Question

1. Give five examples of income that must be included in income reported to the internal revenue service.
2. How are long-term and short-term capital gains treated differently for income tax purposes?
3. Give five examples of income that is excluded from IRS reporting.
4. List three examples of adjustments to income.
5. Distinguish between a standard deduction and a personal exemption.
6. What advice on filing a form 1040X can you offer someone who did not file a federal income tax return last year or in any one of the past three years?
7. List five examples of tax credits.



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  • CreatedNovember 26, 2014
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