium tax credit and claim the premium tax credit. List the individuals who are eligible for an exemption from the ACA tax penalty and claim the exemption. XXXReport the individuals covered by a Marketplace policy, their enrollment premiums, second lowest cost sliver plan (SLCSP), and any advance premium tax paid.
The catch-up contribution for taxpayers who contribute to qualified retirement plans (401(k), 403(b) and 457), and who are least age 50 by the end of 2015 is: XXX$6,000 $5,500 $5,000 $1,000
For 2015, what is the total amount for personal exemptions that can be taken on a return with a head of household filing status, an AGI of $90,000, and four dependents? $11,900 $12,600 $19,750 XXX$20,000
The expiring provisions covered in this Tax Update will affect many tax returns unless Congress: XXXExtends them. Revokes them. Vetoes them. Does nothing
Expiring provisions that could affect 2015 tax returns include all of the following, except: Educator expense deduction. Tuition and fees deduction. Deduction for state and local general taxes. XXXThe alternative minimum tax
Taxpayers who have been assigned an identity protection personal identification number (IP PIN) and attempt to e-file with a missing or incorrect PIN: Will be audited. XXXWill have their return rejected. Must file a paper return. Must enroll in a credit monitoring program
Funds in a myRA account are invested in: The stock market. Real estate. Annuities. XXXU.S. Treasury Retirement Savings Bonds