8/18/2022


Correct Answers 0
Total Questions 50
Score 0 %
Course # 611052
1040 Basics Part II
based on the electronic .pdf file(s):

IRS Publication 17, “Your Federal Income Tax For Individuals”
by: Internal Revenue Service, 2022, 295 pages


10 CPE Credit Hours
Taxation

A P E X C P E . C O M  . . . . .  1.877.317.9047  . . . . .  support@apexcpe.com


Chapter 17 - Individual Retirement Arrangements

1.    You cannot make contributions to an IRA if you are 80 years old.   
TRUE
FALSE
2.    You can contribute to a Roth IRA for your spouse provided the contributions satisfy the spousal IRA limit.   
TRUE
FALSE
3.    You can keep funds in your traditional IRA indefinitely.   
TRUE
FALSE
4.    Generally, distributions from a Roth IRA are taxable in the year that you receive them.   
TRUE
FALSE
5.    You are not required to take distributions from your Roth IRA at any age.   
TRUE
FALSE
6.    You can set up a Roth IRA at any time.   
TRUE
FALSE
7.    You can make contributions to a Roth IRA at any time.   
TRUE
FALSE


Chapter 18 - Alimony

8.    Not all payments required under a divorce instrument are considered alimony for tax purposes.   
TRUE
FALSE
9.    All payments required under a divorce instrument are considered alimony for tax purposes.   
TRUE
FALSE
10.    If your alimony payments decrease or terminate during the first three calendar years, you may be subject to the recapture rule.   
TRUE
FALSE


Chapter 19 - Education-Related Adjustments

11.    Student loan interest includes both required and voluntary interest payments.   
TRUE
FALSE
12.    You can change your return by filing Form 1040X.   
TRUE
FALSE
13.    For purposes of the standard deduction, earned income includes any part of a scholarship or fellowship grant that you must include in your gross income.   
TRUE
FALSE


Chapter 20 - Standard Deduction



Chapter 21 - Medical and Dental Expenses

14.    In order to claim medical expenses for your spouse:   
You must have been married to your spouse for the entire year
Your spouse must sign a consent form
You must have been married either at the time your spouse received the medical services or at the time you paid the medical expenses
You must file Form 9654
15.    Birth control pills prescribed by a doctor qualify as a medical expense.   
TRUE
FALSE
16.    Bottled water qualifies as a medical expense.   
TRUE
FALSE
17.    In order for a tax to be deductible, it must be imposed on you.   
TRUE
FALSE
18.    You can deduct state and local income taxes.   
TRUE
FALSE
19.    Deductible real estate taxes generally do not include taxes charged for the local benefits and improvements that increase the value of the property.   
TRUE
FALSE


Chapter 22 - Taxes



Chapter 23 - Interest Expense

20.    Prepaid mortgage interest is deductible in the year paid.   
TRUE
FALSE
21.    You generally cannot deduct the full amount of points in the year paid.   
TRUE
FALSE


Chapter 24 - Contributions

22.    Money or property given to public parks and recreation facilities are deductible as charitable contributions.   
TRUE
FALSE
23.    Money or property given to political groups are deductible as charitable contributions.   
TRUE
FALSE


Chapter 25 - Nonbusiness Casualty and Theft Losses

24.    Deductible casualty losses can result from sonic booms.   
TRUE
FALSE
25.    Deductible casualty losses can result from terrorist attacks.   
TRUE
FALSE


Chapter 26 - Car Expenses and Other Employee Business Expenses

26.    Your trip is considered entirely for business if you were outside the United States for a week or less, combining business and nonbusiness activities.   
TRUE
FALSE
27.    You can deduct your travel expenses when you attend a convention if you can show that your attendance benefits your trade or business.   
TRUE
FALSE


Chapter 27 - Tax Benefits for Work-Related Education

28.    Education you need to meet the minimum education requirements for your present trade or business is qualifying work-related education.   
TRUE
FALSE
29.    Education that maintains or improves skills in your present work is considered qualifying work-related education.   
TRUE
FALSE


Chapter 28 - Miscellaneous Deductions

30.    You can claim a depreciation deduction on your computer or cell phone that you use in your work as an employee if its use is for the convenience of your employer and is:   
Not greater than 2% of AGI
Purchased during the current tax year.
Used predominantly for business purposes.
Required as a condition of your employment
31.    Fines and penalties paid to a governmental unit for violating the law are nondeductible.   
TRUE
FALSE


Chapter 29 - Limit on Itemized Deductions

32.    Gambling losses are subject to the overall limit on itemized deductions.   
TRUE
FALSE
33.    Medical and dental expenses are not subject to the overall limit on itemized deductions.   
TRUE
FALSE
34.    The overall limit on itemized deduction does not apply to investment interest expense.   
TRUE
FALSE


Chapter 30 - How to Figure Your Tax

35.    Changes to accelerated depreciation of certain property is a common tax preference item for AMT purposes.   
TRUE
FALSE
36.    The addition of personal exemptions is a common adjustment for AMT purposes.   
TRUE
FALSE


Chapter 31 - Tax on Investment Income of Certain Minor Children

37.    Part of a child's investment income may be subject to tax at the parent's tax rate if the child's investment income was less than $1,600.   
TRUE
FALSE
38.    If you qualify and elect to include your child's interest and dividend income on your tax return, your child will not have to file a return.   
TRUE
FALSE
39.    To claim the child and dependent care credit, you must keep up a home.   
TRUE
FALSE
40.    The home you keep up in order to claim the child and dependent credit must be the main home for both you and the qualified person.   
TRUE
FALSE


Chapter 32 - Child and Dependent Care Credit



Chapter 33 - Credit for the Elderly or the Disabled

41.    For purposes of the credit for the elderly or disabled, if you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired.   
TRUE
FALSE
42.    You can take the credit for the elderly or disabled if you are a qualifying individual and your income is not more than certain limits.   
TRUE
FALSE


Chapter 34 - Child Tax Credit

43.    An 18 year old child is considered a qualifying child for purposes of the child tax credit.   
TRUE
FALSE
44.    To claim the child tax credit, you must file Form 1040 or Form 1040A.   
TRUE
FALSE


Chapter 35 - Education Credits

45.    The Lifetime Learning Credit is available for all years of postsecondary education and for courses to acquire or improve job skills.   
TRUE
FALSE
46.    The Hope Credit is available only until the first two years of postsecondary education are completed.   
TRUE
FALSE


Chapter 36 - Earned Income Credit

47.    To claim the earned income credit, your filing status cannot be married filing separately.   
TRUE
FALSE
48.    To claim the earned income credit, your filing status cannot be married filing jointly.   
TRUE
FALSE


Chapter 37 - Other Credits

49.    Currently, there is NO tax credit allowed for placing a qualified electric vehicle in service during the year.   
TRUE
FALSE
50.    Credit for excess social security tax withheld is a refundable credit.   
TRUE
FALSE

COPYRIGHT 2002-2009    Apex CPE - ALL RIGHTS RESERVED