Intuit Academy Tax Course One

Intuit Academy Tax Course One 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. If you can be claimed as a dependent your standard deduction is limited to the greater of - Correct Answer $1,250 or earned income plus $400 (2023) How is foreign tax deduction calculated and tax applied - Correct Answer It gets subtracted from taxable income and then taxable rate is applied (foreign tax deduction must be listed out on tax return) If foreign tax is more than $300 (single) and $600 (MFJ) you must file what form to claim tax credit? - Correct Answer 1116 How are US Treasury Bills, Notes and Bonds taxed - Correct Answer They are subject to Federal taxes, but are exempt from state and local taxes. What is the tax withholding for gambling (games of luck) for substantial winnings and what tax form is generated? - Correct Answer 24% withholding and w-2g tax form (slots & bingo $1,200/ keno $1,500 & lottery & sweepstakes $5,000 are substantial)