Intuit Academy Tax Course One EXAM
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WITH ANSWERS |\
Schedule A - CORRECT ANSWERS ✔✔Itemized Deductions
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Schedule B - CORRECT ANSWERS ✔✔Interest and Ordinary Dividends
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Schedule C - CORRECT ANSWERS ✔✔Profit Or Loss From Business
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Schedule D - CORRECT ANSWERS ✔✔Capital Gains & Losses
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Schedule E - CORRECT ANSWERS ✔✔Supplemental Income and Loss
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Schedule 1 - CORRECT ANSWERS ✔✔Additional income and adjustments
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to income
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Schedule 2 - CORRECT ANSWERS ✔✔Additional Taxes
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Schedule 3 - CORRECT ANSWERS ✔✔Additional Credits & Payments
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You get a higher deduction for - CORRECT ANSWERS ✔✔age 65 and/or
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blind
, When is alimony taxable / non taxable - CORRECT ANSWERS ✔✔Taxable
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decree date on or before 12/31/2018 and non taxable 1/01/2019 and after
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Five types of Deductions - CORRECT ANSWERS ✔✔Work related (expenses
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of earning income), investment related (IRA), healthcare (HSA), education
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(student loan) and itemized (gambling losses).
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Gross income max for qualifying relative to be claimed as a dependent -
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CORRECT ANSWERS ✔✔4,700 (2023) |\ |\ |\
Standard Deduction (2023) - CORRECT ANSWERS ✔✔S-13,850 /MFS-
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13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
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Tax deductions reduce - CORRECT ANSWERS ✔✔Taxable Income (amount
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of income subject to tax)
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Where are the above the line deductions listed on the tax forms - CORRECT
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ANSWERS ✔✔1040 Income section (line 10) and schedule 1 part 2 |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
(adjustments to income- line 26) |\ |\ |\ |\
List three below the line deductions - CORRECT ANSWERS ✔✔Standard
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(amount depends upon age, income, and filing status), Itemized (schedule a),
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Qualified Business Income
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Above the line deductions - CORRECT ANSWERS ✔✔Ira contributions,
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HSA contributions, self-employed health insurance, 1/2 of self-employment
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WITH ANSWERS |\
Schedule A - CORRECT ANSWERS ✔✔Itemized Deductions
|\ |\ |\ |\ |\ |\
Schedule B - CORRECT ANSWERS ✔✔Interest and Ordinary Dividends
|\ |\ |\ |\ |\ |\ |\ |\
Schedule C - CORRECT ANSWERS ✔✔Profit Or Loss From Business
|\ |\ |\ |\ |\ |\ |\ |\ |\
Schedule D - CORRECT ANSWERS ✔✔Capital Gains & Losses
|\ |\ |\ |\ |\ |\ |\ |\
Schedule E - CORRECT ANSWERS ✔✔Supplemental Income and Loss
|\ |\ |\ |\ |\ |\ |\ |\
Schedule 1 - CORRECT ANSWERS ✔✔Additional income and adjustments
|\ |\ |\ |\ |\ |\ |\ |\ |\
to income
|\
Schedule 2 - CORRECT ANSWERS ✔✔Additional Taxes
|\ |\ |\ |\ |\ |\
Schedule 3 - CORRECT ANSWERS ✔✔Additional Credits & Payments
|\ |\ |\ |\ |\ |\ |\ |\
You get a higher deduction for - CORRECT ANSWERS ✔✔age 65 and/or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
blind
, When is alimony taxable / non taxable - CORRECT ANSWERS ✔✔Taxable
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
decree date on or before 12/31/2018 and non taxable 1/01/2019 and after
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Five types of Deductions - CORRECT ANSWERS ✔✔Work related (expenses
|\ |\ |\ |\ |\ |\ |\ |\ |\
of earning income), investment related (IRA), healthcare (HSA), education
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
(student loan) and itemized (gambling losses).
|\ |\ |\ |\ |\
Gross income max for qualifying relative to be claimed as a dependent -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔4,700 (2023) |\ |\ |\
Standard Deduction (2023) - CORRECT ANSWERS ✔✔S-13,850 /MFS-
|\ |\ |\ |\ |\ |\ |\
13,850/ HH-20,800/ MFJ-27,700 /QW-27,700
|\ |\ |\
Tax deductions reduce - CORRECT ANSWERS ✔✔Taxable Income (amount
|\ |\ |\ |\ |\ |\ |\ |\ |\
of income subject to tax)
|\ |\ |\ |\
Where are the above the line deductions listed on the tax forms - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔1040 Income section (line 10) and schedule 1 part 2 |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
(adjustments to income- line 26) |\ |\ |\ |\
List three below the line deductions - CORRECT ANSWERS ✔✔Standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
(amount depends upon age, income, and filing status), Itemized (schedule a),
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Qualified Business Income
|\ |\ |\
Above the line deductions - CORRECT ANSWERS ✔✔Ira contributions,
|\ |\ |\ |\ |\ |\ |\ |\ |\
HSA contributions, self-employed health insurance, 1/2 of self-employment
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