Unit 1

Question 1

Deadline to file for 1040 Income Tax Return

Answer 1

15th of 4th month, 15th of 10th month with extenstion

Question 2

Deadline for SE Tax

Answer 2

With 1040 Return, including extensions

Question 3

Deadline to pay Estimated Taxes

Answer 3

15th of 4th, 6th, 9th, and 1st months

Question 4

Deadline to Provide W2

Answer 4

1/31

Question 5

Deadline to file FUTA (employer)

Answer 5

4/30, 7/31, 10/31, 1/31 if liability is more than $500

Question 6

Deadline to file FBAR

Answer 6

4/15 or 10/15 w/extension
File online

Question 7

Deadline to file Form 8938

Answer 7

W/return, including extension

Question 8

Automatic 2-month extension

Answer 8

If on due date TP is living outside of US/Puerto Rico bc
1) main place of business or post of duty or
2) on-duty military service

Question 9

Deadline to file Form 1040NR

Answer 9

Non Resident Alien Return is due the
-Not subject to WH: 15th of the 6th month
-Subject to WH: 15th of 4th month

Question 10

Tax Payment Due

Answer 10

Filing extensions does NOT extend time for payment due. Payment due deadline is 15th of 4th month

Question 11

Record Keeping

Answer 11

Keep Tax documents the later of:
1) 3 years after date filed OR
2) 2 years after date paid

Question 12

HSA Contribution Deadline

Answer 12

4/15 for previous year

Question 13

Alternate Valuation

Answer 13

FMV @ 6 months after DOD
If sold prior to 6 months, the FMV @ time of sale

Question 14

Deadline for IRA Contributions

Answer 14

4/15 for prior year

Question 15

Depreciation Years

Answer 15

5 years - auto, computers, office machines, equipment for research, appliances, carpet, etc
7 years - furniture, fixtures, ag machines & equipment
27.5 years - residential real property
39 years - non-residential 1250 property

Question 16

Deadline for IRA RMD

Answer 16

4/1 year following turning 72
12/31 thereafter
If less than RMD amount is taken, 50% excise tax on amount not distributed

Question 17

Holding Period

Answer 17

Starts the day after

Question 18

Deadline for Estate Assessment

Answer 18

3 years after filing 706

Question 19

Deadlines for Like Kind Exchange (1031)

Answer 19

Must be completed earlier of:
1) 180 days after xfer OR
2) due date of tax return (including extension)

TP has 45 days from xfer date to I’d like-kind property received

Question 20

Deadline for Estate Tax Return

Answer 20

9 mos DOD + 6 mos extension
Pmt due may be extended up to 1 year, possibly up to 10 years

Question 21

Formula Adoption Exclusion

Answer 21

$14,890 x [1-(MAGi - $223,410/$40,000)]
Excess carried over up to 5 years