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2024 HR Block Test Questions And Answers
A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - CORRECT ANSWER- a, $2,120 the deduction for state and local income taxes is limited to what amount? - CORRECT ANSWER- a. $10,000 ($5,000 if MFS). A married couple who ma...
- Exam (elaborations)
- • 20 pages •
A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - CORRECT ANSWER- a, $2,120 the deduction for state and local income taxes is limited to what amount? - CORRECT ANSWER- a. $10,000 ($5,000 if MFS). A married couple who ma...
LATEST HR BLOCK Final Test Review (ITC 2024) Exam Questions And Answers
Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - ANSWER- Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACTC, and head...
- Exam (elaborations)
- • 16 pages •
Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - ANSWER- Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACTC, and head...
2024 HR Block Budget Challenge Actual Exam Questions With All Complete Solutions
Frank's electric bill has a cycle day of the 3rd and a due date 8 days later with a one day grace period. What happens if Frank pays his electric bill on the 12th of the month? - ANSWER- His payment is received after the due date but he will not be assessed a late fee because of the grace period. On the Budget Challenge Cash Flow Spreadsheet (CFS) (this file is downloadable on the "How to Play" page of the website), what column should interest earned from her checking account be entered...
- Exam (elaborations)
- • 6 pages •
Frank's electric bill has a cycle day of the 3rd and a due date 8 days later with a one day grace period. What happens if Frank pays his electric bill on the 12th of the month? - ANSWER- His payment is received after the due date but he will not be assessed a late fee because of the grace period. On the Budget Challenge Cash Flow Spreadsheet (CFS) (this file is downloadable on the "How to Play" page of the website), what column should interest earned from her checking account be entered...
LATEST2024 HR Block Budget ChallengeUpdated Exam
When asked "How much should I borrow in student loans?" the CFPB (Consumer Financial Protection Bureau) said this. A.) With loan consolidation more affordable than ever, borrow as much as you can get approved for B.) try not to accumulate more total student debt than you expect to earn as a starting annual salary when you leave school C.) borrow as much money for college as you need as long as you are sure about your major and career D.) None of the answers. The CFPB is not involved wi...
- Exam (elaborations)
- • 12 pages •
When asked "How much should I borrow in student loans?" the CFPB (Consumer Financial Protection Bureau) said this. A.) With loan consolidation more affordable than ever, borrow as much as you can get approved for B.) try not to accumulate more total student debt than you expect to earn as a starting annual salary when you leave school C.) borrow as much money for college as you need as long as you are sure about your major and career D.) None of the answers. The CFPB is not involved wi...
2024 LATEST HR Block 2024 Test Questions And Answers
List 4 Due Diligence Req's - ANSWER- 1) Complete (forms) 2) Keep 3) Knowledge 4) Document Earned income - ANSWER- Wages, tips, commissions, farming & other business income. $ for services Unearned income - ANSWER- Taxable income including investment money, dividends, rents, royalties, pensions, alimony, unemployment (not performing services) Single filing requirements - ANSWER- < 65 10,350 > 65 11,900 MFJ filing requirements - ANSWER- <65. 20,700 >65. 21,950 (1 spouse) &...
- Exam (elaborations)
- • 8 pages •
List 4 Due Diligence Req's - ANSWER- 1) Complete (forms) 2) Keep 3) Knowledge 4) Document Earned income - ANSWER- Wages, tips, commissions, farming & other business income. $ for services Unearned income - ANSWER- Taxable income including investment money, dividends, rents, royalties, pensions, alimony, unemployment (not performing services) Single filing requirements - ANSWER- < 65 10,350 > 65 11,900 MFJ filing requirements - ANSWER- <65. 20,700 >65. 21,950 (1 spouse) &...
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