Intuit Academy Tax Level 1 Exam Learning
Objectives- Questions and Answers Most Recent Exam
2026-27 Actual Complete Real Exam 80 Questions and
Correct Detailed Answers (Verified Answers) Already
Graded A+ Guaranteed Success!! Newest Exam Just
Released!! Instant Download
All other filing status': Social Security Tax - CORRECT ANSWER: Below $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
Are c-corps eligible for QBI deduction? - CORRECT ANSWER: False
Are guaranteed payments considered wages in Box 1 on 1040? - CORRECT ANSWER: The
payments are recorded on schedule k-1 and included as income on schedule E of their form 1040
Are guaranteed payments subject to self-employment tax? - CORRECT ANSWER: True
Are life insurance death benefits taxable? - CORRECT ANSWER: No. Death benefits are
received tax-free.
Below the Line Deductions (From AGI) - CORRECT ANSWER: Itemized deductions
Gambling losses (to the extent of winnings)
Federally declared disasters
Medical expenses up to 7.5% of AGI
Mortgage interest
Property taxes
, State and local taxes
Charitable donations up to 60%
Can net capital losses over $3000 be carried forward indefinitely? - CORRECT ANSWER: True
Can you amend your tax return from married filing jointly to married filing separately? -
CORRECT ANSWER:
Conditions to avoid paying estimated taxes - CORRECT ANSWER: 1. No tax liability in
previous year
2. US citizen or resident alien entire year
3. Prior tax year covered 12 months
Corporations net profits do not qualify as QBI - CORRECT ANSWER: True
Does foreign tax credit include passive income? - CORRECT ANSWER: True
Entities that use schedule k-1 - CORRECT ANSWER: Business partners, owners, co-owners,
shareholders, investors, trustees, estates
LLC
Sole proprietor
Estimated payments are often used by individuals who are self-employed, have investments, or
have other income where employer withholding is not offered.
True
Objectives- Questions and Answers Most Recent Exam
2026-27 Actual Complete Real Exam 80 Questions and
Correct Detailed Answers (Verified Answers) Already
Graded A+ Guaranteed Success!! Newest Exam Just
Released!! Instant Download
All other filing status': Social Security Tax - CORRECT ANSWER: Below $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
Are c-corps eligible for QBI deduction? - CORRECT ANSWER: False
Are guaranteed payments considered wages in Box 1 on 1040? - CORRECT ANSWER: The
payments are recorded on schedule k-1 and included as income on schedule E of their form 1040
Are guaranteed payments subject to self-employment tax? - CORRECT ANSWER: True
Are life insurance death benefits taxable? - CORRECT ANSWER: No. Death benefits are
received tax-free.
Below the Line Deductions (From AGI) - CORRECT ANSWER: Itemized deductions
Gambling losses (to the extent of winnings)
Federally declared disasters
Medical expenses up to 7.5% of AGI
Mortgage interest
Property taxes
, State and local taxes
Charitable donations up to 60%
Can net capital losses over $3000 be carried forward indefinitely? - CORRECT ANSWER: True
Can you amend your tax return from married filing jointly to married filing separately? -
CORRECT ANSWER:
Conditions to avoid paying estimated taxes - CORRECT ANSWER: 1. No tax liability in
previous year
2. US citizen or resident alien entire year
3. Prior tax year covered 12 months
Corporations net profits do not qualify as QBI - CORRECT ANSWER: True
Does foreign tax credit include passive income? - CORRECT ANSWER: True
Entities that use schedule k-1 - CORRECT ANSWER: Business partners, owners, co-owners,
shareholders, investors, trustees, estates
LLC
Sole proprietor
Estimated payments are often used by individuals who are self-employed, have investments, or
have other income where employer withholding is not offered.
True
