Intuit Tax Level 1 Study Guide
Study online at https://quizlet.com/_fpumzv
1. Ford 1040, Line 1 Wages, salaries, tips, etc. Reflects income from form W2.
2. Form 1040 Line 2B taxable interest; form 1099-INT
3. What is the child tax credit for each $2000
child under 17?
4. Net capital losses over $3000 can True
be carried forward indefinitely un-
til exhausted.
5. In 2021, Gustav bought a residen- Schedule 1; Schedule E
tial real estate property and rented
it full time on November 1, 2021.
What schedule should he include
with Form 1040?
6. Kahn received a Capital Gain Attach a schedule D
Distribution reported on Form
1099-DIV, Box2a and also received
a 1099B reporting long term capi-
tal gains. What should he do when
preparing the Form 1040?
7. Schedule 1 (Form 1040) additional income and adjustments to income
8. Schedule 2 (Form 1040) additional taxes
9. Schedule 3 (Form 1040) Additional Credits and Payments
10. Schedule A (Form 1040) itemized deductions
11. Schedule B (Form 1040) Interest and Ordinary Dividends
, Intuit Tax Level 1 Study Guide
Study online at https://quizlet.com/_fpumzv
12. Schedule D form 1040 Capital Gains and Losses
13. Schedule C (Form 1040) Profit or Loss from Business (Sole Proprietorship)
14. Schedule SE (Form 1040) self employment tax (SS tax)
15. Schedule E (Form 1040) Supplemental Income and Loss (From rental real estate,
royalties, partnerships, S corporations, estates, trusts,
REMICs, etc.)
16. Schedule EIC (Form 1040) Earned Income Credit for a qualifying child
17. Schedule 8812 (Form 1040) Additional child tax credit; refundable credit received if
child tax credit is greater than total amount of income
taxes owed
18. Three conditions to not pay esti- 1. They had no tax liability for prior year
mated tax for current year 2. They were a U.S citizen or resident alien for the whole
year
3. Prior tax year covered 12 months
19. Form 2210 Underpayment of Estimated Tax by Individuals, Estates,
and Trusts
20. Linda, a US resident and sole pro- Linda must make estimated tax payments for the current
prietor, expects that she will owe year since her expected tax liability is $2500 or more
$2500 and taxes for the current
year. According to the IRS guide-
lines, which is true about Linda's
estimated tax payments?
21. How to request an extension on - online payment option and check the box
taxes - File Form 4868 by mail or tax professional
- using free file function
Study online at https://quizlet.com/_fpumzv
1. Ford 1040, Line 1 Wages, salaries, tips, etc. Reflects income from form W2.
2. Form 1040 Line 2B taxable interest; form 1099-INT
3. What is the child tax credit for each $2000
child under 17?
4. Net capital losses over $3000 can True
be carried forward indefinitely un-
til exhausted.
5. In 2021, Gustav bought a residen- Schedule 1; Schedule E
tial real estate property and rented
it full time on November 1, 2021.
What schedule should he include
with Form 1040?
6. Kahn received a Capital Gain Attach a schedule D
Distribution reported on Form
1099-DIV, Box2a and also received
a 1099B reporting long term capi-
tal gains. What should he do when
preparing the Form 1040?
7. Schedule 1 (Form 1040) additional income and adjustments to income
8. Schedule 2 (Form 1040) additional taxes
9. Schedule 3 (Form 1040) Additional Credits and Payments
10. Schedule A (Form 1040) itemized deductions
11. Schedule B (Form 1040) Interest and Ordinary Dividends
, Intuit Tax Level 1 Study Guide
Study online at https://quizlet.com/_fpumzv
12. Schedule D form 1040 Capital Gains and Losses
13. Schedule C (Form 1040) Profit or Loss from Business (Sole Proprietorship)
14. Schedule SE (Form 1040) self employment tax (SS tax)
15. Schedule E (Form 1040) Supplemental Income and Loss (From rental real estate,
royalties, partnerships, S corporations, estates, trusts,
REMICs, etc.)
16. Schedule EIC (Form 1040) Earned Income Credit for a qualifying child
17. Schedule 8812 (Form 1040) Additional child tax credit; refundable credit received if
child tax credit is greater than total amount of income
taxes owed
18. Three conditions to not pay esti- 1. They had no tax liability for prior year
mated tax for current year 2. They were a U.S citizen or resident alien for the whole
year
3. Prior tax year covered 12 months
19. Form 2210 Underpayment of Estimated Tax by Individuals, Estates,
and Trusts
20. Linda, a US resident and sole pro- Linda must make estimated tax payments for the current
prietor, expects that she will owe year since her expected tax liability is $2500 or more
$2500 and taxes for the current
year. According to the IRS guide-
lines, which is true about Linda's
estimated tax payments?
21. How to request an extension on - online payment option and check the box
taxes - File Form 4868 by mail or tax professional
- using free file function
