AICPA Personal Financial Specialist (PFS) Exam

Question 1

A married couple files jointly with $260,000 of wages, $40,000 of interest, and $30,000 of long-term capital gains in 2025. Which surtax most directly applies to the investment income?

Net Investment Income Tax (NIIT) at 3.8% Additional Medicare Tax at 0.9% on the investment income Alternative Minimum Tax at 28% Federal Unemployment Tax (FUTA)

Correct Answer:

Net Investment Income Tax (NIIT) at 3.8%

Question 2

A client wants to maximize 2025 itemized deductions before TCJA provisions sunset. Which planning move is most consistent with the bunching strategy?

Make two years of charitable gifts in one tax year to clear the standard deduction in alternating years Spread charitable gifts evenly each year to smooth taxable income Defer all deductions to 2026 to wait for higher tax rates Convert deductible IRA contributions into Roth contributions

Correct Answer:

Make two years of charitable gifts in one tax year to clear the standard deduction in alternating years

Question 3

A self-employed CPA earned $200,000 of qualified business income in 2025. Why might 2026 planning shift if Congress does not extend the §199A QBI deduction?

The 20% QBI deduction is currently scheduled to sunset after 2025, raising effective rates for pass-through owners in 2026 QBI is permanently set at 30% under the Inflation Reduction Act QBI applies only to C corporations and is unaffected by sunset QBI sunset eliminates the SALT cap immediately

Correct Answer:

The 20% QBI deduction is currently scheduled to sunset after 2025, raising effective rates for pass-through owners in 2026

Question 4

Which household most clearly benefits from accelerating a Roth conversion into a low-income year before age 73?

A pre-retiree with a temporary income gap before Social Security and RMDs begin A high earner already in the top bracket every year through age 80 A retiree already taking RMDs each year A taxpayer who expects to be in the 10% bracket forever

Correct Answer:

A pre-retiree with a temporary income gap before Social Security and RMDs begin

Question 5

A client owes $15,000 of regular tax but $19,000 of tentative AMT. What does the client actually pay?

$$19,000 — the higher of the two systems $$15,000 — regular tax always governs $$34,000 — both systems combined $$4,000 — only the AMT excess is owed

Correct Answer:

$$19,000 — the higher of the two systems

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About this Exam

Prepare with the AICPA Personal Financial Specialist (PFS) Exam practice quiz. This question bank includes 30 questions covering management, professional, situation, standard, and professionals. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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AICPA Personal Financial Specialist (PFS) Exam

This practice set contains 30 questions from the matching question bank and focuses on management, professional, situation, standard, and professionals. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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AICPA Personal Financial Specialist (PFS) Exam

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