Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
1. Below the line de- Standard deduction
ductions include
2. Eligible educa- $250
tors can deduct
up to _______ of
qualified expens-
es paid during
the tax year.
3. Which of the fol- Breast enhancement
lowing is an inel-
igible medical ex-
pense for HSA,
Archer MSA, and
MA MSA?
4. The net capital 0%
gain is taxed at
_______ if the mar-
ried filing joint-
ly taxpayer in-
come is less than
$80,800.
5. To claim a child qualifying relative test
as a depen-
dent, they must
meet the qualify-
ing child test or
________________.
6. ordinary
, Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
Ordinary divi-
dends are taxed
at the same rate
as __________ in-
come tax rate.
7. Distributions spent for qualified medical expenses of your dependent
from HSA, Archer
MSA, or MS MSA
are non-taxable
when
_________________________________________.
8. Which residency Non-resident alien
status is used
when an individ-
ual is neither a
U.S. citizen nor a
resident alien for
tax purposes?
9. _____________ and Taxable income and filing status
____________ are
what taxpayers
must know to cal-
culate their tax
amount.
10. For mortgages 750,000
entered into af-
ter December
15, 2017, the
amount of inter-
, Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
est the taxpay-
er can deduct
is no more than
______________ of
the debt used
to buy, build, or
substantially im-
prove their prin-
cipal home and a
second home.
11. __________ reduce Tax credits
the amount of
tax due.
12. Which form is Form 1041
for beneficiaries
who get income
from trusts and
estates?
13. ___________________ Taxable income
consists of both
earned and
unearned
income that is
used to calculate
the tax. It is
generally less
than adjusted
gross income
, Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
due to the
deductions.
14. To satisfy the 31
Substantial Pres-
ence Test, how
many minimum
days (in the cur-
rent year) must
you be physical-
ly present in the
United States?
15. Complete the Capital Loss or Capital Gain
equation.
___________ =
Selling Price -
Purchase Price
16. _________________ Schedule C
helps sole
proprietorships
calculate the
profit or loss
from a business
while also
providing the IRS
with your total
business income
and deductions.
17. Above-the-Line Deduction Some of the common expenses on which
Above-the-Line deductions are available include:
Study online at https://quizlet.com/_eyb564
1. Below the line de- Standard deduction
ductions include
2. Eligible educa- $250
tors can deduct
up to _______ of
qualified expens-
es paid during
the tax year.
3. Which of the fol- Breast enhancement
lowing is an inel-
igible medical ex-
pense for HSA,
Archer MSA, and
MA MSA?
4. The net capital 0%
gain is taxed at
_______ if the mar-
ried filing joint-
ly taxpayer in-
come is less than
$80,800.
5. To claim a child qualifying relative test
as a depen-
dent, they must
meet the qualify-
ing child test or
________________.
6. ordinary
, Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
Ordinary divi-
dends are taxed
at the same rate
as __________ in-
come tax rate.
7. Distributions spent for qualified medical expenses of your dependent
from HSA, Archer
MSA, or MS MSA
are non-taxable
when
_________________________________________.
8. Which residency Non-resident alien
status is used
when an individ-
ual is neither a
U.S. citizen nor a
resident alien for
tax purposes?
9. _____________ and Taxable income and filing status
____________ are
what taxpayers
must know to cal-
culate their tax
amount.
10. For mortgages 750,000
entered into af-
ter December
15, 2017, the
amount of inter-
, Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
est the taxpay-
er can deduct
is no more than
______________ of
the debt used
to buy, build, or
substantially im-
prove their prin-
cipal home and a
second home.
11. __________ reduce Tax credits
the amount of
tax due.
12. Which form is Form 1041
for beneficiaries
who get income
from trusts and
estates?
13. ___________________ Taxable income
consists of both
earned and
unearned
income that is
used to calculate
the tax. It is
generally less
than adjusted
gross income
, Intuit Academy Tax Level 1
Study online at https://quizlet.com/_eyb564
due to the
deductions.
14. To satisfy the 31
Substantial Pres-
ence Test, how
many minimum
days (in the cur-
rent year) must
you be physical-
ly present in the
United States?
15. Complete the Capital Loss or Capital Gain
equation.
___________ =
Selling Price -
Purchase Price
16. _________________ Schedule C
helps sole
proprietorships
calculate the
profit or loss
from a business
while also
providing the IRS
with your total
business income
and deductions.
17. Above-the-Line Deduction Some of the common expenses on which
Above-the-Line deductions are available include:
