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H & R Block Income Tax Study Guide (Latest 2026/2027 Update) Questions and Verified Answers| 100% Correct
H & R Block Income Tax Study Guide
(Latest 2026/2027 Update) Questions and
Verified Answers| 100% Correct
Q: Failure-to-File Penalty
Answer:
Generally 5% for each month or part of a month the return is late, but not more than 25% of the
tax not paid.
Q: Failure to File
Answer:
Taxpayer fails to file the return by the due date, and there is a balance due.
Q: Form 1040X
Answer:
Amended U.S. Individual Income Tax Return
Q: When can an amended return be filed?
Answer:
Within three years of the date the original return was filed, or within two years of the date the tax
was paid, whichever is later.
Q: Can the 1040X be e-filed?
Answer:
No.
Q: Portfolio Income and Losses
Answer:
Those from such sources as dividends, interest, capital gains and losses, and royalties.
Q: Schedule E
Answer:
Supplemental Income and Loss
Q: Royalty
Answer:
Payments received for the right to extract natural resources from the taxpayer's property or to use
a taxpayer's literary, musical, or artistic creation.
Q: Annuity
Answer:
A series of payments under a contract made at regular intervals over a period of more than one
year.
Q: Beneficiary
Answer:
The owner or recipient of funds in an account, such as an IRA, or from an insurance policy or
will.
Q: Contribution
Answer:
When a person puts money into a retirement plan.
Q: Defined Benefit Plan
Answer:
An employee benefit plan that provides determinable benefits not based on employer profits.
Q: Defined Contribution Plan
Answer:
An employee benefit plan that provides a separate account for each person covered and pays
benefits based on account earnings.
Q: Disability Pension
Answer:
A taxable pension from an employer-funded disability plan or a disability provision of a
retirement plan.
Q: Distribution
Answer:
When a person takes or receives money from a retirement plan.
Q: Pension
Answer:
Generally a series of definitely determinable payments made to a taxpayer after retirement from
work.
Q: Rollover
Answer:
A qualified transfer of funds from one tax-favored account to another, usually of the same type.
Q: Roth IRA
Answer:
A type of individual retirement arrangement in which contributions are not tax deductible,
earnings grow tax deferred, and qualified withdrawals are tax free.
Q: Traditional IRA
Answer:
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