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Intuitl Academyl Taxl Examl ( l 2026/l 2027l Update)l Practice l l l Questionsl &l Answersl l Gradel A
Q:l Whatl isl al Taxl Professional'sl responsibilityl uponl findingl outl thatl al clientl hasl notl compliedl withl anyl taxl law?
Answer:
Al Taxl Professionall mustl advisel thel clientl ofl thel noncompliancel andl thel consequencesl forl notl correctingl thel situation.l (26.7)
Q:l Whatl actionl shouldl al Taxl Professionall takel ifl al clientl insistsl onl reportingl informationl thatl isl inaccurate?
Answer:
Al Taxl Professionall shouldl neverl preparel al returnl thatl containsl inaccuratel information.l
(26.7)
Q:l Ifl thel employeel thinksl hisl Forml W-2l isl notl correct,l whatl shouldl hel do?
Answer:
•l Ifl thel namel orl sociall securityl numberl isl incorrect,l thel taxpayerl mayl changel itl himselfl andl needl notl obtainl al correctedl W-2l beforel filingl hisl taxl return.•l Thel employerl shouldl bel notifiedl ofl thel errorl andl askedl tol updatel hisl records.•l Furthermore,l thel employee'sl sociall securityl numberl andl earningsl recordsl shouldl bel l withl thel Sociall Securityl Administrationl tol ensurel thatl thel earningsl werel properlyl credited.l (2.17)
Q:l Wherel canl thel regularl standardl deductionl amountsl bel found?
Answer: 1 / 3
•l Inl thel left-handl marginl atl thel topl ofl pagel 2l ofl Formsl 1040l andl 1040A.
•l Theyl are:l S,l MFSl $5,700;l MFJ,l QWl $11,400;l HHl $8,400.
•l Thel amountsl differl forl taxpayersl agel 65l orl olderl orl blindl andl thosel whol mayl bel claimedl asl dependentsl byl otherl taxpayers.
[2010]
Q:l Whatl isl thel exemptionl amountl forl 2009?
Answer:
$3,650l withl al reductionl forl higher-incomel taxpayersl ofl 2%l forl eachl $2,500l ($1,250l
MFS)l thel AGIl exceedsl amounts:
$166,800l S $250,200l MFJl QW $125,100l MFS $208,500l HH
(3.7,8)
Q:l Arel earlyl distributionsl froml qualifiedl retirementl plansl alwaysl penalized?
Answer:
No.•l Doesl notl applyl tol qualifiedl disasterl recoveryl assistancel distributions.•l Doesl notl applyl tol anyl recoveryl ofl costl orl anyl amountl rolledl overl inl al timelyl manner.l (22.12,13)
Q:l Howl doesl al Taxl Professionall knowl ifl al distributionl exceptionl applies?
Answer:
•l Hel canl determinel thatl byl usingl thoroughl interviewl questionsl whenl discussingl thel distributionl withl thel client.•l Thel distributionl codel onl thel 1099-Rl canl alsol bel helpfull tol thel Taxl Professional.l
(22.12)
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Q:l Isl therel al timel limitl forl filingl amendedl returns?
Answer:
Yes.Threel yearsl froml thel datel thel returnl wasl filedl orl withinl twol yearsl thel taxl wasl paid,l whicheverl isl later.l (23.3)
Q:l Al taxpayerl wantsl tol amendl hisl 2006l return.l Hel filedl itl Aprill 16,l 2007.l Thel returnl wasl examinedl byl thel IRSl onl Januaryl 9,l 2009l andl $280l additionall taxl wasl paidl thatl date.l Whatl isl thel l datel onl whichl anl amendedl returnl mayl bel filed?
Answer:
Januaryl 9,l 2011 Anyl refundl willl bel limitedl tol $280l (thel taxl paidl withinl thel twol yearsl precedingl thel datel thel amendedl returnl wasl filed).l (23.3)
Q:l Whatl arel thel rulesl forl changingl filingl statusl afterl thel duel datel ofl thel return?
Answer:
Marriedl couplesl mayl notl changel theirl filingl statusl froml MFJl tol MFSl afterl thel duel date.l (23.4)
Q:l Al taxpayer'sl employerl paidl $500l ofl al taxpayer'sl $2,000l childl carel expensesl forl him.l Howl willl thel employer'sl assistancel affectl thel child-carel credit?
Answer:
Totall childl carel expensesl mustl bel reducedl byl anyl amountsl paidl byl thel employer.l (8.11)
Q:l Wherel doesl thel employerl reportl thel amountl ofl childl carel expensel assistancel tol thel taxpayer?
Answer:
Forml W-2l Boxl 10l (8.11)
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