Free IRS Enrolled Agent SEE Part 1 (Individuals) Income and Assets Practice Questions
Income and Assets on the IRS SEE Part 1 covers wages and other compensation, interest and dividend income, retirement distributions, Schedule C self-employment, capital gains and losses, basis tracking, the §121 home-sale exclusion, and rules for reporting foreign-source income.
A regular Roth IRA contribution is nondeductible. Its potential tax benefit is tax-free qualified distributions rather than a current income deduction. See Publication 590-A, Roth IRAs; IRC 408A(c)(1).
Question 2
Medium
A taxpayer qualifies for the age-50 IRA catch-up if age 50 is reached by:
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Correct Answer: C
Solution
C is correct. IRA catch-up eligibility uses age at the end of the contribution tax year. A late-year birthday qualifies for that year's catch-up. See Publication 590-A, How Much Can Be Contributed.
Question 3
Hard
For the section 1231 lookback, which losses belong on Form 4797, line 8?
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Correct Answer: C
Solution
Line 8 calls for nonrecaptured net section 1231 losses from the five preceding tax years. Amounts already used to recharacterize an earlier net section 1231 gain are removed from the lookback balance. That remaining balance determines how much current net section 1231 gain receives ordinary treatment. See the Instructions for Form 4797, line 8; Publication 544, Nonrecaptured section 1231 losses; and IRC section 1231(c)(1)-(2).
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