Intuit Tax Level 1 Study Guide Exam Questions With Correct Answers

Intuit Tax Level 1 Study Guide Exam
Questions With Correct Answers

Ford |1040, |Line |1 |- |CORRECT |ANSWER✔✔-Wages, |salaries, |tips, |etc. |Reflects |income |from |
form |W2.



Form |1040 |Line |2B |- |CORRECT |ANSWER✔✔-taxable |interest; |form |1099-INT



What |is |the |child |tax |credit |for |each |child |under |17? |- |CORRECT |ANSWER✔✔-$2000



Net |capital |losses |over |$3000 |can |be |carried |forward |indefinitely |until |exhausted. |- |CORRECT |
ANSWER✔✔-True



In |2021, |Gustav |bought |a |residential |real |estate |property |and |rented |it |full |time |on |November |
1, |2021. |What |schedule |should |he |include |with |Form |1040? |- |CORRECT |ANSWER✔✔-Schedule
|1; |Schedule |E




Kahn |received |a |Capital |Gain |Distribution |reported |on |Form |1099-DIV, |Box2a |and |also |received
|a |1099B |reporting |long |term |capital |gains. |What |should |he |do |when |preparing |the |Form |


1040? |- |CORRECT |ANSWER✔✔-Attach |a |schedule |D



Schedule |1 |(Form |1040) |- |CORRECT |ANSWER✔✔-additional |income |and |adjustments |to |
income



Schedule |2 |(Form |1040) |- |CORRECT |ANSWER✔✔-additional |taxes

, Schedule |3 |(Form |1040) |- |CORRECT |ANSWER✔✔-Additional |Credits |and |Payments



Schedule |A |(Form |1040) |- |CORRECT |ANSWER✔✔-itemized |deductions



Schedule |B |(Form |1040) |- |CORRECT |ANSWER✔✔-Interest |and |Ordinary |Dividends



Schedule |D |form |1040 |- |CORRECT |ANSWER✔✔-Capital |Gains |and |Losses



Schedule |C |(Form |1040) |- |CORRECT |ANSWER✔✔-Profit |or |Loss |from |Business |(Sole |
Proprietorship)



Schedule |SE |(Form |1040) |- |CORRECT |ANSWER✔✔-self |employment |tax |(SS |tax)



Schedule |E |(Form |1040) |- |CORRECT |ANSWER✔✔-Supplemental |Income |and |Loss |(From |rental |
real |estate, |royalties, |partnerships, |S |corporations, |estates, |trusts, |REMICs, |etc.)



Schedule |EIC |(Form |1040) |- |CORRECT |ANSWER✔✔-Earned |Income |Credit |for |a |qualifying |child



Schedule |8812 |(Form |1040) |- |CORRECT |ANSWER✔✔-Additional |child |tax |credit; |refundable |
credit |received |if |child |tax |credit |is |greater |than |total |amount |of |income |taxes |owed



Three |conditions |to |not |pay |estimated |tax |for |current |year |- |CORRECT |ANSWER✔✔-1. |They |
had |no |tax |liability |for |prior |year

2. |They |were |a |U.S |citizen |or |resident |alien |for |the |whole |year

3. |Prior |tax |year |covered |12 |months



Form |2210 |- |CORRECT |ANSWER✔✔-Underpayment |of |Estimated |Tax |by |Individuals, |Estates, |
and |Trusts