INTUIT ACADEMY MY CARDS EXAM
QUESTIONS AND ANSWERS 2026
Schedule K-1 - ANSWERSReports partnership activity so that each partner is taxed at
the partners income tax rate. has a section to calculate a partner's capital account.
(Note: Partners track their own basis. Partnerships generally don't track it).
corportions can be - ANSWERSPartners in partnerships
Schedule K-1 includes - ANSWERSinformation about the partner, including the
partner's profit, loss and capital-sharing percentages; share of partnership liabilities at
the beginning and end of the year; and changes in the partner's capital account during
the year.
Most of the totals in Schedule K-1 - ANSWERSNeed to be included in Schedule E of
form 1040
4 types of special rules that limit losses - ANSWERS1. Basis rules
2. At-risk rules
3. Passive activity rules
4. Excess business loss rules
Basic rules for partnerships - ANSWERSyou may not claim your share of a partnership
loss (incl. capital loss) to the extent that it is greater than the adjusted basis of your
partnership interest at the end of the tax year.
Basic ruled for S Corporations - ANSWERSthe deduction for your share of aggregate
losses and deductions reported on Schedule K-1 (Form 1120-S) is limited to the basis
of your stock (determined with regard to distributions received during the tax year) and
loans from you to the corporation.
true - ANSWERSIndividual taxpayers with income from a partnership and owners of S
corporations should report their income in Part II of Schedule E. However, Schedule E
is not used to report rental real estate activities for partnerships and S corporations.
(T/F)
At-Risk Rules - ANSWERSyour loss may be limited under the following circumstances:
- if you have a loss or other deduction from any activity carried on as a business by the
partnership
passive activity rules - ANSWERSany business activity in which you did not materially
participate. in most cases, if you are a limited partner, you are not treated as having
materially participated in the partnership's activity for the year.
QUESTIONS AND ANSWERS 2026
Schedule K-1 - ANSWERSReports partnership activity so that each partner is taxed at
the partners income tax rate. has a section to calculate a partner's capital account.
(Note: Partners track their own basis. Partnerships generally don't track it).
corportions can be - ANSWERSPartners in partnerships
Schedule K-1 includes - ANSWERSinformation about the partner, including the
partner's profit, loss and capital-sharing percentages; share of partnership liabilities at
the beginning and end of the year; and changes in the partner's capital account during
the year.
Most of the totals in Schedule K-1 - ANSWERSNeed to be included in Schedule E of
form 1040
4 types of special rules that limit losses - ANSWERS1. Basis rules
2. At-risk rules
3. Passive activity rules
4. Excess business loss rules
Basic rules for partnerships - ANSWERSyou may not claim your share of a partnership
loss (incl. capital loss) to the extent that it is greater than the adjusted basis of your
partnership interest at the end of the tax year.
Basic ruled for S Corporations - ANSWERSthe deduction for your share of aggregate
losses and deductions reported on Schedule K-1 (Form 1120-S) is limited to the basis
of your stock (determined with regard to distributions received during the tax year) and
loans from you to the corporation.
true - ANSWERSIndividual taxpayers with income from a partnership and owners of S
corporations should report their income in Part II of Schedule E. However, Schedule E
is not used to report rental real estate activities for partnerships and S corporations.
(T/F)
At-Risk Rules - ANSWERSyour loss may be limited under the following circumstances:
- if you have a loss or other deduction from any activity carried on as a business by the
partnership
passive activity rules - ANSWERSany business activity in which you did not materially
participate. in most cases, if you are a limited partner, you are not treated as having
materially participated in the partnership's activity for the year.
