INTUIT ACADEMY TAX LEVEL 1 PRACTICE
EXAM – 200 VERIFIED QUESTIONS &
ANSWERS | LATEST UPDATED STUDY GUIDE
INTUIT ACADEMY TAX LEVEL 1 PRACTICE EXAM
335 Verified Questions & Answers | Latest Updated Study Guide
• This practice exam covers all key topics tested in the Intuit Academy Tax Level 1
certification, featuring 200 carefully curated questions with verified answers, clear
EXPERT RATIONALE, and highlighted correct options to reinforce your
understanding.
• Use this material by attempting each question independently before checking the
correct answer and EXPERT RATIONALE — this active recall method maximizes
retention and prepares you for the real exam.
1. What is the standard deduction for a single filer for the 2023 tax year?
A. $10,000
B. $11,000
C. $12,550
D. $13,850
E. $15,000
✦ Correct Answer: D. $13,850 EXPERT RATIONALE: For tax year 2023, the IRS set the
standard deduction for single filers at $13,850, an increase from the prior year due to
inflation adjustments.
2. Which filing status generally results in the lowest tax rate?
A. Single
B. Married Filing Separately
, C. Head of Household
D. Married Filing Jointly
E. Qualifying Surviving Spouse
✦ Correct Answer: D. Married Filing Jointly EXPERT RATIONALE: Married Filing Jointly
typically offers the widest tax brackets and most favorable rates, resulting in the lowest
overall tax liability for most couples.
3. What form is used to report wages and salaries received by an employee?
A. 1099-MISC
B. 1099-NEC
C. W-2
D. 1040-EZ
E. Schedule C
✦ Correct Answer: C. W-2 EXPERT RATIONALE: The W-2 form is issued by employers
to employees and reports annual wages, tips, and the taxes withheld from their
paychecks.
4. Which of the following is NOT a type of taxable income?
A. Wages
B. Rental income
C. Gambling winnings
D. Interest income
E. Child support received
✦ Correct Answer: E. Child support received EXPERT RATIONALE: Child support
payments received are not considered taxable income by the IRS. The paying parent also
cannot deduct them.
,5. What is the deadline for filing a federal individual income tax return
without an extension?
A. March 15
B. April 15
C. April 30
D. June 15
E. May 1
✦ Correct Answer: B. April 15 EXPERT RATIONALE: The standard federal tax filing
deadline for individual returns (Form 1040) is April 15, unless that date falls on a
weekend or holiday.
6. Which form do self-employed individuals use to report business income and
expenses?
A. W-2
B. 1099-INT
C. Form 1040
D. Schedule C
E. Schedule A
✦ Correct Answer: D. Schedule C EXPERT RATIONALE: Schedule C (Profit or Loss
from Business) is attached to Form 1040 and is used by sole proprietors to report their
business revenue and deductible expenses.
7. What is the maximum contribution limit for a Traditional IRA for
individuals under 50 in 2023?
A. $5,000
, B. $5,500
C. $6,000
D. $6,500
E. $7,000
✦ Correct Answer: D. $6,500 EXPERT RATIONALE: For 2023, the IRA contribution
limit was raised to $6,500 for individuals under age 50, with a $1,000 catch-up
contribution allowed for those 50 and older.
8. Which of the following credits is refundable?
A. Child and Dependent Care Credit
B. Lifetime Learning Credit
C. American Opportunity Credit (partial)
D. Earned Income Tax Credit (EITC)
E. Retirement Savings Contribution Credit
✦ Correct Answer: D. Earned Income Tax Credit (EITC) EXPERT RATIONALE: The EITC
is fully refundable, meaning eligible taxpayers can receive it as a refund even if they owe
no federal income tax.
9. What does AGI stand for in tax terminology?
A. Annual Gross Income
B. Adjusted General Income
C. Adjusted Gross Income
D. Aggregate Gross Income
E. Allowable Gross Income
EXAM – 200 VERIFIED QUESTIONS &
ANSWERS | LATEST UPDATED STUDY GUIDE
INTUIT ACADEMY TAX LEVEL 1 PRACTICE EXAM
335 Verified Questions & Answers | Latest Updated Study Guide
• This practice exam covers all key topics tested in the Intuit Academy Tax Level 1
certification, featuring 200 carefully curated questions with verified answers, clear
EXPERT RATIONALE, and highlighted correct options to reinforce your
understanding.
• Use this material by attempting each question independently before checking the
correct answer and EXPERT RATIONALE — this active recall method maximizes
retention and prepares you for the real exam.
1. What is the standard deduction for a single filer for the 2023 tax year?
A. $10,000
B. $11,000
C. $12,550
D. $13,850
E. $15,000
✦ Correct Answer: D. $13,850 EXPERT RATIONALE: For tax year 2023, the IRS set the
standard deduction for single filers at $13,850, an increase from the prior year due to
inflation adjustments.
2. Which filing status generally results in the lowest tax rate?
A. Single
B. Married Filing Separately
, C. Head of Household
D. Married Filing Jointly
E. Qualifying Surviving Spouse
✦ Correct Answer: D. Married Filing Jointly EXPERT RATIONALE: Married Filing Jointly
typically offers the widest tax brackets and most favorable rates, resulting in the lowest
overall tax liability for most couples.
3. What form is used to report wages and salaries received by an employee?
A. 1099-MISC
B. 1099-NEC
C. W-2
D. 1040-EZ
E. Schedule C
✦ Correct Answer: C. W-2 EXPERT RATIONALE: The W-2 form is issued by employers
to employees and reports annual wages, tips, and the taxes withheld from their
paychecks.
4. Which of the following is NOT a type of taxable income?
A. Wages
B. Rental income
C. Gambling winnings
D. Interest income
E. Child support received
✦ Correct Answer: E. Child support received EXPERT RATIONALE: Child support
payments received are not considered taxable income by the IRS. The paying parent also
cannot deduct them.
,5. What is the deadline for filing a federal individual income tax return
without an extension?
A. March 15
B. April 15
C. April 30
D. June 15
E. May 1
✦ Correct Answer: B. April 15 EXPERT RATIONALE: The standard federal tax filing
deadline for individual returns (Form 1040) is April 15, unless that date falls on a
weekend or holiday.
6. Which form do self-employed individuals use to report business income and
expenses?
A. W-2
B. 1099-INT
C. Form 1040
D. Schedule C
E. Schedule A
✦ Correct Answer: D. Schedule C EXPERT RATIONALE: Schedule C (Profit or Loss
from Business) is attached to Form 1040 and is used by sole proprietors to report their
business revenue and deductible expenses.
7. What is the maximum contribution limit for a Traditional IRA for
individuals under 50 in 2023?
A. $5,000
, B. $5,500
C. $6,000
D. $6,500
E. $7,000
✦ Correct Answer: D. $6,500 EXPERT RATIONALE: For 2023, the IRA contribution
limit was raised to $6,500 for individuals under age 50, with a $1,000 catch-up
contribution allowed for those 50 and older.
8. Which of the following credits is refundable?
A. Child and Dependent Care Credit
B. Lifetime Learning Credit
C. American Opportunity Credit (partial)
D. Earned Income Tax Credit (EITC)
E. Retirement Savings Contribution Credit
✦ Correct Answer: D. Earned Income Tax Credit (EITC) EXPERT RATIONALE: The EITC
is fully refundable, meaning eligible taxpayers can receive it as a refund even if they owe
no federal income tax.
9. What does AGI stand for in tax terminology?
A. Annual Gross Income
B. Adjusted General Income
C. Adjusted Gross Income
D. Aggregate Gross Income
E. Allowable Gross Income
