INTUIT ACADEMY TAX LEVEL 1 EXAMPREP
REVIEW SHEET TESTED QUESTIONS AND
ACCURATE ANSWERS
●● 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?
REVIEW SHEET TESTED QUESTIONS AND
ACCURATE ANSWERS
●● 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?
