Intuit Academy Tax Course One
Questions with 100% Correct Answers
Schedule A Correct Answer: Itemized Deductions
Schedule B Correct Answer: Interest and Ordinary Dividends
Schedule C Correct Answer: Profit Or Loss From Business
Schedule D Correct Answer: Capital Gains & Losses
Schedule E Correct Answer: Supplemental Income and Loss
Schedule 1 Correct Answer: Additional income and adjustments to income
Schedule 2 Correct Answer: Additional Taxes
Schedule 3 Correct Answer: Additional Credits & Payments
You get a higher deduction for Correct Answer: age 65 and/or blind
When is alimony taxable / non taxable Correct Answer: Taxable decree date on
or before 12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions Correct Answer: Work related (expenses of earning
income), investment related (IRA), healthcare (HSA), education (student loan)
and itemized (gambling losses).
Gross income max for qualifying relative to be claimed as a dependent Correct
Answer: 4,700 (2023)
Standard Deduction (2023) Correct Answer: S-13,850 /MFS-13,850/ HH-20,800/
MFJ-27,700 /QW-27,700
, Tax deductions reduce Correct Answer: Taxable Income (amount of income
subject to tax)
Where are the above the line deductions listed on the tax forms Correct Answer:
1040 Income section (line 10) and schedule 1 part 2 (adjustments to income-
line 26)
List three below the line deductions Correct Answer: Standard (amount
depends upon age, income, and filing status), Itemized (schedule a), Qualified
Business Income
Above the line deductions Correct Answer: Ira contributions, HSA contributions,
self-employed health insurance, 1/2 of self-employment tax, student loan
interest, alimony (1/01/2019 and after)/ Schedule 1 Part 2 Adjustments to
income and 1040 line 10)
What is the Foreign Tax Credit and what does it do? Correct Answer:
Nonrefundable credit that reduces liability for income taxes paid (via
withholding) to a foreign government. Must work in foreign country or have
foreign investments.
What is the foreign earned income tax exclusion? Correct Answer: It allows you
to exclude $120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes? Correct Answer: Resident Alien
(green card or substantial presence), non-resident alien (not US citizen or
resident alien), or dual-status (status changed during year between resident
and non-resident or vice versa)
Substantial presence test that determines resident vs non resident Correct
Answer: in US 31 days in current year and 183 days over last 3 years.
Questions with 100% Correct Answers
Schedule A Correct Answer: Itemized Deductions
Schedule B Correct Answer: Interest and Ordinary Dividends
Schedule C Correct Answer: Profit Or Loss From Business
Schedule D Correct Answer: Capital Gains & Losses
Schedule E Correct Answer: Supplemental Income and Loss
Schedule 1 Correct Answer: Additional income and adjustments to income
Schedule 2 Correct Answer: Additional Taxes
Schedule 3 Correct Answer: Additional Credits & Payments
You get a higher deduction for Correct Answer: age 65 and/or blind
When is alimony taxable / non taxable Correct Answer: Taxable decree date on
or before 12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions Correct Answer: Work related (expenses of earning
income), investment related (IRA), healthcare (HSA), education (student loan)
and itemized (gambling losses).
Gross income max for qualifying relative to be claimed as a dependent Correct
Answer: 4,700 (2023)
Standard Deduction (2023) Correct Answer: S-13,850 /MFS-13,850/ HH-20,800/
MFJ-27,700 /QW-27,700
, Tax deductions reduce Correct Answer: Taxable Income (amount of income
subject to tax)
Where are the above the line deductions listed on the tax forms Correct Answer:
1040 Income section (line 10) and schedule 1 part 2 (adjustments to income-
line 26)
List three below the line deductions Correct Answer: Standard (amount
depends upon age, income, and filing status), Itemized (schedule a), Qualified
Business Income
Above the line deductions Correct Answer: Ira contributions, HSA contributions,
self-employed health insurance, 1/2 of self-employment tax, student loan
interest, alimony (1/01/2019 and after)/ Schedule 1 Part 2 Adjustments to
income and 1040 line 10)
What is the Foreign Tax Credit and what does it do? Correct Answer:
Nonrefundable credit that reduces liability for income taxes paid (via
withholding) to a foreign government. Must work in foreign country or have
foreign investments.
What is the foreign earned income tax exclusion? Correct Answer: It allows you
to exclude $120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes? Correct Answer: Resident Alien
(green card or substantial presence), non-resident alien (not US citizen or
resident alien), or dual-status (status changed during year between resident
and non-resident or vice versa)
Substantial presence test that determines resident vs non resident Correct
Answer: in US 31 days in current year and 183 days over last 3 years.
