INTUIT TAX LEVEL 1 STUDY GUIDE
CORRECT 100%
Ford 1040, Line 1 - ANSWERWages, salaries, tips, etc. Reflects income from form W2.
Form 1040 Line 2B - ANSWERtaxable interest; form 1099-INT
What is the child tax credit for each child under 17? - ANSWER$2000
Net capital losses over $3000 can be carried forward indefinitely until exhausted. -
ANSWERTrue
In 2021, Gustav bought a residential real estate property and rented it full time on
November 1, 2021. What schedule should he include with Form 1040? -
ANSWERSchedule 1; Schedule E
Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a and also
received a 1099B reporting long term capital gains. What should he do when preparing
the Form 1040? - ANSWERAttach a schedule D
Schedule 1 (Form 1040) - ANSWERadditional income and adjustments to income
Schedule 2 (Form 1040) - ANSWERadditional taxes
Schedule 3 (Form 1040) - ANSWERAdditional Credits and Payments
Schedule A (Form 1040) - ANSWERitemized deductions
Schedule B (Form 1040) - ANSWERInterest and Ordinary Dividends
Schedule D form 1040 - ANSWERCapital Gains and Losses
Schedule C (Form 1040) - ANSWERProfit or Loss from Business (Sole Proprietorship)
Schedule SE (Form 1040) - ANSWERself employment tax (SS tax)
Schedule E (Form 1040) - ANSWERSupplemental Income and Loss (From rental real
estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
Schedule EIC (Form 1040) - ANSWEREarned Income Credit for a qualifying child
Schedule 8812 (Form 1040) - ANSWERAdditional child tax credit; refundable credit
received if child tax credit is greater than total amount of income taxes owed
, Three conditions to not pay estimated tax for current year - ANSWER1. They had no tax
liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
Form 2210 - ANSWERUnderpayment of Estimated Tax by Individuals, Estates, and
Trusts
Linda, a US resident and sole proprietor, expects that she will owe $2500 and taxes for
the current year. According to the IRS guidelines, which is true about Linda's estimated
tax payments? - ANSWERLinda must make estimated tax payments for the current year
since her expected tax liability is $2500 or more
How to request an extension on taxes - ANSWER- online payment option and check the
box
- File Form 4868 by mail or tax professional
- using free file function
Variations of form 1040 - ANSWERForm 1040
Form 1040-SR: senior taxpayers
Form 1040-NR: non-U.S citizens
Form 1040-X: amending their tax returns after filing Form 1040
Filing status is used to determine - ANSWERFiling requirements
Standard deduction
Eligibility for certain credits
Correct tax
Five filing statuses - ANSWER(1) Single
(2) Married Filing Jointly
(3) Married Filing Separately
(4) Head of Household
(5) Qualifying surviving spouse
Ray is a divorced, single parent who has full custody of his eight-year-old son. He
receives alimony payments of $1600 per month. Based on this information, what is
raised filing status? - ANSWERHead of Household
Global income - ANSWERthe combined total of a taxpayer's income earned both
domestically and abroad.
Types of global income - ANSWERinterest, dividend, compensation, rent and royalty,
and sales of property, pension, and retirement plans, flow-through information, and
fringe benefits
CORRECT 100%
Ford 1040, Line 1 - ANSWERWages, salaries, tips, etc. Reflects income from form W2.
Form 1040 Line 2B - ANSWERtaxable interest; form 1099-INT
What is the child tax credit for each child under 17? - ANSWER$2000
Net capital losses over $3000 can be carried forward indefinitely until exhausted. -
ANSWERTrue
In 2021, Gustav bought a residential real estate property and rented it full time on
November 1, 2021. What schedule should he include with Form 1040? -
ANSWERSchedule 1; Schedule E
Kahn received a Capital Gain Distribution reported on Form 1099-DIV, Box2a and also
received a 1099B reporting long term capital gains. What should he do when preparing
the Form 1040? - ANSWERAttach a schedule D
Schedule 1 (Form 1040) - ANSWERadditional income and adjustments to income
Schedule 2 (Form 1040) - ANSWERadditional taxes
Schedule 3 (Form 1040) - ANSWERAdditional Credits and Payments
Schedule A (Form 1040) - ANSWERitemized deductions
Schedule B (Form 1040) - ANSWERInterest and Ordinary Dividends
Schedule D form 1040 - ANSWERCapital Gains and Losses
Schedule C (Form 1040) - ANSWERProfit or Loss from Business (Sole Proprietorship)
Schedule SE (Form 1040) - ANSWERself employment tax (SS tax)
Schedule E (Form 1040) - ANSWERSupplemental Income and Loss (From rental real
estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
Schedule EIC (Form 1040) - ANSWEREarned Income Credit for a qualifying child
Schedule 8812 (Form 1040) - ANSWERAdditional child tax credit; refundable credit
received if child tax credit is greater than total amount of income taxes owed
, Three conditions to not pay estimated tax for current year - ANSWER1. They had no tax
liability for prior year
2. They were a U.S citizen or resident alien for the whole year
3. Prior tax year covered 12 months
Form 2210 - ANSWERUnderpayment of Estimated Tax by Individuals, Estates, and
Trusts
Linda, a US resident and sole proprietor, expects that she will owe $2500 and taxes for
the current year. According to the IRS guidelines, which is true about Linda's estimated
tax payments? - ANSWERLinda must make estimated tax payments for the current year
since her expected tax liability is $2500 or more
How to request an extension on taxes - ANSWER- online payment option and check the
box
- File Form 4868 by mail or tax professional
- using free file function
Variations of form 1040 - ANSWERForm 1040
Form 1040-SR: senior taxpayers
Form 1040-NR: non-U.S citizens
Form 1040-X: amending their tax returns after filing Form 1040
Filing status is used to determine - ANSWERFiling requirements
Standard deduction
Eligibility for certain credits
Correct tax
Five filing statuses - ANSWER(1) Single
(2) Married Filing Jointly
(3) Married Filing Separately
(4) Head of Household
(5) Qualifying surviving spouse
Ray is a divorced, single parent who has full custody of his eight-year-old son. He
receives alimony payments of $1600 per month. Based on this information, what is
raised filing status? - ANSWERHead of Household
Global income - ANSWERthe combined total of a taxpayer's income earned both
domestically and abroad.
Types of global income - ANSWERinterest, dividend, compensation, rent and royalty,
and sales of property, pension, and retirement plans, flow-through information, and
fringe benefits
