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Homework answers / question archive / 1)The requirement to complete indirect rollover in 60 days may be waived by the IRS, depending on the taxpayer's circumstances

1)The requirement to complete indirect rollover in 60 days may be waived by the IRS, depending on the taxpayer's circumstances

Law

1)The requirement to complete indirect rollover in 60 days may be waived by the IRS, depending on the taxpayer's circumstances. All of the following are facts and circumstances the IRS considers when determining whether to grant a waiver EXCEPT:
A. The financial institution made errors completing the rollover.
B. Whether the taxpayer used the distributed funds.
C. The taxpayer's age when the funds were distributed to the taxpayer.
D. The amount of time since the funds were distributed.


2)Which of the following taxpayers may exclude interest on Series EE U.S. Savings Bonds issued after 1989? All taxpayers were age 24 or older before the bonds were issued and have AGI of $100,000.
A. Terrence files as head of household. He paid qualified education expenses for his granddaughter Cari, who is listed on his return as a dependent.
B. Bailey is married and files a separate return. She paid qualified education expenses for her daughter Ivy-Rose, who is listed on her return as a dependent.
C. Ashley and Kevin are married and file a joint return. They paid qualified education expenses for their nephew Kody, who is listed on their return as a dependent.
D. Roan's filing status is single. He paid his own qualified education expenses.


3)Which type of account can be used as a retirement savings account?
A. Flexible Spending Account
B. Health Savings Account
C. Education Savings Account
D. Qualified Tuition Program


4)Each of the following reduces qualified educational expenses for the education credits EXCEPT:
A. Distributions from Section 529 plans.
B. Taxable scholarships or grants.
C. Employer tuition reimbursements.
D. Veteran's educational assistance.

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