INTUIT ACADEMY TAX LEVEL 1 EXAM REVIEW SHEET COMPLETE QUESTIONS ANSWERS GRADED A PLUS

INTUIT ACADEMY TAX LEVEL 1 EXAM REVIEW SHEET COMPLETE QUESTIONS ANSWERS
GRADED A PLUS




• What does Schedule 1 of form 1040 include? -✓✓Additional Income
and Adjustments to Income


• What does Schedule A of form 1040 include? -✓✓Itemized
Deductions


• What does Schedule B of form 1040 include? -✓✓Taxable interest
and ordinary dividends totaling more than $1,500


• What does Schedule D of form 1040 include? -✓✓Capital Gains and
Losses


• What does Schedule C of form 1040 include? -✓✓Profit or Loss from
Business


• What does Schedule SE of form 1040 include? -✓✓Self-Employment
Tax


• What does Schedule E of form 1040 include? -✓✓Supplemental
Income and Loss

, Ex: Income from properties or real estate investments


• What does Schedule EIC of form 1040 include? -✓✓Earned Income
Credit


Applies to taxpayers who claimed the earned income credit for a
qualifying child


• What does Schedule 8812 of form 1040 include? -✓✓Additional
Child Tax Credit


• What are the 5 most common mistakes on Form 1040? -✓✓1.
Misclassifying Income
2. Inaccurate Filing Status
3. Schedule not included
4. Information not carried forward
5. Misuse of a social security number


• What is considered to be "taxable interest" on line 2b? -✓✓Interest
accrued from savings accounts, personal loans, CDs, and annuity
contracts


• What is the Child Tax Credit? How much per qualifying child? -
✓✓Credit for children under the age of 17 as of the end of the year. For
2023, the credit was $2,000 per qualifying child.