INTUIT ACADEMY TAX COURSE ONE
QUESTIONS & ANSWERS
Schedule A - ANSWERItemized Deductions
Schedule B - ANSWERInterest and Ordinary Dividends
Schedule C - ANSWERProfit Or Loss From Business
Schedule D - ANSWERCapital Gains & Losses
Schedule E - ANSWERSupplemental Income and Loss
Schedule 1 - ANSWERAdditional income and adjustments to income
Schedule 2 - ANSWERAdditional Taxes
Schedule 3 - ANSWERAdditional Credits & Payments
You get a higher deduction for - ANSWERage 65 and/or blind
When is alimony taxable / non taxable - ANSWERTaxable decree date on or before
12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions - ANSWERWork 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 - ANSWER4,700
(2023)
Standard Deduction (2023) - ANSWERS-13,850 /MFS-13,850/ HH-20,800/ MFJ-
27,700 /QW-27,700
Tax deductions reduce - ANSWERTaxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms - ANSWER1040
Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions - ANSWERStandard (amount depends upon age,
income, and filing status), Itemized (schedule a), Qualified Business Income
, Above the line deductions - ANSWERIra 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? - ANSWERNonrefundable 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? - ANSWERIt allows you to exclude
$120,000 (2023) in income earned outside the US.
What is the tax withholding for gambling (games of skill-casino table games) and what is
the tax form that it is reported on? - ANSWERThere is no withholding or w-2g issued,
but winnings still need to be reported on tax form 1040. (taken from schedule 1
additional income (other income).
What are the qualified dividend (US corp or foreign corp listed on major stock
exchange)/ capital gains rates and the corresponding income? - ANSWER0%- Single 0-
$44,625/MFJ 0-$89,250
15%- Single $44,626-$492,300/ MFJ $89,251-$553,850
20%-Single $492,301 and up/MFJ $553,851 and up
Self Employed health insurance deduction is limited by - ANSWERNet self employment
profit as shown on return reduced by 1/2 of the self-employed tax
personal vehicle uses for business has two deduction methods. what are they -
ANSWERstandard deduction and actual expense method (must choose method 1st
year car is placed in service)
examples of business expenses - ANSWERtravel (getting sleep or rest), transportation
(visiting clients), meals (food & beverage), and gifts ($25.00 cap)
what does irs code 162 say as it pretains to business expenses - ANSWERthey must be
both ordinary (common for your business) and necessary (helpful and appropriate, but
not indispensable)
What are the four types of businesses - ANSWERsole proprietorship (unincorporated
with no legal entity apart from owner), partnership (unincorporated run by 2 or more who
contribute money, property or service for a share in the profits), corporation (separate
legal entity from persons who formed it and shareholders who own it) , and LLC
(business structure allowed by state statues which can be an individual, partnership, or
corporation).
What is the self-employment tax and the rate? - ANSWERIt's a tax on those who work
for themselves and don't have taxes withheld- 15.3% consisting of Social Security
12.4% and Medicare 2.9%
QUESTIONS & ANSWERS
Schedule A - ANSWERItemized Deductions
Schedule B - ANSWERInterest and Ordinary Dividends
Schedule C - ANSWERProfit Or Loss From Business
Schedule D - ANSWERCapital Gains & Losses
Schedule E - ANSWERSupplemental Income and Loss
Schedule 1 - ANSWERAdditional income and adjustments to income
Schedule 2 - ANSWERAdditional Taxes
Schedule 3 - ANSWERAdditional Credits & Payments
You get a higher deduction for - ANSWERage 65 and/or blind
When is alimony taxable / non taxable - ANSWERTaxable decree date on or before
12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions - ANSWERWork 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 - ANSWER4,700
(2023)
Standard Deduction (2023) - ANSWERS-13,850 /MFS-13,850/ HH-20,800/ MFJ-
27,700 /QW-27,700
Tax deductions reduce - ANSWERTaxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms - ANSWER1040
Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions - ANSWERStandard (amount depends upon age,
income, and filing status), Itemized (schedule a), Qualified Business Income
, Above the line deductions - ANSWERIra 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? - ANSWERNonrefundable 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? - ANSWERIt allows you to exclude
$120,000 (2023) in income earned outside the US.
What is the tax withholding for gambling (games of skill-casino table games) and what is
the tax form that it is reported on? - ANSWERThere is no withholding or w-2g issued,
but winnings still need to be reported on tax form 1040. (taken from schedule 1
additional income (other income).
What are the qualified dividend (US corp or foreign corp listed on major stock
exchange)/ capital gains rates and the corresponding income? - ANSWER0%- Single 0-
$44,625/MFJ 0-$89,250
15%- Single $44,626-$492,300/ MFJ $89,251-$553,850
20%-Single $492,301 and up/MFJ $553,851 and up
Self Employed health insurance deduction is limited by - ANSWERNet self employment
profit as shown on return reduced by 1/2 of the self-employed tax
personal vehicle uses for business has two deduction methods. what are they -
ANSWERstandard deduction and actual expense method (must choose method 1st
year car is placed in service)
examples of business expenses - ANSWERtravel (getting sleep or rest), transportation
(visiting clients), meals (food & beverage), and gifts ($25.00 cap)
what does irs code 162 say as it pretains to business expenses - ANSWERthey must be
both ordinary (common for your business) and necessary (helpful and appropriate, but
not indispensable)
What are the four types of businesses - ANSWERsole proprietorship (unincorporated
with no legal entity apart from owner), partnership (unincorporated run by 2 or more who
contribute money, property or service for a share in the profits), corporation (separate
legal entity from persons who formed it and shareholders who own it) , and LLC
(business structure allowed by state statues which can be an individual, partnership, or
corporation).
What is the self-employment tax and the rate? - ANSWERIt's a tax on those who work
for themselves and don't have taxes withheld- 15.3% consisting of Social Security
12.4% and Medicare 2.9%
