Intuit Academy Tax Level 1 Exam Learning Objectives- Questions and Answers

Intuit Academy Tax Level 1 Exam Learning Objectives- Questions and Answers Filing Status - Correct Answer Determines tax obligations based on personal circumstances. Residency Status - Correct Answer Determines tax liability based on residence location. Eligible Dependents - Correct Answer Individuals qualifying for tax benefits under taxpayer. W-2 Form - Correct Answer Reports wages and tax withheld from employee's paycheck. 1040 Form - Correct Answer Primary tax form for individual income tax returns. Taxable Income - Correct Answer Income subject to taxation after deductions. Non-Taxable Income - Correct Answer Income exempt from federal income tax. Schedule C - Correct Answer Form for reporting income or loss from business. QBI - Correct Answer Qualified Business Income eligible for tax deduction. Capital Gains - Correct Answer Profit from the sale of assets or investments. Adjusted Gross Income - Correct Answer Gross income minus specific deductions. Roth IRA Distributions - Correct Answer Tax-free withdrawals from Roth IRA under conditions. Above the Line Deductions - Correct Answer Deductions subtracted from gross income to calculate AGI. Below the Line Deductions - Correct Answer Deductions applied after AGI is calculated. Tax Credits - Correct Answer Dollar-for-dollar reductions of tax liability. Refundable Tax Credits - Correct Answer Credits that can result in a refund. Non-Refundable Tax Credits - Correct Answer Credits that reduce tax liability but not below zero. Estimated Tax Payments - Correct Answer Prepayments of tax due for the current year. Underpayment Penalties - Correct Answer Fees for not paying enough tax throughout the year. Schedule K-1 - Correct Answer Reports income, deductions, and credits from partnerships. 1099-SA - Correct Answer Reports distributions from Health Savings Accounts. Income Tax Table - Correct Answer Chart used to determine tax owed based