INTUIT ACADEMY TAX LEVEL 1 RESOURCE GUIDE QUESTIONS
WITH CORRECT ANSWERS 2026
Form 1040
Official document US Taxpayers file federal income tax return (Calculates AGI, Tax
Income and Tax)
Gross Income
(Wages, Interest, Dividends, IRA Distributions, Pensions, Social Security Benefits, Capital
Gains/Losses)
Total Income Formula
Gross Income + Schedule 1 Adjustments Income (Above the Line)
Adjusted Gross Income (AGI) Formula
Total Income - Schedule 1 Adjustments
Taxable Income Formula
AGI - Greater of Standard or Itemize Deductions (Below the Line) and QBI Deduction
Total Tax Formula
Tax Liability - Non Refundable Tax Credits =
Total Payments Formula
Withholding + Estimated Tax Payments + Refundable Tax Credits
Refund or Payment Due Formula
Total Tax - Total Payments
Individual Federal Income Tax Formula
The combination of the Total Income, AGI, Taxable Income, Total Tax, Total Payments,
and Refund or Payment Due Formulas.
What day of the year determines the tax Filing Status?
Last day of the year
, Determination for the Single Filing Status
Unmarried; divorced or legally separated
Determination for Married Filing Jointly Filing Status
Married or spouse passed away during the year
Determination for Married Filing Separately Filing Status
Married and do not wish to file jointly
Determination for Head of Household Filing Status
Unmarried or considered unmarried for tax purposes and paid more than half of living
expenses for yourself and qualifying dependent
Determination for Qualifying Surviving Spouse Filing Status
Spouse passed during the past 2 years and you have a dependent child
Three General Rules for Dependents
1. Must be a US Citizen, resident alien/national or resident of Mexico or Canada
2. Cannot be claimed as dependent by another taxpayer, including the dependent's own
return
3. Must be a qualifying child or relative
General child as dependent requirements
must pass relationship, age, residency, support, and joint return tests
General relative as dependent requirements
cannot be a qualifying child; must pass member of household or relationship, gross
income, and support tests
What are the (+) Schedule 1 Adjustments (Above the Line)?
1. Alimony (before 2019)
2. Business Income (Sole Prop = Schedule C)
3. Farm Income (Schedule F)
4. Rental Real Estate, Pships, S Corps
5. Unemployment Compensation
WITH CORRECT ANSWERS 2026
Form 1040
Official document US Taxpayers file federal income tax return (Calculates AGI, Tax
Income and Tax)
Gross Income
(Wages, Interest, Dividends, IRA Distributions, Pensions, Social Security Benefits, Capital
Gains/Losses)
Total Income Formula
Gross Income + Schedule 1 Adjustments Income (Above the Line)
Adjusted Gross Income (AGI) Formula
Total Income - Schedule 1 Adjustments
Taxable Income Formula
AGI - Greater of Standard or Itemize Deductions (Below the Line) and QBI Deduction
Total Tax Formula
Tax Liability - Non Refundable Tax Credits =
Total Payments Formula
Withholding + Estimated Tax Payments + Refundable Tax Credits
Refund or Payment Due Formula
Total Tax - Total Payments
Individual Federal Income Tax Formula
The combination of the Total Income, AGI, Taxable Income, Total Tax, Total Payments,
and Refund or Payment Due Formulas.
What day of the year determines the tax Filing Status?
Last day of the year
, Determination for the Single Filing Status
Unmarried; divorced or legally separated
Determination for Married Filing Jointly Filing Status
Married or spouse passed away during the year
Determination for Married Filing Separately Filing Status
Married and do not wish to file jointly
Determination for Head of Household Filing Status
Unmarried or considered unmarried for tax purposes and paid more than half of living
expenses for yourself and qualifying dependent
Determination for Qualifying Surviving Spouse Filing Status
Spouse passed during the past 2 years and you have a dependent child
Three General Rules for Dependents
1. Must be a US Citizen, resident alien/national or resident of Mexico or Canada
2. Cannot be claimed as dependent by another taxpayer, including the dependent's own
return
3. Must be a qualifying child or relative
General child as dependent requirements
must pass relationship, age, residency, support, and joint return tests
General relative as dependent requirements
cannot be a qualifying child; must pass member of household or relationship, gross
income, and support tests
What are the (+) Schedule 1 Adjustments (Above the Line)?
1. Alimony (before 2019)
2. Business Income (Sole Prop = Schedule C)
3. Farm Income (Schedule F)
4. Rental Real Estate, Pships, S Corps
5. Unemployment Compensation
