VITA Study Cards

Question 1

means all income you received in the form of money, goods, property, and services that isn’t exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it)

Answer 1

Gross income

Question 2

Includes taxable interest, ordinary dividends, and capital gain distribution. It also includes unemployment compensation, taxable Social Security benefits, pensions, annuities, and distributions of unearned income from a trust.

Answer 2

Unearned income

Question 3

Includes salaries, wages, tips, professional fees, and taxable scholarship and fellowship grants.

Answer 3

Earned income

Question 4

It’s the total of your unearned ans earned income

Answer 4

Gross income

Question 5

What form is use for certain children who have unearned income (kiddie tax)

Answer 5

Form 8615

Question 6

What are the 5 filing status from most to least beneficial?

Answer 6

1. Married Filing Jointly (MFJ)
2. Qualifying Surviving Spouse (QSS)
3. Head of Household (HOH)
4. Single
5. Married Filing Separately

Question 7

What form is Intake/Interview and Quality Review Sheet

Answer 7

Form 13614-C