INTUIT Tax Level 2 - Study Pre-Assessment
Without considering any *80
temporary expansions %
(increases) in the meal 50
deduction, what is the %
general rule for meals 100%
deduction for trucker's subject to 0%
the Department of
Transportation's "hours of
service" limits?
*Tru
e
Fal
se
For an NSO, the bargain
Visit the Help Panel for more information on non-qualified stock options.
element is reported as
ordinary income.
*The bargain element is taxed as compensation, which means
you'll need to pay ordinary income tax on that amount
https://turbotax.intuit.com/tax-tips/investments-and-taxes/non-
qualified-stock- options/L8zsxRi7B
A taxpayer is considered to use *Tru
a dwelling as a residence if e
they use the property for Fal
personal purposes during the se
tax year for more than the
greater of 14 days or 10% of the *You're considered to use a dwelling unit as a residence if
total days they rent it to others you use it for personal purposes during the tax year for a
at a fair rental price. number of days that's more than the greater of: 14 days, or.
10% of the total days you rent it to others at a fair rental price.
*Illegal activities
$15 grocery store gift card
Which of the following items
*Broadway Show
are nondeductible business
*$1,000 gift card
expenses *Personal expenses
, When calculating the *Tru
depreciable basis of a rental e
property, the taxpayer should Fal
not include the value of the se
land
A Qualified Charitable True
Distribution can satisfy only *False
part of your required minimum
distribution for the year
Which of the following Select all that apply:
statements are true? Traditional IRAs are the same as 401(k)s
*There are income limits for Roth IRAs.
Select all that apply *Anyone that is working and/or has earned income to contribute
-Traditional IRAs are the same as to a Traditional IRA regardless of age
401(k)s *Nondeductible IRA contributions have no income limits
-There are income limits for Roth
IRAs.
-Anyone that is working and/or
has earned income to
contribute to a -Traditional IRA
regardless of age
-Nondeductible IRA contributions
have no income limits
*Section 199A
What is the Qualified Business C corporation
Income Deduction also known deduction Qualified
as benefits
A 50% deduction
Filing status is determined by *Tru
your marital status as of e
December 31 of the tax year. Fal
se
When an individual converts a *Tru
non- deductible IRA contribution e
to a Roth IRA, the earnings are Fal
taxable. se
Schedules K-2 and K-3 (Form Schedules K-2 and K-3 (Form 1065) replace which
1065) replace which lines on lines on the K1? 19
the K1? *1
19 6
16 17
17 *20
20
Taiwan purchased stock twelve *$5,000
years ago for $5,000. He sold it
Without considering any *80
temporary expansions %
(increases) in the meal 50
deduction, what is the %
general rule for meals 100%
deduction for trucker's subject to 0%
the Department of
Transportation's "hours of
service" limits?
*Tru
e
Fal
se
For an NSO, the bargain
Visit the Help Panel for more information on non-qualified stock options.
element is reported as
ordinary income.
*The bargain element is taxed as compensation, which means
you'll need to pay ordinary income tax on that amount
https://turbotax.intuit.com/tax-tips/investments-and-taxes/non-
qualified-stock- options/L8zsxRi7B
A taxpayer is considered to use *Tru
a dwelling as a residence if e
they use the property for Fal
personal purposes during the se
tax year for more than the
greater of 14 days or 10% of the *You're considered to use a dwelling unit as a residence if
total days they rent it to others you use it for personal purposes during the tax year for a
at a fair rental price. number of days that's more than the greater of: 14 days, or.
10% of the total days you rent it to others at a fair rental price.
*Illegal activities
$15 grocery store gift card
Which of the following items
*Broadway Show
are nondeductible business
*$1,000 gift card
expenses *Personal expenses
, When calculating the *Tru
depreciable basis of a rental e
property, the taxpayer should Fal
not include the value of the se
land
A Qualified Charitable True
Distribution can satisfy only *False
part of your required minimum
distribution for the year
Which of the following Select all that apply:
statements are true? Traditional IRAs are the same as 401(k)s
*There are income limits for Roth IRAs.
Select all that apply *Anyone that is working and/or has earned income to contribute
-Traditional IRAs are the same as to a Traditional IRA regardless of age
401(k)s *Nondeductible IRA contributions have no income limits
-There are income limits for Roth
IRAs.
-Anyone that is working and/or
has earned income to
contribute to a -Traditional IRA
regardless of age
-Nondeductible IRA contributions
have no income limits
*Section 199A
What is the Qualified Business C corporation
Income Deduction also known deduction Qualified
as benefits
A 50% deduction
Filing status is determined by *Tru
your marital status as of e
December 31 of the tax year. Fal
se
When an individual converts a *Tru
non- deductible IRA contribution e
to a Roth IRA, the earnings are Fal
taxable. se
Schedules K-2 and K-3 (Form Schedules K-2 and K-3 (Form 1065) replace which
1065) replace which lines on lines on the K1? 19
the K1? *1
19 6
16 17
17 *20
20
Taiwan purchased stock twelve *$5,000
years ago for $5,000. He sold it
