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VITA 2024 ADVANCED TEST Complete questions with 100% correct answers, Exams of Insurance law

Johns Hopkins University (JHU)Insurance law

VITA 2024 ADVANCED TEST Complete questions with 100% correct answers 1. Prior to working at a VITA/TCE site, ALL VITA/TCE volunteers (greeters, client facilitators, tax preparers, quality reviewers, etc.) must: a. Annually pass the Volunteer Standards of Conduct (VSC) certification test with a score of 80% or higher. b. Sign and date the Form 13615, Volunteer Standards of Conduct Agreement, agreeing to comply with the VSC by upholding the highest ethical standards. c. Pass the Advanced tax law certification. d. All of the above. e. Both a and b <<< CORRECT 2. Can a volunteer be removed and barred from the VITA/TCE program for violating the Volunteer Standards of Conduct? Yes 3. If a taxpayer offers you a $20 bill because they were so happy about the quality service they received, what is the appropriate action to take? Thank the taxpayer, and explain that you cannot accept any payment for your services. 4. Jake is an IRS tax law-certified volunteer preparer at a VITA/TCE site. Wh

Typology: Exams

2023/2024

Available from 01/24/2024

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VITA 2024 ADVANCED TEST Complete
questions with 100% correct answers
VOLUNTEER STANDARDS OF CONDUCT TEST QUESTIONS
1. Prior to working at a VITA/TCE site, ALL VITA/TCE volunteers (greeters,
client facilitators, tax preparers, quality reviewers, etc.) must:
a. Annually pass the Volunteer Standards of Conduct (VSC) certification test with
a score of
80% or higher.
b. Sign and date the Form 13615, Volunteer Standards of Conduct Agreement,
agreeing to
comply with the VSC by upholding the highest ethical standards.
c. Pass the Advanced tax law certification.
d. All of the above.
e. Both a and b <<< CORRECT
2. Can a volunteer be removed and barred from the VITA/TCE program for
violating the Volunteer Standards of Conduct?
Yes
3. If a taxpayer offers you a $20 bill because they were so happy about the quality
service they received, what is the appropriate action to take?
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Download VITA 2024 ADVANCED TEST Complete questions with 100% correct answers and more Exams Insurance law in PDF only on Docsity!

VITA 2024 ADVANCED TEST Complete

questions with 100% correct answers

VOLUNTEER STANDARDS OF CONDUCT TEST QUESTIONS

  1. Prior to working at a VITA/TCE site, ALL VITA/TCE volunteers (greeters, client facilitators, tax preparers, quality reviewers, etc.) must: a. Annually pass the Volunteer Standards of Conduct (VSC) certification test with a score of 80% or higher. b. Sign and date the Form 13615, Volunteer Standards of Conduct Agreement, agreeing to comply with the VSC by upholding the highest ethical standards. c. Pass the Advanced tax law certification. d. All of the above. e. Both a and b <<< CORRECT
  2. Can a volunteer be removed and barred from the VITA/TCE program for violating the Volunteer Standards of Conduct? Yes
  3. If a taxpayer offers you a $20 bill because they were so happy about the quality service they received, what is the appropriate action to take?

Thank the taxpayer, and explain that you cannot accept any payment for your services.

  1. Jake is an IRS tax law-certified volunteer preparer at a VITA/TCE site. When preparing a return for Jill, Jake learns that Jill does not have a bank account to receive a direct deposit of her refund. Jill is distraught when Jake tells her the paper refund check will take three to four weeks longer than the refund being direct deposited. Jill asks Jake if he can deposit her refund in his bank account and then turn the money over to her when he gets it. What should Jake do? Max has violated the VSC because he is using the information he gained about Ali to further his own or another's personal benefit.
  2. Max prepares a tax return for Ali at a VITA/TCE site. He finds out during the interview that Ali has no health insurance. After Ali leaves the site, Max writes her name and contact information down to take home to his wife who sells health insurance for profit. Which of the following statements is true? Max has violated the VSC because he is using the information he gained about Ali to further his own or another's personal benefit.
  3. Bob, an IRS tax law-certified volunteer preparer, told the taxpayer that cash income does not need to be reported because the IRS does not know about it. Bob

a. Form 13614-C, Intake/Interview & Quality Review Sheet, must be completed prior to having the return prepared. b. You will be interviewed by the return preparer and asked additional questions as needed. c. You need to participate in a quality review of your tax return by someone other than the return preparer. d. All of the above. <<< CORRECT

  1. During the intake process, the volunteer should verify the taxpayer (and/or spouse, if applicable) has photo identification. Additionally, taxpayers must provide verification of taxpayer identification numbers (SSN or ITIN) for everyone listed on the tax return. True
  2. Mary, a VSC-certified greeter, reviews the taxpayer's completed Form 13614- C, page 2, to identify what potential volunteer certification level is needed for this tax return. Mary sees the taxpayer has checked the "yes" box indicating they have self-employment income and the certification level next to the question is (A). All other questions answered "yes" have a (B) certification. When Mary assigns the return to a tax preparer, what tax law certification level does the tax preparer need?

Advanced INTAKE / INTERVIEW AND QUALITY REVIEW TEST QUESTIONS

  1. All IRS-certified volunteer preparers participating in the VITA/TCE programs must use Form 13614-C along with an effective interview for every return prepared at the site. True
  2. What should the certified volunteer preparer do before starting the tax return?
  • 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
  1. When reviewing Form 13614-C, you see the "Interest" question is marked "Yes" and the taxpayer gives you a Form 109 9 - INT. You should ask the taxpayer if they had any other interest income. True
  2. VITA/TCE sites are required to conduct Quality Reviews: Of every return prepared at the site

CORRECT

d. Taxpayers do not need to be involved in the quality review process.

  1. As part of the intake process, each site must:
  • Have a process to ensure a return is within the scope of the VIT/TEC
  • Identify the certification level needed to prepare a return.
  • Have a process to ensure volunteers have the certification needed for the returns they prepare.
  • ALL OF THE ABOVE <<< CORRECT ADVANCED COURSE SCENARIOS AND TEST QUESTIONS
  1. What is the most beneficial of the following filing statuses that Chris is eligible to claim on her 2022 tax return? Head of Household
  2. Based on the information provided, Chris qualifies for the earned income credit. True
  3. What amount of Chris's unemployment compensation is taxable? $1, (100% of unemployment income)
  1. What is the maximum amount Adam and Lisa are eligible to claim for the child tax credit? $2,
  2. The Garcias qualify for the child and dependent care credit. False
  3. Form 8889, Part 1 is used to report HSA contributions made by a. Jenny b. Jenny's employer c. Jenny's mother d. All of the above <<< CORRECT
  4. Jenny is eligible to contribute an additional $1,000 to her HSA because she is age 55 or older. True
  5. What is the total unreimbursed qualified medical expenses reported on Form 8889, Part II? $3, No gym membership
  6. For the purpose of determining dependency, Nancy could be the qualifying child of

Combined ages = 121 310 life annuity payments (joint and survivor annuity table) $14,500 / 310 = 46.77 * 12 = $561. $19,350 - $561 = $18,

  1. All of Emily's social security income is taxable. False
  2. What is the total amount of other income reported on the Lincoln's Form 1040, Schedule 1? $5, $4,414 gambling winnings + $175 lottery winnings + $850 debt cancellation
  3. Robert is eligible to deduct qualified educator expenses in the amount of $ ($733 unreimbursed classroom exp. --> limited to $300)
  4. What is the Lincoln's standard deduction on their 2022 tax return?

$25,900 (MFJ) + $1,400 (Emily 65+ age)

  1. Which is not a qualifying expense for the American opportunity credit? Parking pass
  2. Which of the following credits are the Lincolns eligible to claim on their tax return? a. Child tax credit b. Credit for other dependents c. American opportunity credit d. Only b and c <<< CORRECT
  3. What is the Lincoln's total federal income tax withholding? $7, $3000 + $1935 + $
  4. What is the net long term capital gain reported on Joanne's Schedule D? $2, $2,100 LTCG + $350 distributions

a. She can increase the withholding on her Form W-4. b. She can make estimated tax payments. c. She can use the IRS withholding calculator to estimate her withholding for next year. d. All of the above <<< CORRECT

  1. What is Thomas's most advantageous filing status? Head of Household
  2. Thomas's adjusted gross income on his Form 1040 is $41, $41,000 + $130 - $
  3. Thomas can claim the following credits on his tax return. Child Tax Credit Child and Dependent Care Credit Premium Tax Credit All of the above <<< CORRECT
  4. Thomas's Retirement Savings Contributions Credit on Form 8880 is $ $1,000 401(k) contribution * 10%
  1. The total amount of Thomas's advanced payment of premium tax credit for 2022 is $4, Form 1095-A Part III: Annual Totals C. Monthly advance payment of premium tax credit
  2. Thomas's child and dependent care credit from Form 2441 is reported as a non- refundable credit on Form 1040, Schedule 3. True