INTUIT ACADEMY TAX LEVEL 1 EXAM CERTIFICATION EVALUATION TESTED QUESTIONS
FULL SOLUTION GUIDE
• Schedule A . Answer: Itemized Deductions
• Schedule B . Answer: Interest and Ordinary Dividends
• Schedule C . Answer: Profit Or Loss From Business
• Schedule D . Answer: Capital Gains & Losses
• Schedule E . Answer: Supplemental Income and Loss
• Schedule 1 . Answer: Additional income and adjustments to income
• Schedule 2 . Answer: Additional Taxes
• Schedule 3 . Answer: Additional Credits & Payments
• You get a higher deduction for . Answer: age 65 and/or blind
• When is alimony taxable / non taxable . Answer: Taxable decree date
on or before 12/31/2018 and non taxable 1/01/2019 and after
, • Five types of Deductions . Answer: Work related (expenses of earning
income), investment related (IRA), healthcare (HSA), education (student
loan) and itemized (gambling losses).
• Gross income max for qualifying relative to be claimed as a dependent
. Answer: 4,700 (2023)
• Standard Deduction (2023) . Answer: S-13,850 /MFS-13,850/ HH-
20,800/ MFJ-27,700 /QW-27,700
• Tax deductions reduce . Answer: Taxable Income (amount of income
subject to tax)
• Where are the above the line deductions listed on the tax forms .
Answer: 1040 Income section (line 10) and schedule 1 part 2
(adjustments to income- line 26)
• List three below the line deductions . Answer: Standard (amount
depends upon age, income, and filing status), Itemized (schedule a),
Qualified Business Income
• Above the line deductions . Answer: 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)
FULL SOLUTION GUIDE
• Schedule A . Answer: Itemized Deductions
• Schedule B . Answer: Interest and Ordinary Dividends
• Schedule C . Answer: Profit Or Loss From Business
• Schedule D . Answer: Capital Gains & Losses
• Schedule E . Answer: Supplemental Income and Loss
• Schedule 1 . Answer: Additional income and adjustments to income
• Schedule 2 . Answer: Additional Taxes
• Schedule 3 . Answer: Additional Credits & Payments
• You get a higher deduction for . Answer: age 65 and/or blind
• When is alimony taxable / non taxable . Answer: Taxable decree date
on or before 12/31/2018 and non taxable 1/01/2019 and after
, • Five types of Deductions . Answer: Work related (expenses of earning
income), investment related (IRA), healthcare (HSA), education (student
loan) and itemized (gambling losses).
• Gross income max for qualifying relative to be claimed as a dependent
. Answer: 4,700 (2023)
• Standard Deduction (2023) . Answer: S-13,850 /MFS-13,850/ HH-
20,800/ MFJ-27,700 /QW-27,700
• Tax deductions reduce . Answer: Taxable Income (amount of income
subject to tax)
• Where are the above the line deductions listed on the tax forms .
Answer: 1040 Income section (line 10) and schedule 1 part 2
(adjustments to income- line 26)
• List three below the line deductions . Answer: Standard (amount
depends upon age, income, and filing status), Itemized (schedule a),
Qualified Business Income
• Above the line deductions . Answer: 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)
