INTUIT ACADEMY TAX LEVEL 1 EXAM FINAL PAPER VERIFIED QUESTIONS ACCURATE
SOLUTIONS
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
• Non-deductible Expenses -✓✓Federal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
, State & local income AND sales taxes
All real estate taxes that year if sold home
• Nontaxable Income -✓✓child support payments, welfare benefits,
cash rebates, damage awards for personal injury or sickness, gifts,
alimony for divorce after 2018, healthcare benefits, money reimbursed
from qualifying adoptions, life insurance policy when someone dies,
money from a qualified scholarship except if spent on rent, personal
expenses.
• Is Gofund me taxable? -✓✓False
• Can you amend your tax return from married filing jointly to married
filing separately? -✓✓
• Are guaranteed payments considered wages in Box 1 on 1040? -
✓✓The payments are recorded on schedule k-1 and included as income
on schedule E of their form 1040
• Form 8812 -✓✓Additional Child Tax Credit
• Form 1040 -✓✓The standard Internal Revenue Service (IRS) form
that individuals use to file their annual income tax returns.
• Form 1116 -✓✓Foreign Tax Credit (Individual, Estate or Trust)
SOLUTIONS
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
• Non-deductible Expenses -✓✓Federal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
, State & local income AND sales taxes
All real estate taxes that year if sold home
• Nontaxable Income -✓✓child support payments, welfare benefits,
cash rebates, damage awards for personal injury or sickness, gifts,
alimony for divorce after 2018, healthcare benefits, money reimbursed
from qualifying adoptions, life insurance policy when someone dies,
money from a qualified scholarship except if spent on rent, personal
expenses.
• Is Gofund me taxable? -✓✓False
• Can you amend your tax return from married filing jointly to married
filing separately? -✓✓
• Are guaranteed payments considered wages in Box 1 on 1040? -
✓✓The payments are recorded on schedule k-1 and included as income
on schedule E of their form 1040
• Form 8812 -✓✓Additional Child Tax Credit
• Form 1040 -✓✓The standard Internal Revenue Service (IRS) form
that individuals use to file their annual income tax returns.
• Form 1116 -✓✓Foreign Tax Credit (Individual, Estate or Trust)
