INTUIT ACADEMY TAX LEVEL 1 PRACTICE
SOLUTION COMPLETE QANDA STUDY
REVIEW PACK
●● Form 1040 Line 2B
Answer: taxable interest; form 1099-INT
●● What is the child tax credit for each child under 17?
Answer: $2000
●● Net capital losses over $3000 can be carried forward indefinitely
until exhausted.
Answer: True
●● In 2021, Gustav bought a residential real estate property and rented it
full time on November 1, 2021. What schedule should he include with
Form 1040?
Answer: Schedule 1; Schedule E
●● Kahn received a Capital Gain Distribution reported on Form 1099-
DIV, Box2a and also received a 1099B reporting long term capital gains.
What should he do when preparing the Form 1040?
Answer: Attach a schedule D
,●● Schedule 1 (Form 1040)
Answer: additional income and adjustments to income
●● Schedule 2 (Form 1040)
Answer: additional taxes
●● Schedule 3 (Form 1040)
Answer: Additional Credits and Payments
●● Schedule A (Form 1040)
Answer: itemized deductions
●● Schedule B (Form 1040)
Answer: Interest and Ordinary Dividends
●● Schedule D form 1040
Answer: Capital Gains and Losses
●● Schedule C (Form 1040)
Answer: Profit or Loss from Business (Sole Proprietorship)
, ●● Schedule SE (Form 1040)
Answer: self employment tax (SS tax)
●● Schedule E (Form 1040)
Answer: Supplemental Income and Loss (From rental real estate,
royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
●● Schedule EIC (Form 1040)
Answer: Earned Income Credit for a qualifying child
●● Schedule 8812 (Form 1040)
Answer: Additional child tax credit; refundable credit received if child
tax credit is greater than total amount of income taxes owed
●● Three conditions to not pay estimated tax for current year
Answer: 1. They had no tax liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
●● Form 2210
Answer: Underpayment of Estimated Tax by Individuals, Estates, and
Trusts
SOLUTION COMPLETE QANDA STUDY
REVIEW PACK
●● Form 1040 Line 2B
Answer: taxable interest; form 1099-INT
●● What is the child tax credit for each child under 17?
Answer: $2000
●● Net capital losses over $3000 can be carried forward indefinitely
until exhausted.
Answer: True
●● In 2021, Gustav bought a residential real estate property and rented it
full time on November 1, 2021. What schedule should he include with
Form 1040?
Answer: Schedule 1; Schedule E
●● Kahn received a Capital Gain Distribution reported on Form 1099-
DIV, Box2a and also received a 1099B reporting long term capital gains.
What should he do when preparing the Form 1040?
Answer: Attach a schedule D
,●● Schedule 1 (Form 1040)
Answer: additional income and adjustments to income
●● Schedule 2 (Form 1040)
Answer: additional taxes
●● Schedule 3 (Form 1040)
Answer: Additional Credits and Payments
●● Schedule A (Form 1040)
Answer: itemized deductions
●● Schedule B (Form 1040)
Answer: Interest and Ordinary Dividends
●● Schedule D form 1040
Answer: Capital Gains and Losses
●● Schedule C (Form 1040)
Answer: Profit or Loss from Business (Sole Proprietorship)
, ●● Schedule SE (Form 1040)
Answer: self employment tax (SS tax)
●● Schedule E (Form 1040)
Answer: Supplemental Income and Loss (From rental real estate,
royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
●● Schedule EIC (Form 1040)
Answer: Earned Income Credit for a qualifying child
●● Schedule 8812 (Form 1040)
Answer: Additional child tax credit; refundable credit received if child
tax credit is greater than total amount of income taxes owed
●● Three conditions to not pay estimated tax for current year
Answer: 1. They had no tax liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
●● Form 2210
Answer: Underpayment of Estimated Tax by Individuals, Estates, and
Trusts
