100% CORRECT WELL DETAILED ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Schedule A - ANSWER Itemized Deductions
Schedule B - ANSWER Interest and Ordinary Dividends
Schedule C - ANSWER Profit Or Loss From Business
Schedule D - ANSWER Capital Gains & Losses
Schedule E - ANSWER Supplemental Income and Loss
Schedule 1 - ANSWER Additional income and adjustments to income
Schedule 2 - ANSWER Additional Taxes
Schedule 3 - ANSWER Additional Credits & Payments
You get a higher deduction for - ANSWER age 65 and/or blind
When is alimony taxable / non taxable - ANSWER Taxable decree date on or before
12/31/2018 and non taxable 1/01/2019 and after
1
, Five types of Deductions - ANSWER 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 -
ANSWER 4,700 (2023)
Standard Deduction (2023) - ANSWER S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700
/QW-27,700
Tax deductions reduce - ANSWER Taxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms - ANSWER 1040
Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions - ANSWER Standard (amount depends upon age,
income, and filing status), Itemized (schedule a), Qualified Business Income
Above the line deductions - ANSWER 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? - ANSWER 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? - ANSWER It allows you to exclude
$120,000 (2023) in income earned outside the US.
2
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Schedule A - ANSWER Itemized Deductions
Schedule B - ANSWER Interest and Ordinary Dividends
Schedule C - ANSWER Profit Or Loss From Business
Schedule D - ANSWER Capital Gains & Losses
Schedule E - ANSWER Supplemental Income and Loss
Schedule 1 - ANSWER Additional income and adjustments to income
Schedule 2 - ANSWER Additional Taxes
Schedule 3 - ANSWER Additional Credits & Payments
You get a higher deduction for - ANSWER age 65 and/or blind
When is alimony taxable / non taxable - ANSWER Taxable decree date on or before
12/31/2018 and non taxable 1/01/2019 and after
1
, Five types of Deductions - ANSWER 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 -
ANSWER 4,700 (2023)
Standard Deduction (2023) - ANSWER S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700
/QW-27,700
Tax deductions reduce - ANSWER Taxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms - ANSWER 1040
Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions - ANSWER Standard (amount depends upon age,
income, and filing status), Itemized (schedule a), Qualified Business Income
Above the line deductions - ANSWER 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? - ANSWER 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? - ANSWER It allows you to exclude
$120,000 (2023) in income earned outside the US.
2
