INTUIT ACADEMY TAX LATEST
COURSE ONE – TEST 1
What is the 110% rule for estimated tax payments - If previous year's
AGI is over $150K or $75K MFS, you must pay the LESSOR of 90% of
tax on current year return or 110% of tax shown on previous year return.
Subject to MAGI instead of AGI - Eligibility to contribute to a Roth IRA
Deductibility of TRAD IRA Contribution
Eligibility to utilize Lifetime Learning Credit
Net Investment Income Tax 3.8%
Eligibility to contribute to a Roth IRA - Eligibility for a Roth IRA
begins to phase out once a taxpayer's MAGI exceeds certain thresholds:
2023- $138,000-$153,000 for single filers, $218,000-$228,000 for
married couples filing jointly
Deductibility of IRA contributions - Single or head of household
covered by plan at work $73,000 or less.
A full deduction up to the amount of your contribution limit
Married filing jointly or qualifying widow(er) covered by plan at work
$116,000 or less.
END OF
PAGE
1
, INTUIT ACADEMY TAX LATEST
COURSE ONE – TEST 1
A full deduction up to the amount of your contribution limit
Married filing separately covered by plan at work; married filing
separately with spouse who is covered by plan at work $10,000 or less
A partial deduction
Single, head of household, qualifying widow(er); married filing jointly
or separately NOT covered by a plan at work but your spouse is Any
amount
A full deduction up to the amount of your contribution limit
What is QBI? - Amount of qualified items of income, gain, deduction &
loss from any qualified trade or business. It equals 20% of qualified
business income earned.
2023 taxable income before the QBI deduction isn't more than $364,200
if married filing jointly, and $182,100 for all other returns, your SSTB is
treated as a qualified trade or business, and thus may generate income
eligible for the QBI deduction.
END OF
PAGE
2
, INTUIT ACADEMY TAX LATEST
COURSE ONE – TEST 1
What entities are eligible for QBI deduction? - Sole Proprietorship,
partnership based venture, s-corp as a stakeholder and trust or estate as
beneficiary. Can qualify even if they don't itemize or use the standard
deduction.
QBI excludes - Capital Gains Or Losses
Dividends
Interest Income
Non-US Income
Specific wage and guaranteed payments made to partners &
shareholders
What MAGI thresholds are applicable for the Net Investment Income
tax? - Net Investment Income Tax (NIIT): The 3.8% NIIT applies when
MAGI exceeds a threshold, with the tax calculated on the lesser of net
investment income or the amount by which MAGI exceeds the
threshold. The thresholds are: MFJ - $250,000, single or HOH -
$200,000, and MFS - $125,000. (2023)
Name some refundable tax credits? - 1. Premium Tax
END OF
PAGE
3
COURSE ONE – TEST 1
What is the 110% rule for estimated tax payments - If previous year's
AGI is over $150K or $75K MFS, you must pay the LESSOR of 90% of
tax on current year return or 110% of tax shown on previous year return.
Subject to MAGI instead of AGI - Eligibility to contribute to a Roth IRA
Deductibility of TRAD IRA Contribution
Eligibility to utilize Lifetime Learning Credit
Net Investment Income Tax 3.8%
Eligibility to contribute to a Roth IRA - Eligibility for a Roth IRA
begins to phase out once a taxpayer's MAGI exceeds certain thresholds:
2023- $138,000-$153,000 for single filers, $218,000-$228,000 for
married couples filing jointly
Deductibility of IRA contributions - Single or head of household
covered by plan at work $73,000 or less.
A full deduction up to the amount of your contribution limit
Married filing jointly or qualifying widow(er) covered by plan at work
$116,000 or less.
END OF
PAGE
1
, INTUIT ACADEMY TAX LATEST
COURSE ONE – TEST 1
A full deduction up to the amount of your contribution limit
Married filing separately covered by plan at work; married filing
separately with spouse who is covered by plan at work $10,000 or less
A partial deduction
Single, head of household, qualifying widow(er); married filing jointly
or separately NOT covered by a plan at work but your spouse is Any
amount
A full deduction up to the amount of your contribution limit
What is QBI? - Amount of qualified items of income, gain, deduction &
loss from any qualified trade or business. It equals 20% of qualified
business income earned.
2023 taxable income before the QBI deduction isn't more than $364,200
if married filing jointly, and $182,100 for all other returns, your SSTB is
treated as a qualified trade or business, and thus may generate income
eligible for the QBI deduction.
END OF
PAGE
2
, INTUIT ACADEMY TAX LATEST
COURSE ONE – TEST 1
What entities are eligible for QBI deduction? - Sole Proprietorship,
partnership based venture, s-corp as a stakeholder and trust or estate as
beneficiary. Can qualify even if they don't itemize or use the standard
deduction.
QBI excludes - Capital Gains Or Losses
Dividends
Interest Income
Non-US Income
Specific wage and guaranteed payments made to partners &
shareholders
What MAGI thresholds are applicable for the Net Investment Income
tax? - Net Investment Income Tax (NIIT): The 3.8% NIIT applies when
MAGI exceeds a threshold, with the tax calculated on the lesser of net
investment income or the amount by which MAGI exceeds the
threshold. The thresholds are: MFJ - $250,000, single or HOH -
$200,000, and MFS - $125,000. (2023)
Name some refundable tax credits? - 1. Premium Tax
END OF
PAGE
3
