Intuit Academy My Cards Question
and answers 100% correct 2025/2026
Schedule K-1 - correct answer ✔Reports partnership activity so that each partner is taxed at the
partners income tax rate. has a section to calculate a partner's capital account. (Note: Partners track
their own basis. Partnerships generally don't track it).
corportions can be - correct answer ✔Partners in partnerships
Schedule K-1 includes - correct answer ✔information about the partner, including the partner's profit,
loss and capital-sharing percentages; share of partnership liabilities at the beginning and end of the
year; and changes in the partner's capital account during the year.
Most of the totals in Schedule K-1 - correct answer ✔Need to be included in Schedule E of form 1040
Who reports on Schedule K-1 to report their earnings, losses, and dividends. - correct answer
✔Business partners, S corporation shareholders, and investors in limited partnerships and certain ETFs
Schedule K-1s are - correct answer ✔usually issued by pass-through business or financial entities, which
don't directly pay corporate tax on their income, but shift the tax liability (along with most of their
income) to their stakeholders.
- correct answer ✔has a section to calculate a partner's capital account.
(Note: Partners track their own basis. Partnerships generally don't track it).
true - correct answer ✔Individual taxpayers with income from a partnership and owners of S
corporations should report their income in Part II of Schedule E. However, Schedule E is not used to
report rental real estate activities for partnerships and S corporations. (T/F)
and answers 100% correct 2025/2026
Schedule K-1 - correct answer ✔Reports partnership activity so that each partner is taxed at the
partners income tax rate. has a section to calculate a partner's capital account. (Note: Partners track
their own basis. Partnerships generally don't track it).
corportions can be - correct answer ✔Partners in partnerships
Schedule K-1 includes - correct answer ✔information about the partner, including the partner's profit,
loss and capital-sharing percentages; share of partnership liabilities at the beginning and end of the
year; and changes in the partner's capital account during the year.
Most of the totals in Schedule K-1 - correct answer ✔Need to be included in Schedule E of form 1040
Who reports on Schedule K-1 to report their earnings, losses, and dividends. - correct answer
✔Business partners, S corporation shareholders, and investors in limited partnerships and certain ETFs
Schedule K-1s are - correct answer ✔usually issued by pass-through business or financial entities, which
don't directly pay corporate tax on their income, but shift the tax liability (along with most of their
income) to their stakeholders.
- correct answer ✔has a section to calculate a partner's capital account.
(Note: Partners track their own basis. Partnerships generally don't track it).
true - correct answer ✔Individual taxpayers with income from a partnership and owners of S
corporations should report their income in Part II of Schedule E. However, Schedule E is not used to
report rental real estate activities for partnerships and S corporations. (T/F)
