Intuit Course Tax 1 Exam
questions with answers
Qualified Retirement Distribution - CORRECT ANSWERS
✔✔A 1099-R distribution not taxable from a Roth IRA
taken after age 59.5.
A Roth IRA owner must be at least what age in order to
make tax-free withdrawals? - CORRECT ANSWERS ✔✔59.5
and have held the account for more than 5 years
Age requirements of qualified dependents - CORRECT
ANSWERS ✔✔Under 19 years old or full time student
under 24. Relative any age who you provide more than
half support of.
What expenses are included for itemized deductions? -
CORRECT ANSWERS ✔✔Charity, medical and dental exp
that exceed 7.5% AGI, mortgage interest, state and local
taxes.
What are the different kind of deductions in reference to
AGI? - CORRECT ANSWERS ✔✔Above a line and below the
line
,What are the above the line deductions? - CORRECT
ANSWERS ✔✔Student loan interest, contributions to IRA
or 401(k), HSA, and SEHI
What is the adoption credit versus adoption expenses? -
CORRECT ANSWERS ✔✔If you meet the limit, you can
claim the adoption, credit $16810 and adoption
expenses. But they cannot overlap. They can also be
carried forward if they exceed the limit for 5 years
What is the age for RMD's? - CORRECT ANSWERS ✔✔73
and 75 if born 1960 or later
How much can a retired public safety officer exclude from
?to use for health insurance premiums? - CORRECT
ANSWERS ✔✔$3000
What are some of the exceptions to the 10% penalty for
early retirement distributions on an IRA? - CORRECT
ANSWERS ✔✔Federal disaster, terminally, ill patient,
becoming totally disabled, death (beneficiary won't get
penalized), firefighter 50 years or older, IRS Levy, medical
expenses, $5000 birth and adoption, and 1000 for a
personal emergencies
, How much do I pay an estimated taxes to avoid
penalties? - CORRECT ANSWERS ✔✔This year, Pay 100%
of the tax you owed for last tax year or 90% of what you'll
owe this year.
What are the community part property states? - CORRECT
ANSWERS ✔✔Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Texas, Washington Wisconsin may
require combined income for married filing separately
What is the criteria for filing status that allows single or
head of household filing at dissolution of marriage? -
CORRECT ANSWERS ✔✔Must have a final legal
separation, = decree or separate maintenance by
December 31 of the tax year.
What are other ways to qualify as divorced for tax
purposes? - CORRECT ANSWERS ✔✔If you're living apart
for the entire tax year and there's no joint tax return each
spouse's income is separate property despite community
property tax laws.
If you are divorcing, but living apart for only part of the
year, what are the rules? - CORRECT ANSWERS
✔✔Community property applies. Income earned during
the time they live together must be split between the
spouses.
questions with answers
Qualified Retirement Distribution - CORRECT ANSWERS
✔✔A 1099-R distribution not taxable from a Roth IRA
taken after age 59.5.
A Roth IRA owner must be at least what age in order to
make tax-free withdrawals? - CORRECT ANSWERS ✔✔59.5
and have held the account for more than 5 years
Age requirements of qualified dependents - CORRECT
ANSWERS ✔✔Under 19 years old or full time student
under 24. Relative any age who you provide more than
half support of.
What expenses are included for itemized deductions? -
CORRECT ANSWERS ✔✔Charity, medical and dental exp
that exceed 7.5% AGI, mortgage interest, state and local
taxes.
What are the different kind of deductions in reference to
AGI? - CORRECT ANSWERS ✔✔Above a line and below the
line
,What are the above the line deductions? - CORRECT
ANSWERS ✔✔Student loan interest, contributions to IRA
or 401(k), HSA, and SEHI
What is the adoption credit versus adoption expenses? -
CORRECT ANSWERS ✔✔If you meet the limit, you can
claim the adoption, credit $16810 and adoption
expenses. But they cannot overlap. They can also be
carried forward if they exceed the limit for 5 years
What is the age for RMD's? - CORRECT ANSWERS ✔✔73
and 75 if born 1960 or later
How much can a retired public safety officer exclude from
?to use for health insurance premiums? - CORRECT
ANSWERS ✔✔$3000
What are some of the exceptions to the 10% penalty for
early retirement distributions on an IRA? - CORRECT
ANSWERS ✔✔Federal disaster, terminally, ill patient,
becoming totally disabled, death (beneficiary won't get
penalized), firefighter 50 years or older, IRS Levy, medical
expenses, $5000 birth and adoption, and 1000 for a
personal emergencies
, How much do I pay an estimated taxes to avoid
penalties? - CORRECT ANSWERS ✔✔This year, Pay 100%
of the tax you owed for last tax year or 90% of what you'll
owe this year.
What are the community part property states? - CORRECT
ANSWERS ✔✔Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Texas, Washington Wisconsin may
require combined income for married filing separately
What is the criteria for filing status that allows single or
head of household filing at dissolution of marriage? -
CORRECT ANSWERS ✔✔Must have a final legal
separation, = decree or separate maintenance by
December 31 of the tax year.
What are other ways to qualify as divorced for tax
purposes? - CORRECT ANSWERS ✔✔If you're living apart
for the entire tax year and there's no joint tax return each
spouse's income is separate property despite community
property tax laws.
If you are divorcing, but living apart for only part of the
year, what are the rules? - CORRECT ANSWERS
✔✔Community property applies. Income earned during
the time they live together must be split between the
spouses.
