1040x/Soi Refresher(Tax Payers) Quiz

10 Questions | By Kkarles | Updated: Mar 20, 2022 | Attempts: 201

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Questions and Answers

1.

Which is true about taxpayers that file MFS?
- A.
  
  MFS tax filers can claim education credits.
- B.
  
  MFS tax filers can claim EIC (Earned Income Credit).
- C.
  
  MFS tax filers can claim exemptions, if they have them.
2.

Which two tax filing statuses share the same standard deduction?
- A.
  
  Single and MFS
- B.
  
  MFJ and HOH
- C.
  
  HOH and Single
- D.
  
  MFS and HOH
3.

True or False: On a dependent student's taxes, the thing that determines whether a dependent claims a standard deduction or not is whether someone else claimed the student on their taxes or not.
- A.
  
  True
- B.
  
  False
4.

If student and spouse both file Married Filing Separately, both parties MUST:
- A.
  
  Claim different deduction types (e.g. student claims itemized deductions, spouse standard deductions).
- B.
  
  Claim the same deduction type (e.g. both standard deductions or both itemized deductions).
- C.
  
  Amend to a MFJ status, especially if they're still married.
- D.
  
  Both options 2 and 3 are correct.
5.

True or False: Both the dependent student and parent can claim the student on their tax forms in the same tax year.
- A.
  
  True
- B.
  
  False
6.

If the filing status of an independent student changes from HOH to MFS on the 1040X, and the student is claiming the standard deduction:
- A.
  
  ONLY Line 2 amounts on the 1040X will change
- B.
  
  ONLY Line 3 amounts on the 1040X will change
- C.
  
  Various line amounts on the 1040X can potentially change with the filing status change.
7.

True or False: There is more than one place where changes in exemptions can be viewed on the 1040X.
- A.
  
  True
- B.
  
  False
8.

True or False: Julia filed her 2013 taxes as MFJ, but separated from her spouse prior to completing the 14/15 FAFSA. Assuming Julia is still separated and has no other conflicting information, we should complete a Separation of Income (SOI) for Julia.
- A.
  
  True
- B.
  
  False
9.

For SOI's, I should divide the following in half:
- A.
  
  Wages, Salaries, Tips, etc.
- B.
  
  Taxes Paid
- C.
  
  Anything that can be attributed to only 1 of the taxpayers that filed jointly.
- D.
  
  None of the above
10.

The only income on the 2013 tax form is from business income. If only the student has business income on the 2013 tax form, then on the SOI form, the self-employment tax:
- A.
  
  Should be divided in half on the SOI form.
- B.
  
  Should be given to the student in full on the SOI form.
- C.
  
  Should not be on the SOI form at all.