INTUIT ACADEMY TAX COURSE ONE
EXAM QUESTION WITH COMPLETE
SOLUTIONS 2026
Schedule A - ANSWERSItemized Deductions
Schedule B - ANSWERSInterest and Ordinary Dividends
Schedule C - ANSWERSProfit Or Loss From Business
Schedule D - ANSWERSCapital Gains & Losses
Schedule E - ANSWERSSupplemental Income and Loss
Schedule 1 - ANSWERSAdditional income and adjustments to income
Schedule 2 - ANSWERSAdditional Taxes
Schedule 3 - ANSWERSAdditional Credits & Payments
You get a higher deduction for - ANSWERSage 65 and/or blind
When is alimony taxable / non taxable - ANSWERSTaxable decree date on or before
12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions - ANSWERSWork 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 -
ANSWERS4,700 (2023)
Standard Deduction (2023) - ANSWERSS-13,850 /MFS-13,850/ HH-20,800/ MFJ-
27,700 /QW-27,700
Tax deductions reduce - ANSWERSTaxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms - ANSWERS1040
Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions - ANSWERSStandard (amount depends upon age,
income, and filing status), Itemized (schedule a), Qualified Business Income
, Above the line deductions - ANSWERSIra 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? - ANSWERSNonrefundable 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? - ANSWERSIt allows you to exclude
$120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes? - ANSWERSResident Alien (green card
or substantial presence), non-resident alien (not US citizen or resident alien), or dual-
status (status changed during year between resident and non-resident or vice versa)
Substantial presence test that determines resident vs non resident - ANSWERSin US
31 days in current year and 183 days over last 3 years.
If you can be claimed as a dependent your standard deduction is limited to the greater
of - ANSWERS$1,250 or earned income plus $400 (2023)
How is foreign tax deduction calculated and tax applied - ANSWERSIt gets subtracted
from taxable income and then taxable rate is applied (foreign tax deduction must be
listed out on tax return)
If foreign tax is more than $300 (single) and $600 (MFJ) you must file what form to claim
tax credit? - ANSWERS1116
How are US Treasury Bills, Notes and Bonds taxed - ANSWERSThey are subject to
Federal taxes, but are exempt from state and local taxes.
What is the tax withholding for gambling (games of luck) for substantial winnings and
what tax form is generated? - ANSWERS24% withholding and w-2g tax form (slots &
bingo $1,200/ keno $1,500 & lottery & sweepstakes $5,000 are substantial)
Gambling records should include - ANSWERSDate & specific wager/wagering activity,
name & address of establishment, people present and wins or losses
List the seven ordinary tax rates - ANSWERS10%, 12%, 22%, 24%, 32%, 35%,37%
What is the tax withholding for gambling (games of skill-casino table games) and what is
the tax form that it is reported on? - ANSWERSThere is no withholding or w-2g issued,
but winnings still need to be reported on tax form 1040. (taken from schedule 1
additional income (other income).
EXAM QUESTION WITH COMPLETE
SOLUTIONS 2026
Schedule A - ANSWERSItemized Deductions
Schedule B - ANSWERSInterest and Ordinary Dividends
Schedule C - ANSWERSProfit Or Loss From Business
Schedule D - ANSWERSCapital Gains & Losses
Schedule E - ANSWERSSupplemental Income and Loss
Schedule 1 - ANSWERSAdditional income and adjustments to income
Schedule 2 - ANSWERSAdditional Taxes
Schedule 3 - ANSWERSAdditional Credits & Payments
You get a higher deduction for - ANSWERSage 65 and/or blind
When is alimony taxable / non taxable - ANSWERSTaxable decree date on or before
12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions - ANSWERSWork 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 -
ANSWERS4,700 (2023)
Standard Deduction (2023) - ANSWERSS-13,850 /MFS-13,850/ HH-20,800/ MFJ-
27,700 /QW-27,700
Tax deductions reduce - ANSWERSTaxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms - ANSWERS1040
Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions - ANSWERSStandard (amount depends upon age,
income, and filing status), Itemized (schedule a), Qualified Business Income
, Above the line deductions - ANSWERSIra 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? - ANSWERSNonrefundable 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? - ANSWERSIt allows you to exclude
$120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes? - ANSWERSResident Alien (green card
or substantial presence), non-resident alien (not US citizen or resident alien), or dual-
status (status changed during year between resident and non-resident or vice versa)
Substantial presence test that determines resident vs non resident - ANSWERSin US
31 days in current year and 183 days over last 3 years.
If you can be claimed as a dependent your standard deduction is limited to the greater
of - ANSWERS$1,250 or earned income plus $400 (2023)
How is foreign tax deduction calculated and tax applied - ANSWERSIt gets subtracted
from taxable income and then taxable rate is applied (foreign tax deduction must be
listed out on tax return)
If foreign tax is more than $300 (single) and $600 (MFJ) you must file what form to claim
tax credit? - ANSWERS1116
How are US Treasury Bills, Notes and Bonds taxed - ANSWERSThey are subject to
Federal taxes, but are exempt from state and local taxes.
What is the tax withholding for gambling (games of luck) for substantial winnings and
what tax form is generated? - ANSWERS24% withholding and w-2g tax form (slots &
bingo $1,200/ keno $1,500 & lottery & sweepstakes $5,000 are substantial)
Gambling records should include - ANSWERSDate & specific wager/wagering activity,
name & address of establishment, people present and wins or losses
List the seven ordinary tax rates - ANSWERS10%, 12%, 22%, 24%, 32%, 35%,37%
What is the tax withholding for gambling (games of skill-casino table games) and what is
the tax form that it is reported on? - ANSWERSThere is no withholding or w-2g issued,
but winnings still need to be reported on tax form 1040. (taken from schedule 1
additional income (other income).
