Intuit Academy Tax Course One Test 1 Questions With
Complete Solutions
Above the line deductions Correct Answers Ira 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)
At what provisional income levels are social security benefits
taxable and at what rate? Correct Answers Others MFJ
0% $25,000 $32,000
50% $25,001- $34,000 $32,001-$44,000
85% $34,000 up $44,000 up
Deductibility of IRA contributions Correct Answers 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.
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
Earned income is based on? Correct Answers filing status,
number of children and income
Eligibility to contribute to a Roth IRA Correct Answers
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
examples of business expenses Correct Answers travel (getting
sleep or rest), transportation (visiting clients), meals (food &
beverage), and gifts ($25.00 cap)
Five types of Deductions Correct Answers Work related
(expenses of earning income), investment related (IRA),
healthcare (HSA), education (student loan) and itemized
(gambling losses).
Gambling records should include Correct Answers Date &
specific wager/wagering activity, name & address of
establishment, people present and wins or losses
Gross income max for qualifying relative to be claimed as a
dependent Correct Answers 4,700 (2023)
How are US Treasury Bills, Notes and Bonds taxed Correct
Answers They are subject to Federal taxes, but are exempt from
state and local taxes.
Complete Solutions
Above the line deductions Correct Answers Ira 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)
At what provisional income levels are social security benefits
taxable and at what rate? Correct Answers Others MFJ
0% $25,000 $32,000
50% $25,001- $34,000 $32,001-$44,000
85% $34,000 up $44,000 up
Deductibility of IRA contributions Correct Answers 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.
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
Earned income is based on? Correct Answers filing status,
number of children and income
Eligibility to contribute to a Roth IRA Correct Answers
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
examples of business expenses Correct Answers travel (getting
sleep or rest), transportation (visiting clients), meals (food &
beverage), and gifts ($25.00 cap)
Five types of Deductions Correct Answers Work related
(expenses of earning income), investment related (IRA),
healthcare (HSA), education (student loan) and itemized
(gambling losses).
Gambling records should include Correct Answers Date &
specific wager/wagering activity, name & address of
establishment, people present and wins or losses
Gross income max for qualifying relative to be claimed as a
dependent Correct Answers 4,700 (2023)
How are US Treasury Bills, Notes and Bonds taxed Correct
Answers They are subject to Federal taxes, but are exempt from
state and local taxes.
