1)Sheldon and Odessa fase shery task Scenario 1: Rutest Questions Basic Benario 2

1)Sheldon and Odessa fase shery task Scenario 1: Rutest Questions Basic Benario 2. Marsha Perry and Sage . Manic Scenario Retet Gestione 1 www. product WTATGE TE

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 Odessa’s 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