Intuit Academy Tax Level 1 Exam Q&A 2026/2027

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INTUIT ACADEMY TAX LEVEL 1 EXAM 2026/2027 ACTU
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AL EXAM QUESTIONS AND CORRECT k k k k




DETAILED ANSWERS (VERIFIED ANSWERS) ALL ANS k k k k k




WERED {335 Q & A} ALREADY GRADED A+ | BRAND N
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EW!



Taxable Income Formula
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Total Income - Tax Deductions - Total Exemptions - Total Rebate
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Taxpayers can claim a Child Tax Credit of up to _________ for
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each child under age 17 in 2021(2022).
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$3,600.00 Taxpayers can claim a CTC of up to $3,600 for each child
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under age 17 in 2021(2022). Since 2021, qualifying families may now r
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eceive up to $3,600 per child under the age of 5 and
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$3,000 for those ages 6 to 17. That's up from $2,000 per child, provided
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families fall under certain income thresholds (less than
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$150,000 for couples and $112,500 for single parents).
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The IRS requires you to keep detailed records of your gambling win
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nings and losses as well as any related documents, including receipt
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s, tickets, payment slips, statements, and Form W-2G.
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You must be able to ____________________ _.
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Report your gambling winnings and gambling losses. You may be ab
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le to deduct your losses if you have itemized deductions.
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As it applies to compensation income, the general rule for sourci
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ng wages and personal services income is controlled by
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________________________________.
where the service is performed The general rule for sourcing wag
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es and personal services income is controlled by where the servic
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e is performed. The residence of the recipient of the service, the pl
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ace of contracting, and the time and place of payment are irrelev
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ant.




Which is considered non-taxable income?
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military personnel allowances Payments received as a member o
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f military service are generally taxed as wages except for retire
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ment pay, which is taxed as a pension. Allowances generally are
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n't taxed. k

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______________ is used to offset income and payroll taxes for low-
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income workers and to provide an incentive to work.
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Earned Income Tax Credit Earned Income Tax Credit is used to offset i
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ncome and payroll taxes for low-
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income workers and to provide an incentive to work.
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Which is a non-deductible business expense?
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family vacation Expenses done for personal and recreational purpose
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s are personal expenses and are non-deductible.
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What amount of upper cap is applicable on business gifts?
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$25 The upper cap of $25 is applicable on business gifts.
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If yearly dividend amounts exceed __________, a Schedule B must
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be completed and attached to Form 1040.
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$1500 If yearly dividend amounts exceed $1500, a Schedule B must
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be completed and attached.
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The are _________ filing statuses.
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five There are five filing statuses.
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Single
Married Filing Jointly Marr k k k




ied Filing Separately Head
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of Household Qualifying
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Widow(er)




Michael worked as an IT Technician and did contract work creati
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ng websites for small businesses. Michael received a W-
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2 for his IT technician job but didn't receive a 1099-
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MISC form for his contract work.
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Does Michael still need to report all of his income?
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Yes




Adam Clark is a freelance voiceover artist, he's paid between
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$2,000 to $4,000 per year. He has full-
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time job in accounting, where he makes $85,000 per year. Shoul
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d Adam report the income he receives as a voiceover artist?
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