1040x/Soi Refresher(Tax Payers) Quiz

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| By Kkarles
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Kkarles
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Quizzes Created: 1 | Total Attempts: 222
| Attempts: 222
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  • 1/10 Questions

    Which two tax filing statuses share the same standard deduction?

    • Single and MFS
    • MFJ and HOH
    • HOH and Single
    • MFS and HOH
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About This Quiz

This quiz, titled '1040X\/SOI Refresher (Tax payers)', assesses knowledge on various tax filing statuses and deductions. It covers topics such as Married Filing Separately (MFS) provisions, standard deductions, and dependent student tax considerations, making it crucial for tax preparation and understanding.

Taxation Quizzes & Trivia

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  • 2. 

    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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because the eligibility for claiming a standard deduction as a dependent is determined by whether someone else claimed the student on their taxes or not. If someone else claims the student as a dependent, then the student cannot claim a standard deduction on their own taxes.

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  • 3. 

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

    • True

    • False

    Correct Answer
    A. True
    Explanation
    There is more than one place where changes in exemptions can be viewed on the 1040X.

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  • 4. 

    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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    If Julia filed her 2013 taxes as MFJ (Married Filing Jointly) but separated from her spouse prior to completing the 14/15 FAFSA, it indicates that she is no longer living with her spouse and they have separate financial situations. In this case, completing a Separation of Income (SOI) for Julia is necessary to accurately assess her financial need for financial aid. This form will help determine her individual income and assets, separate from her spouse's, which is important for calculating her eligibility for financial assistance.

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  • 5. 

    If the filing status of an independent student changes from HOH to MFS on the 1040X, and the student is claiming the standard deduction:

    • ONLY Line 2 amounts on the 1040X will change

    • ONLY Line 3 amounts on the 1040X will change

    • Various line amounts on the 1040X can potentially change with the filing status change.

    Correct Answer
    A. Various line amounts on the 1040X can potentially change with the filing status change.
  • 6. 

    Which is true about taxpayers that file MFS?

    • MFS tax filers can claim education credits.

    • MFS tax filers can claim EIC (Earned Income Credit).

    • MFS tax filers can claim exemptions, if they have them.

    Correct Answer
    A. MFS tax filers can claim exemptions, if they have them.
    Explanation
    MFS tax filers can claim exemptions, if they have them. This means that if taxpayers who file as married filing separately (MFS) have exemptions, they are eligible to claim them on their tax returns. However, this answer does not imply that MFS tax filers can claim education credits or EIC.

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  • 7. 

    For SOI's, I should divide the following in half:

    • Wages, Salaries, Tips, etc.

    • Taxes Paid

    • Anything that can be attributed to only 1 of the taxpayers that filed jointly.

    • None of the above

    Correct Answer
    A. None of the above
    Explanation
    The correct answer is "None of the above." This means that for SOI's (Statement of Information), there is no need to divide any of the mentioned items in half. This suggests that the items listed (Wages, Salaries, Tips, etc., Taxes Paid, Anything that can be attributed to only 1 of the taxpayers that filed jointly) do not need to be divided equally between the taxpayers filing jointly.

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  • 8. 

    If student and spouse both file Married Filing Separately, both parties MUST:

    • Claim different deduction types (e.g. student claims itemized deductions, spouse standard deductions).

    • Claim the same deduction type (e.g. both standard deductions or both itemized deductions).

    • Amend to a MFJ status, especially if they're still married.

    • Both options 2 and 3 are correct.

    Correct Answer
    A. Claim the same deduction type (e.g. both standard deductions or both itemized deductions).
    Explanation
    If both the student and spouse file Married Filing Separately, they must claim the same deduction type. This means that both parties have to either claim the standard deduction or itemized deductions. They cannot choose different deduction types, such as one claiming standard deduction and the other claiming itemized deductions.

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  • 9. 

    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:

    • Should be divided in half on the SOI form.

    • Should be given to the student in full on the SOI form.

    • Should not be on the SOI form at all.

    Correct Answer
    A. Should be given to the student in full on the SOI form.
    Explanation
    The self-employment tax should be given to the student in full on the SOI form because the only income on the 2013 tax form is from business income. Since the student is the only one with business income, they are responsible for paying the self-employment tax in its entirety. Therefore, the full amount of the self-employment tax should be included on the SOI form.

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  • 10. 

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

    • True

    • False

    Correct Answer
    A. False
    Explanation
    False. Both the dependent student and parent cannot claim the student on their tax forms in the same tax year. According to IRS rules, only one person can claim a dependent on their tax return, either the student themselves or the parent who provides more than half of their financial support.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 02, 2015
    Quiz Created by
    Kkarles
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