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Intuit Academy Tax Level 1 EXAM (LATEST 2026)
MOST RECENT EXAM 2026|2027 ACTUAL COMPLETE
REAL VERIFIED EXAM QUESTIONS AND CORRECTLY
WELL-DEFINED ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!!
NEWEST EXAM!!!
___________________ consists of both earned and
unearned income that is used to calculate the tax. It is
generally less than adjusted gross income due to the
deductions. - Answer-Taxable income
To satisfy the Substantial Presence Test, how many
minimum days (in the current year) must you be physically
present in the United States? - Answer-31
Complete the equation. ___________ = Selling Price -
Purchase Price - Answer-Capital Loss or Capital Gain
_________________ helps sole proprietorships calculate
the profit or loss from a business while also providing the
IRS with your total business income and deductions. -
Answer-Schedule C
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What type of deduction is a HSA contribution? - Answer-
Above-the-Line Deduction Some of the common expenses
on which Above-the-Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
Business expenses
HSA contributions
Self-employment tax
Alimony payments
Tuition fees
Contributions to a traditional IRA
Student loan interest deduction
Health insurance premiums
Retirement account contribution
As it applies to compensation income, the general rule for
sourcing wages and personal services income is
controlled by ________________________________. -
Answer-where the service is performed The general rule
for sourcing wages and personal services income is
controlled by where the service is performed. The
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residence of the recipient of the service, the place of
contracting, and the time and place of payment are
irrelevant.
Which is considered non-taxable income? - Answer-
military personnel allowances Payments received as a
member of military service are generally taxed as wages
except for retirement pay, which is taxed as a pension.
Allowances generally aren't taxed.
______________ is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work. - Answer-Earned Income Tax Credit Earned
Income Tax Credit is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work.
Which is a non-deductible business expense? - Answer-
family vacation Expenses done for personal and
recreational purposes are personal expenses and are non-
deductible.
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What amount of upper cap is applicable on business gifts?
- Answer-$25 The upper cap of $25 is applicable on
business gifts.
If yearly dividend amounts exceed __________, a
Schedule B must be completed and attached to Form
1040. - Answer-$1500 If yearly dividend amounts exceed
$1500, a Schedule B must be completed and attached.
The are _________ filing statuses. - Answer-five There are
five filing statuses.
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Below the line deductions include - Answer-Standard
deduction
Eligible educators can deduct up to _______ of qualified
expenses paid during the tax year. - Answer-$250
Intuit Academy Tax Level 1 EXAM (LATEST 2026)
MOST RECENT EXAM 2026|2027 ACTUAL COMPLETE
REAL VERIFIED EXAM QUESTIONS AND CORRECTLY
WELL-DEFINED ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!!
NEWEST EXAM!!!
___________________ consists of both earned and
unearned income that is used to calculate the tax. It is
generally less than adjusted gross income due to the
deductions. - Answer-Taxable income
To satisfy the Substantial Presence Test, how many
minimum days (in the current year) must you be physically
present in the United States? - Answer-31
Complete the equation. ___________ = Selling Price -
Purchase Price - Answer-Capital Loss or Capital Gain
_________________ helps sole proprietorships calculate
the profit or loss from a business while also providing the
IRS with your total business income and deductions. -
Answer-Schedule C
,2|Page
What type of deduction is a HSA contribution? - Answer-
Above-the-Line Deduction Some of the common expenses
on which Above-the-Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
Business expenses
HSA contributions
Self-employment tax
Alimony payments
Tuition fees
Contributions to a traditional IRA
Student loan interest deduction
Health insurance premiums
Retirement account contribution
As it applies to compensation income, the general rule for
sourcing wages and personal services income is
controlled by ________________________________. -
Answer-where the service is performed The general rule
for sourcing wages and personal services income is
controlled by where the service is performed. The
,3|Page
residence of the recipient of the service, the place of
contracting, and the time and place of payment are
irrelevant.
Which is considered non-taxable income? - Answer-
military personnel allowances Payments received as a
member of military service are generally taxed as wages
except for retirement pay, which is taxed as a pension.
Allowances generally aren't taxed.
______________ is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work. - Answer-Earned Income Tax Credit Earned
Income Tax Credit is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work.
Which is a non-deductible business expense? - Answer-
family vacation Expenses done for personal and
recreational purposes are personal expenses and are non-
deductible.
, 4|Page
What amount of upper cap is applicable on business gifts?
- Answer-$25 The upper cap of $25 is applicable on
business gifts.
If yearly dividend amounts exceed __________, a
Schedule B must be completed and attached to Form
1040. - Answer-$1500 If yearly dividend amounts exceed
$1500, a Schedule B must be completed and attached.
The are _________ filing statuses. - Answer-five There are
five filing statuses.
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Below the line deductions include - Answer-Standard
deduction
Eligible educators can deduct up to _______ of qualified
expenses paid during the tax year. - Answer-$250
