INTUIT TAX CERTIFICATION LEVEL 1
EXAMINATION TEST 2026 COMPLETE
QUESTIONS AND SOLUTIONS GRADED A+
◉ Form 1040 Line 2B Answer: taxable interest; form 1099-INT
◉ What is the child tax credit for each child under 17? Answer:
$2000
◉ Net capital losses over $3000 can be carried forward indefinitely
until exhausted. 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? 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? Answer:
Attach a schedule D
◉ Schedule 1 (Form 1040) Answer: additional income and
adjustments to income
,◉ Schedule 2 (Form 1040) Answer: additional taxes
◉ Schedule 3 (Form 1040) Answer: Additional Credits and
Payments
◉ Schedule A (Form 1040) Answer: itemized deductions
◉ Schedule B (Form 1040) Answer: Interest and Ordinary Dividends
◉ Schedule D form 1040 Answer: Capital Gains and Losses
◉ Schedule C (Form 1040) Answer: Profit or Loss from Business
(Sole Proprietorship)
◉ Schedule SE (Form 1040) Answer: self employment tax (SS tax)
◉ Schedule E (Form 1040) Answer: Supplemental Income and Loss
(From rental real estate, royalties, partnerships, S corporations,
estates, trusts, REMICs, etc.)
◉ Schedule EIC (Form 1040) Answer: Earned Income Credit for a
qualifying child
, ◉ Schedule 8812 (Form 1040) 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
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 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?
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 Answer: - online payment
option and check the box
- File Form 4868 by mail or tax professional
- using free file function
EXAMINATION TEST 2026 COMPLETE
QUESTIONS AND SOLUTIONS GRADED A+
◉ Form 1040 Line 2B Answer: taxable interest; form 1099-INT
◉ What is the child tax credit for each child under 17? Answer:
$2000
◉ Net capital losses over $3000 can be carried forward indefinitely
until exhausted. 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? 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? Answer:
Attach a schedule D
◉ Schedule 1 (Form 1040) Answer: additional income and
adjustments to income
,◉ Schedule 2 (Form 1040) Answer: additional taxes
◉ Schedule 3 (Form 1040) Answer: Additional Credits and
Payments
◉ Schedule A (Form 1040) Answer: itemized deductions
◉ Schedule B (Form 1040) Answer: Interest and Ordinary Dividends
◉ Schedule D form 1040 Answer: Capital Gains and Losses
◉ Schedule C (Form 1040) Answer: Profit or Loss from Business
(Sole Proprietorship)
◉ Schedule SE (Form 1040) Answer: self employment tax (SS tax)
◉ Schedule E (Form 1040) Answer: Supplemental Income and Loss
(From rental real estate, royalties, partnerships, S corporations,
estates, trusts, REMICs, etc.)
◉ Schedule EIC (Form 1040) Answer: Earned Income Credit for a
qualifying child
, ◉ Schedule 8812 (Form 1040) 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
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 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?
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 Answer: - online payment
option and check the box
- File Form 4868 by mail or tax professional
- using free file function
