INTUIT ACADEMY TAX LEVEL 1 EXAM QUESTION BANK NEWEST
202-2027 ACTUAL EXAM WITH COMPLETE 330+ QUESTIONS
AND CORRECT DETAILED VERIFIED ANSWERS (VERIFIED
VERIFIED ANSWERS) ALREADY GRADED A+ | GUARANTEED
PASS
Filing Status - VERIFIED ANSWERDetermines tax obligations based on personal circumstances.
Residency Status - VERIFIED ANSWERDetermines tax liability based on residence location.
Eligible Dependents - VERIFIED ANSWERIndividuals qualifying for tax benefits under taxpayer.
W-2 Form - VERIFIED ANSWERReports wages and tax withheld from employee's paycheck.
1040 Form - VERIFIED ANSWERPrimary tax form for individual income tax returns.
Taxable Income - VERIFIED ANSWERIncome subject to taxation after deductions.
Non-Taxable Income - VERIFIED ANSWERIncome exempt from federal income tax.
Schedule C - VERIFIED ANSWERForm for reporting income or loss from business.
QBI - VERIFIED ANSWERQualified Business Income eligible for tax deduction.
Capital Gains - VERIFIED ANSWERProfit from the sale of assets or investments.
Adjusted Gross Income - VERIFIED ANSWERGross income minus specific deductions.
,Roth IRA Distributions - VERIFIED ANSWERTax-free withdrawals from Roth IRA under conditions.
Above the Line Deductions - VERIFIED ANSWERDeductions subtracted from gross income to calculate
AGI.
Below the Line Deductions - VERIFIED ANSWERDeductions applied after AGI is calculated.
Tax Credits - VERIFIED ANSWERDollar-for-dollar reductions of tax liability.
Refundable Tax Credits - VERIFIED ANSWERCredits that can result in a refund.
Non-Refundable Tax Credits - VERIFIED ANSWERCredits that reduce tax liability but not below zero.
Estimated Tax Payments - VERIFIED ANSWERPrepayments of tax due for the current year.
Underpayment Penalties - VERIFIED ANSWERFees for not paying enough tax throughout the year.
Schedule K-1 - VERIFIED ANSWERReports income, deductions, and credits from partnerships.
1099-SA - VERIFIED ANSWERReports distributions from Health Savings Accounts.
IMarried Filing Jointly: Social Security Taxes - VERIFIED ANSWERBelow $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax - VERIFIED ANSWERBelow $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
, States that tax social security income - VERIFIED ANSWERColorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses - VERIFIED ANSWERFederal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income - VERIFIED ANSWERchild support payments, welfare benefits, cash rebates, damage
awards for personal injury or sickness, gifts, alimony for divorce after 2018, healthcare benefits, money
reimbursed from qualifying adoptions, life insurance policy when someone dies, money from a qualified
scholarship except if spent on rent, personal expenses.
Is Gofund me taxable? - VERIFIED ANSWERFalse
202-2027 ACTUAL EXAM WITH COMPLETE 330+ QUESTIONS
AND CORRECT DETAILED VERIFIED ANSWERS (VERIFIED
VERIFIED ANSWERS) ALREADY GRADED A+ | GUARANTEED
PASS
Filing Status - VERIFIED ANSWERDetermines tax obligations based on personal circumstances.
Residency Status - VERIFIED ANSWERDetermines tax liability based on residence location.
Eligible Dependents - VERIFIED ANSWERIndividuals qualifying for tax benefits under taxpayer.
W-2 Form - VERIFIED ANSWERReports wages and tax withheld from employee's paycheck.
1040 Form - VERIFIED ANSWERPrimary tax form for individual income tax returns.
Taxable Income - VERIFIED ANSWERIncome subject to taxation after deductions.
Non-Taxable Income - VERIFIED ANSWERIncome exempt from federal income tax.
Schedule C - VERIFIED ANSWERForm for reporting income or loss from business.
QBI - VERIFIED ANSWERQualified Business Income eligible for tax deduction.
Capital Gains - VERIFIED ANSWERProfit from the sale of assets or investments.
Adjusted Gross Income - VERIFIED ANSWERGross income minus specific deductions.
,Roth IRA Distributions - VERIFIED ANSWERTax-free withdrawals from Roth IRA under conditions.
Above the Line Deductions - VERIFIED ANSWERDeductions subtracted from gross income to calculate
AGI.
Below the Line Deductions - VERIFIED ANSWERDeductions applied after AGI is calculated.
Tax Credits - VERIFIED ANSWERDollar-for-dollar reductions of tax liability.
Refundable Tax Credits - VERIFIED ANSWERCredits that can result in a refund.
Non-Refundable Tax Credits - VERIFIED ANSWERCredits that reduce tax liability but not below zero.
Estimated Tax Payments - VERIFIED ANSWERPrepayments of tax due for the current year.
Underpayment Penalties - VERIFIED ANSWERFees for not paying enough tax throughout the year.
Schedule K-1 - VERIFIED ANSWERReports income, deductions, and credits from partnerships.
1099-SA - VERIFIED ANSWERReports distributions from Health Savings Accounts.
IMarried Filing Jointly: Social Security Taxes - VERIFIED ANSWERBelow $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax - VERIFIED ANSWERBelow $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
, States that tax social security income - VERIFIED ANSWERColorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses - VERIFIED ANSWERFederal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income - VERIFIED ANSWERchild support payments, welfare benefits, cash rebates, damage
awards for personal injury or sickness, gifts, alimony for divorce after 2018, healthcare benefits, money
reimbursed from qualifying adoptions, life insurance policy when someone dies, money from a qualified
scholarship except if spent on rent, personal expenses.
Is Gofund me taxable? - VERIFIED ANSWERFalse
