INTUIT TAX LEVEL 1 STUDY GUIDE
QUESTIONS AND ANSWERS 2026
Ford 1040, Line 1 - ANSWERSWages, salaries, tips, etc. Reflects income from form
W2.
Form 1040 Line 2B - ANSWERStaxable interest; form 1099-INT
What is the child tax credit for each child under 17? - ANSWERS$2000
Net capital losses over $3000 can be carried forward indefinitely until exhausted. -
ANSWERSTrue
In 2021, Gustav bought a residential real estate property and rented it full time on
November 1, 2021. What schedule should he include with Form 1040? -
ANSWERSSchedule 1; Schedule E
Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a and also
received a 1099B reporting long term capital gains. What should he do when preparing
the Form 1040? - ANSWERSAttach a schedule D
Schedule 1 (Form 1040) - ANSWERSadditional income and adjustments to income
Schedule 2 (Form 1040) - ANSWERSadditional taxes
Schedule 3 (Form 1040) - ANSWERSAdditional Credits and Payments
Schedule A (Form 1040) - ANSWERSitemized deductions
Schedule B (Form 1040) - ANSWERSInterest and Ordinary Dividends
Schedule D form 1040 - ANSWERSCapital Gains and Losses
Schedule C (Form 1040) - ANSWERSProfit or Loss from Business (Sole Proprietorship)
Schedule SE (Form 1040) - ANSWERSself employment tax (SS tax)
Schedule E (Form 1040) - ANSWERSSupplemental Income and Loss (From rental real
estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
Schedule EIC (Form 1040) - ANSWERSEarned Income Credit for a qualifying child
, Schedule 8812 (Form 1040) - ANSWERSAdditional child tax credit; refundable credit
received if child tax credit is greater than total amount of income taxes owed
Three conditions to not pay estimated tax for current year - ANSWERS1. They had no
tax liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
Form 2210 - ANSWERSUnderpayment of Estimated Tax by Individuals, Estates, and
Trusts
Linda, a US resident and sole proprietor, expects that she will owe $2500 and taxes for
the current year. According to the IRS guidelines, which is true about Linda's estimated
tax payments? - ANSWERSLinda must make estimated tax payments for the current
year since her expected tax liability is $2500 or more
How to request an extension on taxes - ANSWERS- online payment option and check
the box
- File Form 4868 by mail or tax professional
- using free file function
Variations of form 1040 - ANSWERSForm 1040
Form 1040-SR: senior taxpayers
Form 1040-NR: non-U.S citizens
Form 1040-X: amending their tax returns after filing Form 1040
Filing status is used to determine - ANSWERSFiling requirements
Standard deduction
Eligibility for certain credits
Correct tax
Five filing statuses - ANSWERS(1) Single
(2) Married Filing Jointly
(3) Married Filing Separately
(4) Head of Household
(5) Qualifying surviving spouse
Ray is a divorced, single parent who has full custody of his eight-year-old son. He
receives alimony payments of $1600 per month. Based on this information, what is
raised filing status? - ANSWERSHead of Household
Dan lost his spouse, Pat, to a terminal illness last year. Dan and Pat have a ten year old
daughter that is their dependent. Dan was qualified to file a married filing jointly return
last year.
Is Dan a qualified widower? - ANSWERSYes
QUESTIONS AND ANSWERS 2026
Ford 1040, Line 1 - ANSWERSWages, salaries, tips, etc. Reflects income from form
W2.
Form 1040 Line 2B - ANSWERStaxable interest; form 1099-INT
What is the child tax credit for each child under 17? - ANSWERS$2000
Net capital losses over $3000 can be carried forward indefinitely until exhausted. -
ANSWERSTrue
In 2021, Gustav bought a residential real estate property and rented it full time on
November 1, 2021. What schedule should he include with Form 1040? -
ANSWERSSchedule 1; Schedule E
Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a and also
received a 1099B reporting long term capital gains. What should he do when preparing
the Form 1040? - ANSWERSAttach a schedule D
Schedule 1 (Form 1040) - ANSWERSadditional income and adjustments to income
Schedule 2 (Form 1040) - ANSWERSadditional taxes
Schedule 3 (Form 1040) - ANSWERSAdditional Credits and Payments
Schedule A (Form 1040) - ANSWERSitemized deductions
Schedule B (Form 1040) - ANSWERSInterest and Ordinary Dividends
Schedule D form 1040 - ANSWERSCapital Gains and Losses
Schedule C (Form 1040) - ANSWERSProfit or Loss from Business (Sole Proprietorship)
Schedule SE (Form 1040) - ANSWERSself employment tax (SS tax)
Schedule E (Form 1040) - ANSWERSSupplemental Income and Loss (From rental real
estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
Schedule EIC (Form 1040) - ANSWERSEarned Income Credit for a qualifying child
, Schedule 8812 (Form 1040) - ANSWERSAdditional child tax credit; refundable credit
received if child tax credit is greater than total amount of income taxes owed
Three conditions to not pay estimated tax for current year - ANSWERS1. They had no
tax liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
Form 2210 - ANSWERSUnderpayment of Estimated Tax by Individuals, Estates, and
Trusts
Linda, a US resident and sole proprietor, expects that she will owe $2500 and taxes for
the current year. According to the IRS guidelines, which is true about Linda's estimated
tax payments? - ANSWERSLinda must make estimated tax payments for the current
year since her expected tax liability is $2500 or more
How to request an extension on taxes - ANSWERS- online payment option and check
the box
- File Form 4868 by mail or tax professional
- using free file function
Variations of form 1040 - ANSWERSForm 1040
Form 1040-SR: senior taxpayers
Form 1040-NR: non-U.S citizens
Form 1040-X: amending their tax returns after filing Form 1040
Filing status is used to determine - ANSWERSFiling requirements
Standard deduction
Eligibility for certain credits
Correct tax
Five filing statuses - ANSWERS(1) Single
(2) Married Filing Jointly
(3) Married Filing Separately
(4) Head of Household
(5) Qualifying surviving spouse
Ray is a divorced, single parent who has full custody of his eight-year-old son. He
receives alimony payments of $1600 per month. Based on this information, what is
raised filing status? - ANSWERSHead of Household
Dan lost his spouse, Pat, to a terminal illness last year. Dan and Pat have a ten year old
daughter that is their dependent. Dan was qualified to file a married filing jointly return
last year.
Is Dan a qualified widower? - ANSWERSYes
