INTUIT ACADEMY TAX LEVEL 1 EXAM ALL 400
UPDATED ACTUAL QUESTIONS AND CORRECT
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?.
UPDATED ACTUAL QUESTIONS AND CORRECT
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?.
