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AICPA Personal Financial Specialist (PFS) Exam

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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.

Sample Questions

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)
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
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
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
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

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Additional Information

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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Frequently Asked Questions

This quiz contains a total of 100 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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