Which of the following situations could prevent Elaine from receiving a refund to which she was otherwise entitled? *
Filing a return for a closed year (a tax year for which the statute of limitations has expired).
Amending a tax return two years after the tax was paid.
Filing a return for an open year (a tax year for which the statute of limitations has not yet expired).
Amending a tax return three years after the return was filed
The first option is the correct one, which is, Filing return for a closed year or a tax year for which the statute of limitations has expired. Since it is closed year that prevents her from getting refund.
Which of the following situations could prevent Elaine from receiving a refund to which she was...
Which of the following situations could prevent a taxpayer from receiving a refund to which they are otherwise entitled? * Filing a return for a tax year for which the statute of limitations has not yet expired. Amending a return two years after the tax was paid, if paid after the filing date. Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed.
Which of the following situations could prevent a taxpayer from receiving a refund to which they are otherwise entitled.
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017, to file his 2016 Form 1040A return. He did request an extension and paid 90% of the anticipated balance due on April 18, 2017. His remaining balance due on his 2016 return is $88. What is his failure to file penalty? a)$205 b)$88 c)0 2*Joseline waited until December 12, 2017, to file her 2016 Form 1040A return. She did not request an extension. Her...
For no particularly good reason, Ms. Martel has not yet filed her 2015 Form 1040. Which of the following statements, if any, is false? If the government owes Ms. Martel a refund of 2015 tax, there is no penalty if she never files the return. The statute of limitations on the return will begin to run on the return due date. If Ms. Martel owes additional 2015 tax, she will owe a late-filing and late-payment penalty for 2015. None of...
Which of the following statements is false? a. An extension request will prevent the taxpayer from incurring any penalties. b. The 3-year statute of limitations on additional assessments by the IRS starts on the date the return is filed if the taxpayer files the return late. c. There is no statute of limitations on additional assessments by the IRS if the taxpayer does not file a return. d. All of the above statements are true.
Which of the following situations is NOT a reason to file an amended return? Assume the taxpayer is within the appropriate statute of limitations for filing an amended return. The taxpayer claimed three dependents, and now they realize they should only have claimed two. The taxpayer wants to report income they forgot to include on their original return. The taxpayer's marriage has been annulled, and they already filed a joint return for the year they were married. The taxpayer received...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
1 The Browns are filing a joint return and have had a significant increase in income during the tax year. The Browns are concerned they may be subject to altenative minimum tax (AMT). A Married Filing Jointly taxpayer may be subject to alternative minimum tax if his taxable income for regular tax purposes along with certain adjustments and tax preference items exceeds which of the following exemption amounts? a) $41,900 b) $53,900 c) $70,700 d) $83,800 2. The Browns must...
- Assuming that Norma itemized deductions in 2019 (which totaled $27,700), how will the refund of 52,196 that she received in 2020 reated for Federal income tax purposes Norma will include s as income in 2020. c. Assume that Norma itemized deductions in 2019 (which totaled $20,000) and that she elects to have the $2,196 rend her 2020 state income tax liability. How will the 52,196 be treated for Federal income tax purposes? pled toward Norma will include as income...
Sophia filed her 2018 return and paid the taxes on November 1,
2019. She did not have a valid extension of time to file. In which
of the following situations would she most likely qualify for a
penalty exception
Question 56 of 65. Sofia filed her 2018 return and paid the taxes on November 1, 2019. She did not have a valid extension of time to file. In which of the following situations would she most likely qualify for a...