Intuitl Academyl Taxl Examl Latestl 2026l

Intuitl Academyl Taxl Examl (Latestl 2026/l 2027l Update)l Practice|l 100%l Verifiedl 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 verifiedl 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 latestl 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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