Vita 2021 Advanced Test Exam Questions (35 Terms) With Verified Definitions Updated 2024

False {Ans: 34. Richard will use his 2019 earned income rather than his 2021 earned income to calculate the earned income tax credit on his 2021 tax return because his 2019 earned income is higher than his 2021 earned income.}True {Ans: 11. Michael's mortgage insurance premium of $230 can be claimed as an itemized deduction on his Schedule A.}$2,980 {Ans: 8. What is the total unreimbursed qualified medical expenses reported on Form 8889, Part II?}2500 {Ans: 25. What is the amount Cynthia can take as a student loan interest deduction on her Form 1040, Schedule 1? $__________________}Credit for other dependents {Ans: 21. Which of the following credits are the Washingtons' eligible to claim on their tax return?}All the above {Ans: 29. How can Cynthia prevent having a balance due next year?}$3,500 {Ans: 5. How much of the child care expenses can be used to claim the child and dependent care credit?}1000 {Ans: 7. Carol is eligible to contribute an additional $________ to her HSA because she is age 55 or older.}$3,900 {Ans: 17. What is the total amount of other income reported on the Washingtons' Form 1040, Schedule 1 ?}False