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

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

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




●● How many variations of the 1040 are there? Name them. Answer: 4:
Form 1040
Form 1040-SR (seniors)
Form 1040-NR (non-U.S. citizens)
Form 1040-X (amendments)


●● What does Schedule 1 of form 1040 include? Answer: Additional
Income and Adjustments to Income


●● What does Schedule A of form 1040 include? Answer: Itemized
Deductions


●● What does Schedule B of form 1040 include? Answer: Taxable
interest and ordinary dividends totaling more than $1,500


●● What does Schedule D of form 1040 include? Answer: Capital Gains
and Losses

, ●● What does Schedule C of form 1040 include? Answer: Profit or Loss
from Business


●● What does Schedule SE of form 1040 include? Answer: Self-
Employment Tax


●● What does Schedule E of form 1040 include? Answer: Supplemental
Income and Loss


Ex: Income from properties or real estate investments


●● What does Schedule EIC of form 1040 include? Answer: Earned
Income Credit


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


●● What does Schedule 8812 of form 1040 include? Answer: Additional
Child Tax Credit


●● What are the 5 most common mistakes on Form 1040? Answer: 1.
Misclassifying Income
2. Inaccurate Filing Status
3. Schedule not included

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