Intuit Academy Tax Level 1
questions with answers
Below the line deductions include
Standard deduction
Eligible educators can deduct up to _______ of qualified
expenses paid during the tax year.
$250
Which of the following is an ineligible medical expense for
HSA, Archer MSA, and MA MSA?
Breast enhancement
The net capital gain is taxed at _______ if the married
filing jointly taxpayer income is less than $80,800.
0%
,To claim a child as a dependent, they must meet the
qualifying child test or ________________.
qualifying relative test
Ordinary dividends are taxed at the same rate as
__________ income tax rate.
ordinary
Distributions from HSA, Archer MSA, or MS MSA are non-
taxable when _________________________________________.
spent for qualified medical expenses of your dependent
Which residency status is used when an individual is
neither a U.S. citizen nor a resident alien for tax
purposes?
Non-resident alien
_____________ and ____________ are what taxpayers must
know to calculate their tax amount.
Taxable income and filing status
,For mortgages entered into after December 15, 2017, the
amount of interest the taxpayer can deduct is no more
than ______________ of the debt used to buy, build, or
substantially improve their principal home and a second
home.
750,000
__________ reduce the amount of tax due.
Tax credits
Which form is for beneficiaries who get income from
trusts and estates?
Form 1041
___________________ consists of both earned and unearned
income that is used to calculate the tax. It is generally
less than adjusted gross income due to the deductions.
Taxable income
, To satisfy the Substantial Presence Test, how many
minimum days (in the current year) must you be
physically present in the United States?
31
Complete the equation. ___________ = Selling Price -
Purchase Price
Capital Loss or Capital Gain
_________________ helps sole proprietorships calculate the
profit or loss from a business while also providing the IRS
with your total business income and deductions.
Schedule C
What type of deduction is a HSA contribution?
Above-the-Line Deduction Some of the common expenses
on which Above-the-Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
questions with answers
Below the line deductions include
Standard deduction
Eligible educators can deduct up to _______ of qualified
expenses paid during the tax year.
$250
Which of the following is an ineligible medical expense for
HSA, Archer MSA, and MA MSA?
Breast enhancement
The net capital gain is taxed at _______ if the married
filing jointly taxpayer income is less than $80,800.
0%
,To claim a child as a dependent, they must meet the
qualifying child test or ________________.
qualifying relative test
Ordinary dividends are taxed at the same rate as
__________ income tax rate.
ordinary
Distributions from HSA, Archer MSA, or MS MSA are non-
taxable when _________________________________________.
spent for qualified medical expenses of your dependent
Which residency status is used when an individual is
neither a U.S. citizen nor a resident alien for tax
purposes?
Non-resident alien
_____________ and ____________ are what taxpayers must
know to calculate their tax amount.
Taxable income and filing status
,For mortgages entered into after December 15, 2017, the
amount of interest the taxpayer can deduct is no more
than ______________ of the debt used to buy, build, or
substantially improve their principal home and a second
home.
750,000
__________ reduce the amount of tax due.
Tax credits
Which form is for beneficiaries who get income from
trusts and estates?
Form 1041
___________________ consists of both earned and unearned
income that is used to calculate the tax. It is generally
less than adjusted gross income due to the deductions.
Taxable income
, To satisfy the Substantial Presence Test, how many
minimum days (in the current year) must you be
physically present in the United States?
31
Complete the equation. ___________ = Selling Price -
Purchase Price
Capital Loss or Capital Gain
_________________ helps sole proprietorships calculate the
profit or loss from a business while also providing the IRS
with your total business income and deductions.
Schedule C
What type of deduction is a HSA contribution?
Above-the-Line Deduction Some of the common expenses
on which Above-the-Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
