Intuit Academy Tax Course Exam with precise detailed
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solutions
Schedule A - ✔✔Itemized Deductions || || || ||
Schedule B - ✔✔Interest and Ordinary Dividends
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Schedule C - ✔✔Profit Or Loss From Business
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Schedule D - ✔✔Capital Gains & Losses || || || || || ||
Schedule E - ✔✔Supplemental Income and Loss
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Schedule 1 - ✔✔Additional income and adjustments to income
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Schedule 2 - ✔✔Additional Taxes || || || ||
Schedule 3 - ✔✔Additional Credits & Payments
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You get a higher deduction for - ✔✔age 65 and/or blind
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When is alimony taxable / non taxable - ✔✔Taxable decree date on or before 12/31/2018 and non
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taxable 1/01/2019 and after
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Five types of Deductions - ✔✔Work related (expenses of earning income), investment related
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(IRA), healthcare (HSA), education (student loan) and itemized (gambling losses).
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, Gross income max for qualifying relative to be claimed as a dependent - ✔✔4,700 (2023)
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Standard Deduction (2023) - ✔✔S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
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Tax deductions reduce - ✔✔Taxable Income (amount of income subject to tax)
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Where are the above the line deductions listed on the tax forms - ✔✔1040 Income section (line
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10) and schedule 1 part 2 (adjustments to income- line 26)
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List three below the line deductions - ✔✔Standard (amount depends upon age, income, and filing
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status), Itemized (schedule a), Qualified Business Income
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Above the line deductions - ✔✔Ira contributions, HSA contributions, self-employed health
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insurance, 1/2 of self-employment tax, student loan interest, alimony (1/01/2019 and after)/
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Schedule 1 Part 2 Adjustments to income and 1040 line 10) || || || || || || || || || ||
What is the Foreign Tax Credit and what does it do? - ✔✔Nonrefundable credit that reduces
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liability for income taxes paid (via withholding) to a foreign government. Must work in foreign
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country or have foreign investments. || || || ||
What is the foreign earned income tax exclusion? - ✔✔It allows you to exclude $120,000 (2023)
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in income earned outside the US.
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What are the resident status for tax purposes? - ✔✔Resident Alien (green card or substantial
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presence), non-resident alien (not US citizen or resident alien), or dual-status (status changed
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during year between resident and non-resident or vice versa)
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Substantial presence test that determines resident vs non resident - ✔✔in US 31 days in current
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year and 183 days over last 3 years.
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solutions
Schedule A - ✔✔Itemized Deductions || || || ||
Schedule B - ✔✔Interest and Ordinary Dividends
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Schedule C - ✔✔Profit Or Loss From Business
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Schedule D - ✔✔Capital Gains & Losses || || || || || ||
Schedule E - ✔✔Supplemental Income and Loss
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Schedule 1 - ✔✔Additional income and adjustments to income
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Schedule 2 - ✔✔Additional Taxes || || || ||
Schedule 3 - ✔✔Additional Credits & Payments
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You get a higher deduction for - ✔✔age 65 and/or blind
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When is alimony taxable / non taxable - ✔✔Taxable decree date on or before 12/31/2018 and non
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taxable 1/01/2019 and after
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Five types of Deductions - ✔✔Work related (expenses of earning income), investment related
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(IRA), healthcare (HSA), education (student loan) and itemized (gambling losses).
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, Gross income max for qualifying relative to be claimed as a dependent - ✔✔4,700 (2023)
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Standard Deduction (2023) - ✔✔S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
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Tax deductions reduce - ✔✔Taxable Income (amount of income subject to tax)
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Where are the above the line deductions listed on the tax forms - ✔✔1040 Income section (line
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10) and schedule 1 part 2 (adjustments to income- line 26)
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List three below the line deductions - ✔✔Standard (amount depends upon age, income, and filing
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status), Itemized (schedule a), Qualified Business Income
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Above the line deductions - ✔✔Ira contributions, HSA contributions, self-employed health
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insurance, 1/2 of self-employment tax, student loan interest, alimony (1/01/2019 and after)/
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Schedule 1 Part 2 Adjustments to income and 1040 line 10) || || || || || || || || || ||
What is the Foreign Tax Credit and what does it do? - ✔✔Nonrefundable credit that reduces
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liability for income taxes paid (via withholding) to a foreign government. Must work in foreign
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country or have foreign investments. || || || ||
What is the foreign earned income tax exclusion? - ✔✔It allows you to exclude $120,000 (2023)
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in income earned outside the US.
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What are the resident status for tax purposes? - ✔✔Resident Alien (green card or substantial
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presence), non-resident alien (not US citizen or resident alien), or dual-status (status changed
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during year between resident and non-resident or vice versa)
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Substantial presence test that determines resident vs non resident - ✔✔in US 31 days in current
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year and 183 days over last 3 years.
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