1040 101 Sample Quiz
Test Your Knowledge – Questions for Review – Topic C. Refund Claims, Extensions, & Amended Returns
- 1.
Elizabeth, a calendar-year taxpayer, filed her 2013 individual return on March 15, 2014. She did not pay her 2013 income tax liability in full until March 30, 2015. If Elizabeth discovers a mistake on her 2013 return, what is the last day she may file a claim for refund?
- A.
March 15, 2015
- B.
March 15, 2016
- C.
March 30, 2017
- D.
April 15, 2017
Correct Answer
D. April 15, 2017Explanation
Deadline is 3 years from due date of the return filed (later than 2 paid)Rate this question:
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- 2.
Mr. Brown, a calendar-year taxpayer, filed his 2012 federal income tax return on April 15, 2013. He was unable to pay the tax due at that time, but eventually paid the total amount due on September 3, 2014. During October 2014, Mr. Brown discovered he had made a mistake and overstated his 2012 income tax liability. He has until what date to file a claim for refund?
- A.
April 15, 2014
- B.
September 3, 2016
- C.
April 15, 2016
- D.
Answer option 4
Correct Answer
B. September 3, 2016Explanation
Later deadline is 2 years from the date tax was paidRate this question:
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- 3.
Which of the following is true regarding the filing of Form 4868, Application for Automatic Extension of Time to File a U.S. Individual Income Tax Return?
- A.
Filing Form 4868 provides an automatic two-month extension of time to file and pay income tax
- B.
Any U.S. citizen who is out of the country on April 15, 2014 is allowed an automatic four-month extension of time to file his/her 2013 return and pay any federal income tax due.
- C.
Interest is charged on tax not paid by the due date of the return even if an extension is obtained
- D.
Electronic filing cannot be used to get an extension of time to file
Correct Answer
C. Interest is charged on tax not paid by the due date of the return even if an extension is obtainedExplanation
The interest clock keeps running with the extensionRate this question:
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- 4.
All of the following concerning extension of time to file are correct except:
- A.
An automatic six-month extension can be requested by filing Form 4868
- B.
If the required payment is made by credit card by the regular due date for the return, the return can be filed any time before the six-month extension period ends
- C.
Requesting an automatic six-month extension before the regular due date for the return postpones the requirement to make payment of any tax due
- D.
All of the above are true
Correct Answer
C. Requesting an automatic six-month extension before the regular due date for the return postpones the requirement to make payment of any tax dueExplanation
Extension is for filing return, and not for paying taxRate this question:
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- 5.
John Stith, whose father died June 15, 2013, is the executor of his father’s estate. John is required to file a final income tax return for his father. When is this return due if he does not file for an extension
- A.
October 15, 2014
- B.
March 15, 2014
- C.
April 15, 2014
- D.
June 15, 2014
Correct Answer
C. April 15, 2014Explanation
Deadline for decedent's final return is 3 1/2 months after normal years closeRate this question:
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- 6.
Barry’s individual income tax return for 2012 was examined by the IRS, which resulted in a tax assessment in the amount of $10,000. Thereafter, Barry discovered papers which he believed would show that the IRS determination was erroneous. Barry can claim a refund of income taxes as follows:
- A.
Take a credit for the amount on his 2013 return
- B.
File Form 1045, Application for Tentative Refund
- C.
File an amended return within three years after the date he filed his original return for 2012, or two years from the date he paid the tax, whichever is later
- D.
Immediately sue for a refund in court
Correct Answer
C. File an amended return within three years after the date he filed his original return for 2012, or two years from the date he paid the tax, whichever is laterExplanation
An amended return can be filed by the later of the two datesRate this question:
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Jan 07, 2014Quiz Edited by
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Dec 16, 2013Quiz Created by
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