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Intuit Academy Tax Level 1 – Exam Review |
Updated 2026–2027 Edition | Verified
Questions & Answers | Guaranteed Grade A
Schedule A
Itemized Deductions
Schedule B
Interest and Ordinary Dividends
Schedule C
Profit Or Loss From Business
Schedule D
Capital Gains & Losses
Schedule E
Supplemental Income and Loss
Schedule 1
Additional income and adjustments to income
Schedule 2
Additional Taxes
Schedule 3
Additional Credits & Payments
You get a higher deduction for
age 65 and/or blind
When is alimony taxable / non taxable
Taxable decree date on or before 12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions
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
4,700 (2023)
Standard Deduction (2023)
S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
Tax deductions reduce
Taxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms
1040 Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions
Standard (amount depends upon age, income, and filing status), Itemized (schedule a), Qualified
Business Income
Above the line deductions
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?
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?
It allows you to exclude $120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes?
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
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
$1,250 or earned income plus $400 (2023)
How is foreign tax deduction calculated and tax applied
It gets subtracted from taxable income and then taxable rate is applied (foreign tax deduction
must be listed out on tax return)
Intuit Academy Tax Level 1 – Exam Review |
Updated 2026–2027 Edition | Verified
Questions & Answers | Guaranteed Grade A
Schedule A
Itemized Deductions
Schedule B
Interest and Ordinary Dividends
Schedule C
Profit Or Loss From Business
Schedule D
Capital Gains & Losses
Schedule E
Supplemental Income and Loss
Schedule 1
Additional income and adjustments to income
Schedule 2
Additional Taxes
Schedule 3
Additional Credits & Payments
You get a higher deduction for
age 65 and/or blind
When is alimony taxable / non taxable
Taxable decree date on or before 12/31/2018 and non taxable 1/01/2019 and after
Five types of Deductions
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
4,700 (2023)
Standard Deduction (2023)
S-13,850 /MFS-13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
Tax deductions reduce
Taxable Income (amount of income subject to tax)
Where are the above the line deductions listed on the tax forms
1040 Income section (line 10) and schedule 1 part 2 (adjustments to income- line 26)
List three below the line deductions
Standard (amount depends upon age, income, and filing status), Itemized (schedule a), Qualified
Business Income
Above the line deductions
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?
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?
It allows you to exclude $120,000 (2023) in income earned outside the US.
What are the resident status for tax purposes?
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
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
$1,250 or earned income plus $400 (2023)
How is foreign tax deduction calculated and tax applied
It gets subtracted from taxable income and then taxable rate is applied (foreign tax deduction
must be listed out on tax return)
