Intuit Tax Level 1 Study Guide with correct answers 100% 2026

Intuit Tax Level 1 Study Guide with correct answers 100% 2026 Ford 1040, Line 1 - Correct Answer Wages, salaries, tips, etc. Reflects income from form W2. Form 1040 Line 2B - Correct Answer taxable interest; form 1099-INT What is the child tax credit for each child under 17? - Correct Answer $2000 Net capital losses over $3000 can be carried forward indefinitely until exhausted. - Correct Answer True In 2021, Gustav bought a residential real estate property and rented it full time on November 1, 2021. What schedule should he include with Form 1040? - Correct Answer Schedule 1; Schedule E Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a and also received a 1099B reporting long term capital gains. What should he do when preparing the Form 1040? - Correct Answer Attach a schedule D Schedule 1 (Form 1040) - Correct Answer additional income and adjustments to income Schedule 2 (Form 1040) - Correct Answer additional taxes Schedule 3 (Form 1040) - Correct Answer Additional Credits and Payments Schedule A (Form 1040) - Correct Answer itemized deductions Schedule B (Form 1040) - Correct Answer Interest and Ordinary Dividends Schedule D form 1040 - Correct Answer Capital Gains and Losses Schedule C (Form 1040) - Correct Answer Profit or Loss from Business (Sole Proprietorship) Schedule SE (Form 1040) - Correct Answer self employment tax (SS tax) Schedule E (Form 1040) - Correct Answer Supplemental Income and Loss (From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.) Schedule EIC (Form 1040) - Correct Answer Earned Income Credit for a qualifying child Schedule 8812 (Form 1040) - Correct Answer Additional child tax credit; refundable credit received if child tax credit is greater than total amount of income taxes owed Three conditions to not pay estimated tax for current year - Correct Answer 1. They had no tax liability for prior year 2. They were a U.S citizen or resident alien for the whole year 3. Prior tax year covered 12 months Form 2210 - Correct Answer Underpayment of Estimated Tax by Individuals, Estates, and Trusts Linda, a US resident and sole proprietor, expects that she will owe $2500 and taxes for the current year. According to the IRS guidelines, which is true about Linda's estimated tax payments? - Correct Answer Linda must make estimated tax payments for the current year since her expected tax liability is $2500 or more How to request an extension on taxes - Correct Answer - online payment option and check the box - File Form 4868 by mail or tax professional - using free file function Variations of form 1040 - Correct Answer Form 1040 Form 1040-SR: senior taxpayers Form 1040-NR: non-U.S citizens