Intuit Tax 1 Questions with 100%
Correct Answers
What is the Qualified Charitable One-Time Election? Correct Answer: Beginning
in 2023, individuals can elect to make a one-time distribution of up to $50,000
from an IRA to charities through specific charitable vehicles.
What are the options for distributing funds through the Qualified Charitable
One-Time Election? Correct Answer: The distribution can be made through a
charitable remainder annuity trust, a charitable remainder unitrust, or a
charitable gift annuity, each funded by qualified charitable distributions.
Increase in required minimum distribution age Correct Answer: If you reach age
72 in 2023, the required beginning date for your first required minimum
distribution is April 1, 2025
What amount can eligible retired public safety officers exclude from income for
insurance premiums? Correct Answer: $3,000
How can eligible retired public safety officers use the excluded amount for
insurance premiums? Correct Answer: Paid directly to them and used to pay for
health insurance premiums
Where can more information about insurance premiums for retired public safety
officers be found? Correct Answer: Insurance Premiums for Retired Public Safety
Officers section
What is one exception to the 10% additional tax for early distributions? Correct
Answer: Distributions from a retirement plan in connection with federally
declared disasters.
,What is another exception to the 10% additional tax for early distributions?
Correct Answer: Distributions from a retirement plan made to someone who is
terminally ill.
What is one more exception to the 10% additional tax for early distributions?
Correct Answer: Distributions to certain firefighters who meet the age or years of
service requirement.
Direct File Correct Answer: The IRS is taking steps to implement a Direct File pilot
during the 2024 filing season. This pilot will give eligible taxpayers an option to
prepare and electronically file their 2023 federal tax returns directly with the IRS
for free. The Direct File pilot will be offered to eligible taxpayers in participating
states who have relatively simple tax returns reporting only certain types of
income and claiming limited credits and deductions.
Self-employed health insurance deduction Correct Answer: If you can take the
self-employed health insurance deduction on Schedule 1, line 17, and you can't
use the Self-Employed Health Insurance Deduction Worksheet in these
instructions, you will now use Form 7206, instead of Pub. 535, to figure your
deduction.
Alternative motor vehicle credit Correct Answer: Expired credit for alternative
motor vehicles
Credits for qualified sick and family leave wages Correct Answer: The credits for
qualified sick and family leave wages paid in 2023 for leave taken before April
1, 2021, and for leave taken after March 31, 2021, and before October 1, 2021,
are now reported on Schedule 3, line 13z.
What changes were made to Line 5 on Schedule 3? Correct Answer: Line 5 has
been separated into lines 5a and 5b for reporting residential clean energy
credit and energy-efficient home improvement credit separately.
, What is the purpose of new Line 6m on Schedule 3? Correct Answer: Line 6m
was added to report the credit for previously owned clean vehicles from Form
8936.
How is Line 13c on Schedule 3 used? Correct Answer: Line 13c is used to report
the elective payment election amount from Form 3800.
New clean vehicle credit Correct Answer: The credit for new qualified plug-in
electric drive motor vehicles has changed. This credit is now known as the clean
vehicle credit. The maximum amount of the credit and some of the
requirements to claim the credit have changed. The credit is still reported on
Form 8936 and Schedule 3, line 6f.
Additional child tax credit amount increased Correct Answer: The maximum
additional child tax credit amount has increased to $1,600 for each qualifying
child.
Standard deduction 2023 Correct Answer: Single or Married filing separately—
$13,850
Married filing jointly or Qualifying surviving spouse—$27,700
Head of household—$20,800
The taxpayer will report their AGI on Correct Answer: line 11 of the tax year 2023
Form 1040.
Common itemized deductions reported on Schedule A Correct Answer:
mortgage interest
state and local income taxes or sales taxes
charitable contributions
Correct Answers
What is the Qualified Charitable One-Time Election? Correct Answer: Beginning
in 2023, individuals can elect to make a one-time distribution of up to $50,000
from an IRA to charities through specific charitable vehicles.
What are the options for distributing funds through the Qualified Charitable
One-Time Election? Correct Answer: The distribution can be made through a
charitable remainder annuity trust, a charitable remainder unitrust, or a
charitable gift annuity, each funded by qualified charitable distributions.
Increase in required minimum distribution age Correct Answer: If you reach age
72 in 2023, the required beginning date for your first required minimum
distribution is April 1, 2025
What amount can eligible retired public safety officers exclude from income for
insurance premiums? Correct Answer: $3,000
How can eligible retired public safety officers use the excluded amount for
insurance premiums? Correct Answer: Paid directly to them and used to pay for
health insurance premiums
Where can more information about insurance premiums for retired public safety
officers be found? Correct Answer: Insurance Premiums for Retired Public Safety
Officers section
What is one exception to the 10% additional tax for early distributions? Correct
Answer: Distributions from a retirement plan in connection with federally
declared disasters.
,What is another exception to the 10% additional tax for early distributions?
Correct Answer: Distributions from a retirement plan made to someone who is
terminally ill.
What is one more exception to the 10% additional tax for early distributions?
Correct Answer: Distributions to certain firefighters who meet the age or years of
service requirement.
Direct File Correct Answer: The IRS is taking steps to implement a Direct File pilot
during the 2024 filing season. This pilot will give eligible taxpayers an option to
prepare and electronically file their 2023 federal tax returns directly with the IRS
for free. The Direct File pilot will be offered to eligible taxpayers in participating
states who have relatively simple tax returns reporting only certain types of
income and claiming limited credits and deductions.
Self-employed health insurance deduction Correct Answer: If you can take the
self-employed health insurance deduction on Schedule 1, line 17, and you can't
use the Self-Employed Health Insurance Deduction Worksheet in these
instructions, you will now use Form 7206, instead of Pub. 535, to figure your
deduction.
Alternative motor vehicle credit Correct Answer: Expired credit for alternative
motor vehicles
Credits for qualified sick and family leave wages Correct Answer: The credits for
qualified sick and family leave wages paid in 2023 for leave taken before April
1, 2021, and for leave taken after March 31, 2021, and before October 1, 2021,
are now reported on Schedule 3, line 13z.
What changes were made to Line 5 on Schedule 3? Correct Answer: Line 5 has
been separated into lines 5a and 5b for reporting residential clean energy
credit and energy-efficient home improvement credit separately.
, What is the purpose of new Line 6m on Schedule 3? Correct Answer: Line 6m
was added to report the credit for previously owned clean vehicles from Form
8936.
How is Line 13c on Schedule 3 used? Correct Answer: Line 13c is used to report
the elective payment election amount from Form 3800.
New clean vehicle credit Correct Answer: The credit for new qualified plug-in
electric drive motor vehicles has changed. This credit is now known as the clean
vehicle credit. The maximum amount of the credit and some of the
requirements to claim the credit have changed. The credit is still reported on
Form 8936 and Schedule 3, line 6f.
Additional child tax credit amount increased Correct Answer: The maximum
additional child tax credit amount has increased to $1,600 for each qualifying
child.
Standard deduction 2023 Correct Answer: Single or Married filing separately—
$13,850
Married filing jointly or Qualifying surviving spouse—$27,700
Head of household—$20,800
The taxpayer will report their AGI on Correct Answer: line 11 of the tax year 2023
Form 1040.
Common itemized deductions reported on Schedule A Correct Answer:
mortgage interest
state and local income taxes or sales taxes
charitable contributions
