VITA Interview/ Intake Test Exam 2024 Version New Latest Exam with All Questions, Exams of Business Taxation and Tax Management

Download VITA Interview/ Intake Test Exam 2024 Version New Latest Exam with All Questions and more Exams Business Taxation and Tax Management in PDF only on Docsity! VITA Interview/ Intake Test Exam 2024 Version New Latest Exam with All Questions and 100% Correct Answers The site is busy with many taxpayers waiting for assistance . All volunteers are busy preparing tax returns . Can you quality review the return you just prepared instead of waiting for someone else to quality review the return? --------- Correct Answer --------- No, self review is never an acceptable quality review method. What is the amount of Ellen's Standard deduction? --------- Correct Answer ---------- $18,000 Which credits can Christopher and Amanda claim on their tax return? --------- Correct Answer ---------- Both A & B (CHILD AND DEPENDENT CARE CREDIT, CHILD TAX CREDIT) Who can claim Mark and Kevin as qualifying children for earned income credit? --------- Correct Answer ---------- Mathew What actions should George and Helen take to prevent having a balance due next year? --------- Correct Answer ---------- Both A & B (THEY SHOULD USE THE WITHHOLDING CALCULATOR, THEY SHOULD ADJUST THEIR FORM W-4 TO INCREASE WITHHOLDING) What is the amount of gambling winnings claimed on Jacob's and Martha's 2018 tax return? --------- Correct Answer ---------- $2,000 Mathew can claim Mark and Kevin as qualifying children for the earned income credit --- ------- Correct Answer -------- TRUE There is nothing George and Helen can do to prevent having a balance due next year -- -------- Correct Answer -------- FALSE George and Helen should not file their tax return until they can pay the entire balance due ---------- Correct Answer -------- FALSE Joshua should file a tax return to claim a refund of his withholding ---------- Correct Answer -------- TRUE Jacob and Martha must report ______ of gambling winnings on their tax return. ---------- Correct Answer -------- $2,000 The amount of Daniel's qualifying education expenses must be reduced by the scholarship amount shown on Form 1098-T ---------- Correct Answer -------- TRUE The taxable amount of Jacob and Martha's Social Security income is $26,350 ---------- Correct Answer -------- FALSE Jacob and Martha have an increased standard deduction for their filing status because they are both 65 years old ---------- Correct Answer -------- TRUE Jacob and Martha can claim $2,000 of qualified education expenses to calculate Daniel's American credit. --------- Correct Answer ---------- TRUE How much of Martha and Jacob's Social Security is taxable --------- Correct Answer ------ ---- $7,169 Which of the following items are included in the total payments on Jacob and Martha's tax return? --------- Correct Answer ---------- ALL OF THE ABOVE (federal income tax withheld from Forms W-2 and 1099, $400 applied from 2017 return, Refundable credits) What form must be used to split Jacob and Martha's refund? --------- Correct Answer ---- ------ Form 8888, Allocation of Refund (Including Savings Bond Purchases) What is the total credit amount shown on Form 2441, Child and Dependent Care Expenses? --------- Correct Answer ---------- $660 Which of the following is true? --------- Correct Answer --------- Quality review is an effective tool for preparing an accurate tax return. All IRS-certified volunteer preparers participating in the VITA/TEC Programs MUST use form 13614-C along with an effective interview for every return prepared at the site. ----- ---- Correct Answer --------- True What should the certified volunteer preparer do before starting the tax return? --------- Correct Answer --------- -Make sure all questions on Form 13614-C are answered -Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. -Complete all applicable Certified Volunteer Preparer shaded-area questions on Form 13614-C. - All the Above <<<< (correct answer) When reviewing Form 13614-C, you see the "Interest" question is marked "Yes" and the taxpayer gives you a Form 1099-INT. You should ask the taxpayer if they had any other interest income --------- Correct Answer --------- TRUE VITA/TCE sites are required to conduct quality reviews. --------- Correct Answer --------- Of every return prepared at the site You do not need to see proof of insurance coverage for a taxpayer if you feel that this information is not unusual or questionable --------- Correct Answer --------- TRUE