H & R Block Income Tax Study Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct
Processing
H & R Block Income Tax Study Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct
H & R Block Income Tax Study Guide
(Latest 2024/ 2025 Update) Questions and
Verified Answers| 100% Correct
Q: Failure-to-File Penalty
Answer:
Generally 5% for each month or part of a month the return is late, but not more than 25% of the
tax not paid.
Q: Failure to File
Answer:
Taxpayer fails to file the return by the due date, and there is a balance due.
Q: Form 1040X
Answer:
Amended U.S. Individual Income Tax Return
Q: When can an amended return be filed?
Answer:
Within three years of the date the original return was filed, or within two years of the date the tax
was paid, whichever is later.
Q: Can the 1040X be e-filed?
Answer:
No.
Q: Portfolio Income and Losses
Answer:
Those from such sources as dividends, interest, capital gains and losses, and royalties.
Q: Schedule E
Answer:
Supplemental Income and Loss
Q: Royalty
Answer:
Payments received for the right to extract natural resources from the taxpayer's property or to use
a taxpayer's literary, musical, or artistic creation.
Q: Annuity
Answer:
A series of payments under a contract made at regular intervals over a period of more than one
year.
Q: Beneficiary
Answer:
The owner or recipient of funds in an account, such as an IRA, or from an insurance policy or
will.
Q: Contribution
Answer:
When a person puts money into a retirement plan.
Q: Defined Benefit Plan
Answer:
An employee benefit plan that provides determinable benefits not based on employer profits.
Q: Defined Contribution Plan
Answer:
An employee benefit plan that provides a separate account for each person covered and pays
benefits based on account earnings.
Q: Disability Pension
Answer:
A taxable pension from an employer-funded disability plan or a disability provision of a
retirement plan.
Q: Distribution
Answer:
When a person takes or receives money from a retirement plan.
Q: Pension
Answer:
Generally a series of definitely determinable payments made to a taxpayer after retirement from
work.
Q: Rollover
Answer:
A qualified transfer of funds from one tax-favored account to another, usually of the same type.
Q: Roth IRA
Answer:
A type of individual retirement arrangement in which contributions are not tax deductible,
earnings grow tax deferred, and qualified withdrawals are tax free.
Q: Traditional IRA
Answer:
jordancarter 7 months ago
This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!
Q. What will I receive when I purchase this document?
A. You will receive a PDF that is available for instant download upon purchase. The document will be accessible to you at any time, from anywhere, and will remain available indefinitely through your profile.
Q. Satisfaction guarantee: how does it work?
A. Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Q. Who am I buying these notes from?
A. you are buying this document from us learnexams
Q. Will I be stuck with a subscription?
A. No, you only buy these notes for $ indicated . You are not obligated to anything after your purchase.
Q. Can learnexams be trusted?
A. check our reviews at trustpilot
Price
$13.00
Add To Cart
Buy Now
Regular licenses
| Category | Exams and Certifications |
| Comments | 0 |
| Rating | |
| Sales | 0 |
Buy Our Plan
Share on
Similar items
Loading
{{ userMessage }}