INTUIT ACADEMY TAX LEVEL 1 EXAMPREP
COMPREHENSIVE QUESTIONS AND
CORRECT ANSWERS ALREADY PASSED
⩥ Schedule B.
Answer: Interest and Ordinary Dividends
⩥ Schedule C.
Answer: Profit Or Loss From Business
⩥ Schedule D.
Answer: Capital Gains & Losses
⩥ Schedule E.
Answer: Supplemental Income and Loss
⩥ Schedule 1.
Answer: Additional income and adjustments to income
⩥ Schedule 2.
Answer: Additional Taxes
,⩥ Schedule 3.
Answer: Additional Credits & Payments
⩥ You get a higher deduction for.
Answer: age 65 and/or blind
⩥ When is alimony taxable / non taxable.
Answer: Taxable decree date on or before 12/31/2018 and non taxable
1/01/2019 and after
⩥ Five types of Deductions.
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.
Answer: 4,700 (2023)
⩥ Standard Deduction (2023).
Answer: S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
, ⩥ Tax deductions reduce.
Answer: Taxable Income (amount of income subject to tax)
⩥ Where are the above the line deductions listed on the tax forms.
Answer: 1040 Income section (line 10) and schedule 1 part 2
(adjustments to income- line 26)
⩥ List three below the line deductions.
Answer: Standard (amount depends upon age, income, and filing status),
Itemized (schedule a), Qualified Business Income
⩥ Above the line deductions.
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?.
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?.
COMPREHENSIVE QUESTIONS AND
CORRECT ANSWERS ALREADY PASSED
⩥ Schedule B.
Answer: Interest and Ordinary Dividends
⩥ Schedule C.
Answer: Profit Or Loss From Business
⩥ Schedule D.
Answer: Capital Gains & Losses
⩥ Schedule E.
Answer: Supplemental Income and Loss
⩥ Schedule 1.
Answer: Additional income and adjustments to income
⩥ Schedule 2.
Answer: Additional Taxes
,⩥ Schedule 3.
Answer: Additional Credits & Payments
⩥ You get a higher deduction for.
Answer: age 65 and/or blind
⩥ When is alimony taxable / non taxable.
Answer: Taxable decree date on or before 12/31/2018 and non taxable
1/01/2019 and after
⩥ Five types of Deductions.
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.
Answer: 4,700 (2023)
⩥ Standard Deduction (2023).
Answer: S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
, ⩥ Tax deductions reduce.
Answer: Taxable Income (amount of income subject to tax)
⩥ Where are the above the line deductions listed on the tax forms.
Answer: 1040 Income section (line 10) and schedule 1 part 2
(adjustments to income- line 26)
⩥ List three below the line deductions.
Answer: Standard (amount depends upon age, income, and filing status),
Itemized (schedule a), Qualified Business Income
⩥ Above the line deductions.
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?.
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?.
