Assessment Statistics
Your Score: 86.7 %
Minimal Passing Score: 80 %
Total Questions: 15
Correct Answers: 13 ( 86.7% )
1.How much can Franklin and Alma claim as qualified lodging expenses?
a. $0
XXXb. $89
c. $134
d. $267
2. How many miles can Franklin and Alma claim as qualified moving expense? ______.
(INCORRECT) 2. How much can Franklin and Alma claim as a qualified moving expense for mileage? $__769______. (Should be $$$, No miles)
3. Franklin and Alma can claim $250 of food expenses as a qualified moving expense.
a. True
XXXb. False
How much of their meals and entertainment expenses can Franklin and Alma claim as qualified moving expenses? XXXA. $0 B. $400 C. $500 D. $800
4. Franklin’s August trip to locate a house is a qualified moving expense.
a. True
XXXb. False
4. Franklin’s August trip to locate a house is not a qualified moving expense. XXXTrue False
5.Franklin and Alma’s net financial profit from the move will be reported on a Form W-2.
XXXa. True
b. False
5. Franklin and Alma's net financial gain from the move does not need to be reported on their tax return. True XXXFalse
6.Since Drew was deployed during 2016, Drew and Colby ask what filing status they should use.What is your response?
a. Drew and Colby can each choose to file as Single, if they want.
XXX b. Drew and Colby can file Married Filing Jointly because they will get a larger refund than if they filed Married Filing Separately.
c. Colby can file as Head of Household because Drew did not live with Colby during the last six months of the year.
d. Colby and Drew can each file as Head of Household because they have two children.
7.The amount of taxable wages that will be reported on the Denisons’ Form 1040, line 7 is $__20200_____.
8. The Denisons could include combat pay as earned income for purposes of calculating EIC, if it results in a higher credit.
XXXa. True
b. False
8. Combat pay is never considered earned income when calculating the earned income credit. True XXXFalse
9.The couple did not file their 2015 tax return before Drew deployed in March 2016. It may take them a while to locate all their prior year records.Drew and Colby want to know how long they have to file their 2015 tax return. You tell them:
a. Because Colby was in the U.S.during 2015, their 2015 return was due on April 18, 2016. They will be penalized for filing late.
b. Their 2015 return is due on April 18, 2017 because all unfiled returns are due on the next tax filing deadline after returning from a combat zone.
c. They have 180 days from Drew’s last day in the combat zone to file their return.
XXXd They have 198 days from Drew’s last day in the combat zone.(180 days plus the 18 days that remained before the April 18th, 2016 deadline when Drew entered the combat zone.)
9. The couple did not file their 2015 tax return because of Drew's deployment. Their deadline to file both the 2015 and 2016 returns is April 18, 2017. True XXXFalse
(INCORRECT) 10.What is the correct amount of wages reported on Form 1040, line 7? $_45200_____.
11. How is Reed’s rental real estate income reported on the joint tax return?
XXXa. Rental income and expenses are reported on Schedule E.
b. Rental income is reported on Schedule E and rental expenses are reported on Schedule A.
c. Reed’s rental income should not be reported on their joint return.
d. Net rental expenses are reported on Form 1040, Line 21.
11. Reed's rental real estate income is reported on Form 1040, Line 21. True XXXFalse
12. What is Reed’s net rental real estate income?
a. $5,312
XXXb. $5,462
c. $6,162
d. $7,462
12. Reed's net rental real estate income is $5,312. True XXXFalse
13.The $250 spent on uniforms is included when calculating Aurora’s unreimbursed employee business expenses.
XXXa. True
b. False
13. What amount of the unreimbursed employee business expenses as a reservist may Aurora deduct for meals? A. $0 B. $500 XXXC. $786 D. $1,572
14. Where should Aurora report her unreimbursed employee business expenses as a reservist?
a. As an itemized deduction on Schedule A
b. As a business expense on Schedule C-EZ
XXXc. As an adjustment to income on Form 1040, Line 24 from Form 2106 or 2106-EZ
d. As a rental expense on Schedule E
15. What is the total federal income tax withheld on Form 1040, page 2?
a. $532
b. $1,300
c. $2,480
XXXd. $4,312
15. What is the total federal income tax withheld on Form 1040, page 2? $__4312______.