Filing Information Practice Questions

Question 1

When is a taxpayer, spouse, and all qualifying dependents required to have a TIN issued by…

Answer 1

The due date of the return (including extensions)

Question 2

Earned Income Tax Credit requires this type of tax id…

Answer 2

SSN only

Question 3

Child Tax Credit, Additional Child Tax Credit, and American Opportunity Tax credit require this type of tax id…

Answer 3

SSN, ITIN, or ATIN

Question 4

If a child dies before receiving a SSN can the tax payer still claim any applicable credits? EIC, CTC, ACTC, etc?

Answer 4

Yes the child must be born alive and the taxpayer will payer file with child’s birth and death certificate or hospital records.

Question 5

What expenses are included in household maintenance?

Answer 5

Rent
Mortgage Interest
Taxes
Insurance on the home
Repairs
Utilities
Food eaten in the home

Question 6

What expenses are excluded in household maintenance?

Answer 6

Clothing
Education
Medical Expenses
Vacations
Life Insurance
Transportation
The rental value of a home
or value of taxpayer's services provided in the household.

Question 7

In addition to having a refund put toward the following year tax liability or refunded by check or direct deposit, what else can be done with a tax refund.

Answer 7

A taxpayer can request refund amounts be deposited into a
-Traditional IRA,
-Roth IRA, or
-SEP-IRA (not a Simple IRA).
If the taxpayer wishes the amount to be deposited into more than one account, or wishes to purchase up to $5,000 in paper series I savings bonds.

Question 8

If the taxpayer wishes a refund to be deposited into more than one account, or wishes to purchase up to $5,000 in paper series I savings bonds what form must be completed?

Answer 8

Form 8888

Question 9

What is Form 4868?

Answer 9

Application for Automatic Extension of Time to File US Individual Income Tax Return.

Question 10

How many months does a tax payer have to complete making installment payments?

Answer 10

Generally, the taxpayer can have up to 72 months to pay under an installment agreement. In certain circumstances, the taxpayer may be granted a longer period over which to pay or an agreement can be approved for an amount that is less than the amount of tax owed.

Question 11

What requirements must be met for a “Known Guaranteed Installment Agreement”?

Answer 11

1. That taxpayer has filed timely returns for the last five years.
2. The IRS determines the taxpayer cannot pay the taxes in full.
3. The taxpayer agrees to pay the tax in full within three years if the amount is $10,000 or less.

Question 12

In which of the following circumstances should a taxpayer not request and installment agreement on Form 9465?

Answer 12

1. The taxpayer can pay the full amount within 120 days
2. The taxpayer is currently in bankruptcy status.
3. The taxpayer’s offer in compromise has been accepted.

Question 13

Who chooses the date when the installment payment is due?

• The IRS Revenue Officer
• The IRS Appeals Officer
• The taxpayer’s financial institution
• The taxpayer

Answer 13

The taxpayer