Intuit Academy Tax Course One – Complete Study Guide
Schedule A Right Ans - Itemized Deductions
Schedule B Right Ans - Interest and Ordinary Dividends
Schedule C Right Ans - Profit Or Loss From Business
Schedule D Right Ans - Capital Gains & Losses
Schedule E Right Ans - Supplemental Income and Loss
Schedule 1 Right Ans - Additional income and adjustments to income
Schedule 2 Right Ans - Additional Taxes
Schedule 3 Right Ans - Additional Credits & Payments
You get a higher deduction for Right Ans - age 65 and/or blind
When is alimony taxable / non taxable Right Ans - Taxable decree date on
or before 12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions Right Ans - 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
Right Ans - 4,700 (2023)
Standard Deduction (2023) Right Ans - S-13,850 /MFS-13,850/ HH-
20,800/ MFJ-27,700 /QW-27,700
Tax deductions reduce Right Ans - Taxable Income (amount of income
subject to tax)
Where are the above the line deductions listed on the tax forms Right Ans -
1040 Income section (line 10) and schedule 1 part 2 (adjustments to income-
line 26)
, List three below the line deductions Right Ans - Standard (amount depends
upon age, income, and filing status), Itemized (schedule a), Qualified Business
Income
Above the line deductions Right Ans - 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)
What is the Foreign Tax Credit and what does it do? Right Ans -
Nonrefundable credit that reduces liability for income taxes paid (via
withholding) to a foreign government. Must work in foreign country or have
foreign investments.
What is the foreign earned income tax exclusion? Right Ans - It allows you
to exclude $120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes? Right Ans - Resident Alien
(green card or substantial presence), non-resident alien (not US citizen or
resident alien), or dual-status (status changed during year between resident
and non-resident or vice versa)
Substantial presence test that determines resident vs non resident Right
Ans - in US 31 days in current year and 183 days over last 3 years.
If you can be claimed as a dependent your standard deduction is limited to the
greater of Right Ans - $1,250 or earned income plus $400 (2023)
How is foreign tax deduction calculated and tax applied Right Ans - It gets
subtracted from taxable income and then taxable rate is applied (foreign tax
deduction must be listed out on tax return)
If foreign tax is more than $300 (single) and $600 (MFJ) you must file what
form to claim tax credit? Right Ans - 1116
How are US Treasury Bills, Notes and Bonds taxed Right Ans - They are
subject to Federal taxes, but are exempt from state and local taxes.
Schedule A Right Ans - Itemized Deductions
Schedule B Right Ans - Interest and Ordinary Dividends
Schedule C Right Ans - Profit Or Loss From Business
Schedule D Right Ans - Capital Gains & Losses
Schedule E Right Ans - Supplemental Income and Loss
Schedule 1 Right Ans - Additional income and adjustments to income
Schedule 2 Right Ans - Additional Taxes
Schedule 3 Right Ans - Additional Credits & Payments
You get a higher deduction for Right Ans - age 65 and/or blind
When is alimony taxable / non taxable Right Ans - Taxable decree date on
or before 12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions Right Ans - 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
Right Ans - 4,700 (2023)
Standard Deduction (2023) Right Ans - S-13,850 /MFS-13,850/ HH-
20,800/ MFJ-27,700 /QW-27,700
Tax deductions reduce Right Ans - Taxable Income (amount of income
subject to tax)
Where are the above the line deductions listed on the tax forms Right Ans -
1040 Income section (line 10) and schedule 1 part 2 (adjustments to income-
line 26)
, List three below the line deductions Right Ans - Standard (amount depends
upon age, income, and filing status), Itemized (schedule a), Qualified Business
Income
Above the line deductions Right Ans - 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)
What is the Foreign Tax Credit and what does it do? Right Ans -
Nonrefundable credit that reduces liability for income taxes paid (via
withholding) to a foreign government. Must work in foreign country or have
foreign investments.
What is the foreign earned income tax exclusion? Right Ans - It allows you
to exclude $120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes? Right Ans - Resident Alien
(green card or substantial presence), non-resident alien (not US citizen or
resident alien), or dual-status (status changed during year between resident
and non-resident or vice versa)
Substantial presence test that determines resident vs non resident Right
Ans - in US 31 days in current year and 183 days over last 3 years.
If you can be claimed as a dependent your standard deduction is limited to the
greater of Right Ans - $1,250 or earned income plus $400 (2023)
How is foreign tax deduction calculated and tax applied Right Ans - It gets
subtracted from taxable income and then taxable rate is applied (foreign tax
deduction must be listed out on tax return)
If foreign tax is more than $300 (single) and $600 (MFJ) you must file what
form to claim tax credit? Right Ans - 1116
How are US Treasury Bills, Notes and Bonds taxed Right Ans - They are
subject to Federal taxes, but are exempt from state and local taxes.
