2015 TaxSlayer Training Final Exam

1.

The form that a taxpayer typically receives for distributions from a retirement plan is a:

1099-DIV

1099-B

1099-INT

1099-R

2.

If a house is used primarily as a personal residence, what is the maximum number of days it can be rented so that you don’t have to include any of the rent in your income?

10 days

14 days

21 days

30 days

3.

All of the following are valid items that can be entered on Schedule A, Itemized Deductions, except:

Medical Insurance premiums

Interest on Credit Cards

Home Mortgage Interest

Charitable Donations

4.

Home mortgage interest is typically reported on form:

1099-MISC

W-7

1098

HUD Form 4309

5.

How much does WillSlayer cost?

$19.99

$29.99

$9.99

$39.99

6.

How much is a state return with the Classic and Premium Editions?

$23.99

$14.99

$12.99

$17.99

7.

What are the qualifications to use IRS Free File?

AGI under $62,000

Under age 52

Active Duty military

AGI under $62,000 and age 52 and under

8.

TaxSlayer’s military discount is…

50% of all fees

50% off Federal return

60% off Amended Returns

50% off total filing fees

9.

Amended returns can be e-filed.

True

False

10.

What prior year returns does TaxSlayer support?

Only the previous year

The previous 4 years

The previous 2 years

The previous 3 years

11.

Prior year returns must be paper filed.

True

False

12.

TaxSlayer’s refund policy states we will issue refunds for rejected returns.

True

False

13.

How long does it take to process a refund if approved by management?

10-15 business days

7-10 days

10-15 days

7-10 business days

14.

Do we make changes to a customer’s return if they ask us to?

Yes

No

15.

What is the fastest method of receiving your refund?

Direct Deposit

Mailed Check

Debit Card

Picking up your refund from TaxSlayer

16.

Each of the following is a correct filing status for the Form 1040, except

Single

Married Filing Joint

Head of Household

Common Law Marriage

17.

All of the following statements about exemptions are true, except

You can take one personal exemption for yourself.

You can take one exemption for each of your dependents

An exemption is a tax credit that appears on Line 72 of Form 1040

You can take one personal exemption for your spouse if you are married

18.

Once the return has been electronically filed, Taxslayer can stop the return from being processed or transmitted to the IRS?

True

False

19.

What is “Quick File”?

A feature that lets customers upload their tax documents and files the return for them.

A feature that lets customers choose which forms they have to file and our program guides them to those specific forms.

A feature that lets customers fill out their return using voice control.

A competitors online tax program

20.

The Free Edition supports filing Form 1040-A.

True

False

21.

What package/feature are included with the Free Edition of TaxSlayer?

E-mail, Phone, and Chat support

Phone and E-mail support

Filing Form 1040

Chat and E-mail support

22.

The Free Edition and Free File are the same product.

True

False

23.

If bank refund transfer is used you Cannot split your refund between accounts

True

False

24.

If your return is rejected by the IRS and/or the state agency you will have to pay again to re-submit your return.

True

False

25.

If you didn’t file with TaxSlayer last year you are not required to enter a prior year pin or AGI

True

False