IRS Forms

Question 1

What is the primary role of an Enrolled Agent?

Answer 1

To represent taxpayers before the IRS.

Question 2

True or False: Enrolled Agents are licensed by the IRS.

Answer 2

True

Question 3

What does the acronym IRS stand for?

Answer 3

Internal Revenue Service

Question 4

Fill in the blank: The main form used by individuals to file their federal income tax return is _____ .

Answer 4

Form 1040

Question 5

What is Form 1040 used for?

Answer 5

To report individual income tax.

Question 6

Multiple Choice: Which of the following forms is used to report additional income such as self-employment income?

Answer 6

Schedule C

Question 7

What is the purpose of Form W-2?

Answer 7

To report wages and salaries paid to employees.

Question 8

True or False: An Enrolled Agent can provide tax planning services.

Answer 8

True

Question 9

What is the significance of Form 1099?

Answer 9

It reports various types of income other than wages.

Question 10

Fill in the blank: The _____ is the deadline for filing individual tax returns.

Answer 10

April 15

Question 11

What is the purpose of Form 4868?

Answer 11

To request an extension to file a federal tax return.

Question 12

Multiple Choice: Which of the following forms is used to claim a refund of overpaid taxes?

Answer 12

Form 1040-X

Question 13

What is the main focus of Schedule A?

Answer 13

To report itemized deductions.

Question 14

True or False: Enrolled Agents must complete continuing education requirements to maintain their status.

Answer 14

True

Question 15

Fill in the blank: Taxpayers must keep records for _____ years in case of an audit.

Answer 15

three

Question 16

What is the purpose of Form 8889?

Answer 16

To report Health Savings Account (HSA) contributions and distributions.

Question 17

Multiple Choice: Which form is used to report capital gains and losses?

Answer 17

Schedule D

Question 18

What is the role of Form 1040-ES?

Answer 18

To report estimated tax payments.

Question 19

True or False: Enrolled Agents can represent clients in audits.

Answer 19

True

Question 20

Fill in the blank: The _____ provides a summary of income and tax withheld for the year.

Answer 20

W-2 form

Question 21

What is the significance of Form 8862?

Answer 21

It is used to claim the Earned Income Credit after disallowance.

Question 22

Multiple Choice: Which form must be filed to report foreign bank accounts?

Answer 22

FBAR (FinCEN Form 114)

Question 23

What type of income does Form 1098 report?

Answer 23

Mortgage interest paid.

Question 24

True or False: An Enrolled Agent can represent clients in all states.

Answer 24

True

Question 25

What is the purpose of Form 8880?

Answer 25

To claim the Retirement Savings Contributions Credit.

Question 26

Fill in the blank: The _____ is used to report business income for sole proprietorships.

Answer 26

Schedule C