100+ Free PFS Practice Questions

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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)

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2026 Statistics

Key Facts: PFS Exam

100

Practice Questions

Free PFS-style item bank

3 hours

Exam Time

AICPA PFS exam structure

20%

Retirement Planning Weight

AICPA PFS blueprint

$400-600

Exam Fee

Plus AICPA membership

73 → 75

RMD Age (SECURE 2.0)

Rises to 75 in 2033

Age 46

ABLE Eligibility 2026

ABLE Age Adjustment Act

PFS is a CPA-only credential. Candidates qualify by completing the five PFP Certificates within five years and passing the PFS exam, or through the new Experienced CPA Pathway, which offers a streamlined exam for CPAs with significant personal financial planning experience. The exam runs about 3 hours and weights Retirement Planning the heaviest at 20%, with Tax & Cash Flow, Risk & Insurance, Investment Planning, and Estate & Charitable Planning at 15% each, Education & Special Needs at 10%, and Practice Management & SSPFP standards at 10%.

Sample PFS Practice Questions

Try these sample questions to test your PFS exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A 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?

A.Net Investment Income Tax (NIIT) at 3.8%

B.Additional Medicare Tax at 0.9% on the investment income

C.Alternative Minimum Tax at 28%

D.Federal Unemployment Tax (FUTA)

Explanation: NIIT applies a 3.8% surtax on the lesser of net investment income or MAGI over $250,000 for joint filers. Interest, dividends, and capital gains are core NIIT income, so the couple owes the surtax on their investment income above the threshold.

2A client wants to maximize 2025 itemized deductions before TCJA provisions sunset. Which planning move is most consistent with the bunching strategy?

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

B.Spread charitable gifts evenly each year to smooth taxable income

C.Defer all deductions to 2026 to wait for higher tax rates

D.Convert deductible IRA contributions into Roth contributions

Explanation: Bunching concentrates deductible items, often charitable gifts, into a single year so itemized deductions exceed the standard deduction in that year while taking the standard deduction in the off year. It is the textbook response to a high standard deduction under TCJA.

3A 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?

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

B.QBI is permanently set at 30% under the Inflation Reduction Act

C.QBI applies only to C corporations and is unaffected by sunset

D.QBI sunset eliminates the SALT cap immediately

Explanation: The §199A QBI deduction is one of the TCJA individual provisions scheduled to expire at the end of 2025. Without extension, eligible pass-through owners lose the 20% deduction in 2026, increasing their effective federal tax rate.

4Which household most clearly benefits from accelerating a Roth conversion into a low-income year before age 73?

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

B.A high earner already in the top bracket every year through age 80

C.A retiree already taking RMDs each year

D.A taxpayer who expects to be in the 10% bracket forever

Explanation: Roth conversions are most efficient when paid for at a temporarily low marginal rate. A pre-retiree with a gap year before Social Security and RMDs can fill lower brackets at known rates, reducing future RMDs and IRMAA exposure.

5A client owes $15,000 of regular tax but $19,000 of tentative AMT. What does the client actually pay?

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

B.$15,000 — regular tax always governs

C.$34,000 — both systems combined

D.$4,000 — only the AMT excess is owed

Explanation: The taxpayer pays the higher of regular tax or tentative AMT. Functionally, regular tax of $15,000 is owed plus the $4,000 AMT excess, which sums to $19,000.

6A married couple files jointly and pays $22,000 of state income and local property taxes in 2025. How much can they deduct under the current SALT cap?

A.$10,000

B.$22,000

C.$5,000

D.Unlimited

Explanation: The TCJA SALT cap limits the combined deduction for state and local taxes to $10,000 ($5,000 if married filing separately) through 2025. The cap is one of the individual TCJA provisions scheduled to sunset after 2025.

7A small-business owner placed qualified business equipment in service in 2025. What bonus depreciation percentage generally applies under the current TCJA phase-out schedule?

A.40%

B.100%

C.80%

D.0%

Explanation: Under current law, bonus depreciation phases down 20 points per year after 2022 (100% in 2022, 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, 0% in 2027) unless Congress restores 100% expensing. For 2025, 40% applies.

8A client installs qualifying residential solar panels in 2025. Which credit, expanded by the Inflation Reduction Act, most directly applies?

A.Residential Clean Energy Credit at 30% of qualifying costs

B.First-time Homebuyer Credit

C.Section 199A QBI deduction

D.Foreign Tax Credit

Explanation: The Inflation Reduction Act extended the Residential Clean Energy Credit at 30% of qualifying costs through 2032 for solar, wind, geothermal, and battery storage placed in service at a residence. It is one of the central household-level IRA provisions tested on the PFS.

9A CPA is reviewing a client's monthly cash flow. Which categorization is most consistent with PFP best practice?

A.Distinguish fixed, variable, and discretionary outflows so savings capacity becomes visible

B.Combine all expenses into one line so the budget looks simple

C.Track only investment income and ignore wages

D.Focus only on tax payments

Explanation: Separating fixed, variable, and discretionary outflows reveals where savings capacity is being lost and supports goal-based planning. This categorization underpins emergency-fund sizing, debt prioritization, and savings-rate targets.

10A client took a hardship distribution from a 401(k) at age 45. Which tax treatment is most likely?

A.Ordinary income tax plus a 10% early withdrawal penalty unless an exception applies

B.Tax-free as long as it was a hardship

C.Capital gain treatment because the plan held stock

D.Subject only to NIIT

Explanation: Hardship 401(k) distributions are still subject to ordinary income tax and generally the 10% additional tax under §72(t) for participants under age 59½, unless a specific exception applies. Hardship status alone does not waive the penalty.

About the PFS Exam

The AICPA Personal Financial Specialist (PFS) credential recognizes CPAs who deliver integrated personal financial planning across tax, retirement, estate, risk, investments, education, and special needs work. Candidates demonstrate command of the AICPA Statement on Standards in PFP Services and the seven-domain PFP Body of Knowledge.

Assessment

Multiple-choice questions plus case studies across seven personal financial planning domains

Time Limit

3 hours

Passing Score

Pass mark set by AICPA

Exam Fee

$400-600 + AICPA membership (AICPA)

PFS Exam Content Outline

15%

Tax & Cash Flow Planning

Federal income tax, AMT, NIIT 3.8%, TCJA sunset rules including the §199A QBI deduction expiry and SALT cap, Roth conversion timing, and household cash-flow strategy.

15%

Risk Management & Insurance

Life, disability, LTC, P&C insurance needs analysis, hybrid life/LTC policies, IRC §72 LIFO treatment of non-qualified annuities, and §1035 exchanges.

15%

Investment Planning

Asset allocation, IPS construction, tax-aware investing, behavioral finance, after-tax return analysis, and risk capacity vs risk tolerance for affluent clients.

20%

Retirement Planning

Qualified plans, IRAs, RMD age 73 rising to 75 in 2033 under SECURE 2.0, Roth catch-up rule above $145K wages, super catch-up at ages 60-63, Social Security FRA 67 claiming, and Medicare IRMAA tiers.

15%

Estate & Charitable Planning

Estate exemption sunset from $13.61M back toward roughly $5M plus inflation in 2026, GRATs, ILITs with the IRC §2035 three-year lookback, valuation discounts, IRC §170 AGI limits, DAF mechanics with §4966 excise tax, and §170(h) conservation easements.

10%

Education & Special Needs Planning

529 plans including the SECURE 2.0 Roth IRA conversion option, ABLE accounts after the Age Adjustment Act raises eligibility from age 26 to 46 in 2026, and 1st-party vs 3rd-party special needs trust design.

10%

Practice Management & SSPFP Standards

AICPA Statement on Standards in Personal Financial Planning Services, fiduciary vs Reg BI vs suitability framework, engagement letter requirements, and conflict-of-interest disclosure.

How to Pass the PFS Exam

What You Need to Know

Passing score: Pass mark set by AICPA
Assessment: Multiple-choice questions plus case studies across seven personal financial planning domains
Time limit: 3 hours
Exam fee: $400-600 + AICPA membership

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

PFS Study Tips from Top Performers

1Treat retirement planning as the highest-leverage domain. It carries the biggest weight at 20% and threads through SECURE 2.0, Social Security, and Medicare IRMAA tier questions.

2Memorize the IRC §170 AGI limits as a 60/30/30/20 grid (cash to public charity, capital-gain LTCG to public charity, cash to private foundation, capital-gain to private foundation) and pair them with DAF, GRAT, ILIT, and conservation-easement mechanics.

3Build a TCJA sunset cheat sheet covering the estate exemption reset, §199A QBI expiry, SALT cap, AMT, and bonus depreciation phase-out so you can spot which rule a 2026 case study is relying on.

4Practice integrating the seven domains in case-study format. The exam rewards candidates who can explain how a Roth conversion changes Medicare IRMAA, NIIT exposure, and survivor planning at the same time.

5Memorize SSPFP engagement letter requirements and the fiduciary vs Reg BI vs suitability hierarchy. Practice management and standards questions are concept-heavy and easy points if you have rehearsed the rules.

Frequently Asked Questions

What is the Experienced CPA Pathway for the PFS?

The Experienced CPA Pathway is a streamlined route to the PFS credential for CPAs with significant personal financial planning experience. Eligible candidates take a focused exam rather than completing the five PFP Certificates, allowing seasoned practitioners to earn the credential without retaking foundational content they already use in practice.

Who is eligible to sit for the PFS exam?

Candidates must hold an active CPA license in good standing and maintain AICPA regular membership. They must also satisfy the personal financial planning Body of Knowledge through the five PFP Certificates within five years, qualify through exemptions, or take the Experienced CPA Pathway.

How is the PFS exam structured?

The PFS exam runs approximately 3 hours and combines multiple-choice questions with case studies across seven domains. Retirement Planning is weighted heaviest at 20%, with Tax & Cash Flow, Risk & Insurance, Investment Planning, and Estate & Charitable Planning each at 15%, plus 10% each for Education & Special Needs and Practice Management & SSPFP standards.

How much does the PFS credential cost?

The PFS exam fee is roughly $400-600 depending on AICPA member status and current schedule. Candidates also pay AICPA regular membership and PFP Section dues, and many invest in PFP Certificate courses or commercial review materials, which can bring the all-in cost into the $1,000-3,000 range before any employer reimbursement.

How does the PFS compare to the CFP?

Both credentials cover personal financial planning, but the PFS is restricted to CPAs and emphasizes integration of tax, accounting, and planning under the AICPA Statement on Standards in PFP Services. The CFP is open to non-CPAs and is more widely recognized in retail wealth management. Many practitioners hold both.

What 2026 tax and retirement law changes are tested?

Expect TCJA sunset effects at the end of 2025 (estate exemption reset, §199A QBI expiry, SALT cap, bonus depreciation phase-out), SECURE 2.0 provisions including RMD age, Roth catch-up rules, and the 529-to-Roth conversion, the ABLE Age Adjustment Act raising eligibility to 46 in 2026, and Inflation Reduction Act energy-related credits relevant to household tax planning.