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IRS Special Enrollment Examination (SEE) for Enrolled Agents

3. Specialized returns and taxpayers: practice questions

Our Enrolled Agent (SEE) bank has 54 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1

A domestic decedent's estate must file Form 1041 if it has:

  1. Assets over the estate tax exclusion
  2. Gross income of $600 or more for the tax year
  3. Gross income of $5,000 or more for the tax year
  4. Any income at all
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B. Gross income of $600 or more for the tax year — Form 1041 is required for an estate with gross income of $600 or more or with a nonresident alien beneficiary.

Question 2

A self-employed person's SEP contribution is deducted:

  1. On Schedule C as a business expense for the owner
  2. On Schedule SE
  3. As an adjustment to income on Schedule 1
  4. As an itemized deduction on Schedule A
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C. As an adjustment to income on Schedule 1 — Contributions for the owner are deducted on Schedule 1; contributions for employees are deducted on Schedule C.

Question 3

Form 990 for a calendar-year exempt organization is due:

  1. 31 January
  2. 15 April of the following year
  3. 15 May of the following year
  4. 15 March
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C. 15 May of the following year — Form 990 is due the 15th day of the 5th month after year end, with an automatic 6-month extension on Form 8868.

Question 4

A dwelling unit is used as a home if personal use exceeds the greater of:

  1. 60 days in any case
  2. 14 days or 10% of the days rented at fair rental
  3. 7 days or 5% of the days rented
  4. 30 days or 20% of the days rented at a fair rental price
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B. 14 days or 10% of the days rented at fair rental — When personal use exceeds the greater of 14 days or 10% of fair rental days, rental deductions are limited to rental income.

Question 5

A SIMPLE IRA plan for an existing employer must generally be set up between 1 January and:

  1. The return due date
  2. 15 April of the following year
  3. 1 October of the year
  4. 31 December of the year
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C. 1 October of the year — An employer with an existing business sets up a SIMPLE IRA for a year between 1 January and 1 October; new employers coming into existence later may set up as soon as feasible.

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