Intuit Academy Tax Level 1
Exam Study Guide
2025/2026
DOUBLE-CLICK OR DOUBLE-TAP TO EDIT
1. What is the primary purpose of Form 1040?
A) To report business income
B) To calculate and report an individual's federal income tax
C) To claim tax credits
D) To report capital gains
Answer: B) To calculate and report an individual's federal income tax
2. Which filing status is available to a widow(er) with a dependent child?
A) Single
B) Married Filing Jointly
C) Head of Household
D) Qualifying Widow(er)
Answer: D) Qualifying Widow(er)
3. What is the term for the total income after adjustments?
A) Gross Income
B) Adjusted Gross Income (AGI)
C) Taxable Income
D) Total Payments
Answer: B) Adjusted Gross Income (AGI)
4. Which of the following is considered earned income?
A) Interest from savings accounts
B) Wages from employment
C) Dividend income
D) Rental income
Answer: B) Wages from employment
5. What is the standard deduction for a single filer in 2025?
A) $12,550
B) $13,850
C) $14,050
D) $15,000
Answer: B) $13,850
, 6. Which form is used to report income from a sole proprietorship?
A) Schedule A
B) Schedule B
C) Schedule C
D) Schedule D
Answer: C) Schedule C
7. What is the maximum contribution limit for a Health Savings Account (HSA) for an individual in
2025?
A) $3,000
B) $3,650
C) $4,000
D) $4,500
Answer: B) $3,650
8. Which of the following is a refundable tax credit?
A) Child Tax Credit
B) Earned Income Tax Credit (EITC)
C) Education Credit
D) Adoption Credit
Answer: B) Earned Income Tax Credit (EITC)
9. What is the tax rate on long-term capital gains for taxpayers in the 15% tax bracket?
A) 0%
B) 15%
C) 20%
D) 25%
Answer: A) 0%
10. Which of the following is an above-the-line deduction?
A) Mortgage interest
B) Charitable contributions
C) Student loan interest
D) Medical expenses
Answer: C) Student loan interest
11. What is the purpose of Schedule D?
A) To report income from rental properties
B) To report capital gains and losses
C) To report business income
D) To report dividend income
Answer: B) To report capital gains and losses
12. Which of the following is NOT considered a tax-exempt income?
Exam Study Guide
2025/2026
DOUBLE-CLICK OR DOUBLE-TAP TO EDIT
1. What is the primary purpose of Form 1040?
A) To report business income
B) To calculate and report an individual's federal income tax
C) To claim tax credits
D) To report capital gains
Answer: B) To calculate and report an individual's federal income tax
2. Which filing status is available to a widow(er) with a dependent child?
A) Single
B) Married Filing Jointly
C) Head of Household
D) Qualifying Widow(er)
Answer: D) Qualifying Widow(er)
3. What is the term for the total income after adjustments?
A) Gross Income
B) Adjusted Gross Income (AGI)
C) Taxable Income
D) Total Payments
Answer: B) Adjusted Gross Income (AGI)
4. Which of the following is considered earned income?
A) Interest from savings accounts
B) Wages from employment
C) Dividend income
D) Rental income
Answer: B) Wages from employment
5. What is the standard deduction for a single filer in 2025?
A) $12,550
B) $13,850
C) $14,050
D) $15,000
Answer: B) $13,850
, 6. Which form is used to report income from a sole proprietorship?
A) Schedule A
B) Schedule B
C) Schedule C
D) Schedule D
Answer: C) Schedule C
7. What is the maximum contribution limit for a Health Savings Account (HSA) for an individual in
2025?
A) $3,000
B) $3,650
C) $4,000
D) $4,500
Answer: B) $3,650
8. Which of the following is a refundable tax credit?
A) Child Tax Credit
B) Earned Income Tax Credit (EITC)
C) Education Credit
D) Adoption Credit
Answer: B) Earned Income Tax Credit (EITC)
9. What is the tax rate on long-term capital gains for taxpayers in the 15% tax bracket?
A) 0%
B) 15%
C) 20%
D) 25%
Answer: A) 0%
10. Which of the following is an above-the-line deduction?
A) Mortgage interest
B) Charitable contributions
C) Student loan interest
D) Medical expenses
Answer: C) Student loan interest
11. What is the purpose of Schedule D?
A) To report income from rental properties
B) To report capital gains and losses
C) To report business income
D) To report dividend income
Answer: B) To report capital gains and losses
12. Which of the following is NOT considered a tax-exempt income?
