Basic Scenario 1: Sheldon and Odessa Sanford Interview Notes

Sheldon and Odessa Sanford are married and elect to file Married Filing Jointly.

Sheldon is 73 years old and Odessa is 64 years old. Odessa earned $33,000 in wages .

After 30 years of service, Sheldon retired from his job on February 1, 2018 . During his career, Sheldon contributed pre-tax dollars to a qualified 401(k) retirement plan through his employer . His retirement is fully taxable . Sheldon also received Social Security benefits of $7,600.

Sheldon and Odessa are not blind and cannot be claimed as dependents by another taxpayer .

Sheldon and Odessa are U .S . citizens and have valid Social Security numbers .

Basic Scenario 1: Retest Questions

1 . The required minimum distribution rules are temporarily waived for tax year 2020 . a . True

b . False

2 . What is the amount of Sheldon and Odessas standard deduction? a. $24,800

b. $26,100 c. $26,450 d. $27,400

Basic Scenarios Retest Questions 63

Basic Scenario 2: Marsha Perry Interview Notes

Marsha is 23 years old and single . She cannot be claimed as a dependent by another taxpayer .

Marsha earned wages of $18,500 and had $1,500 of federal income tax withholding in tax year 2020 .

Marsha gave birth to Shelby on November 10, 2020 .

Marsha paid all the cost of keeping up a home and support for Shelby .

Shelby and Marsha are U .S . citizens and have valid Social Security numbers .

Marsha filed Single with no dependents on her 2019 tax return and received a $1,200 Economic Impact Payment in May 2020.

Basic Scenario 2: Retest Questions

3 . Marsha is not required to file a return, but should file a return to claim a refund of her

federal income tax withholding . a . True

b . False

4 . Marsha qualifies for the recovery rebate credit of $________ for Shelby.

Note: Congress may have enacted additional legislation that will affect taxpayers after this publication went to print . Please answer questions based on the information provided in Publication 4491, VITA/TCE Training Guide and Publication 4012, VITA/ TCE Resource Guide .

a. $300 b. $500 c. $600 d. $1,200

64 Basic Scenarios Retest Questions

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