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Intuitl Academyl Taxl Prepl (Latestl 2026/l 2027l Update)l 100%l Verifiedl Questionsl &l Answersl |l Gradel A
Q:l Testsl thatl anl individuall mustl satisfyl tol bel consideredl al qualifyingl childl ofl al taxpayer?
Answer:
Relationshipl Testl Supportl Test
Q:l Taxpayerl isl singlel andl nol otherl incomel thanl $12,000l sociall securityl benefits.l Needl 1040l file?
Answer:
No
Q:l Taxpayerl isl marriedl filingl jointly.l Taxpayerl hasl $80,000l inl earnedl incomel andl spousel hasl netl profitsl ofl $40,000l froml theirl solel proprietorship.l Needl tol 1040l file?
Answer:
YES
Q:l Taxpayerl isl singlel andl hasl $6,000l wagel incomel nol withholdingl forl federall incomel tax.l Needl tol 1040l file?
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Answer:
Yuppers
Q:l Taxpayerl isl single.l Theirl onlyl incomel isl $4,000l ofl grossl self-employmentl incomel withl $2,000l inl self-employmentl expenses.l Needl tol 1040l file?
Answer:
Yes,l thatl self-employmentl incomel meansl yes!
Q:l Taxpayersl subtractl thel Qualifiedl Businessl Incomel Deductionl froml Adjustedl Grossl Incomel tol determinel Taxablel Income.
Answer:
YES
Q:l Taxpayersl subtractl Abovel Linel Deductionsl froml Grossl Incomel tol determinel Adjustedl Grossl Income.
Answer:
Yes
Q:l Youl arel al 30l yearl oldl engineerl workingl full-time.l Forl thel taxl yearl 2023,l youl
receivedl thel following:
$35,000l Salaryl onl W-2l (Boxl 1) $500l Dividendl Income •l $200l Taxl Exemptl Interestl Income 2 / 3
$1,000l Municipall Bondl interestl Income •l Paidl $7,000l inl Reall Estatel Taxes,l $2,500l forl Homel Mortgagel Interest,l $1,000l inl charitablel contributionsl andl $2,500l inl medicall expenses.l Assumel youl arel singlel andl thel standardl deductionl isl $14,000.l What'sl yourl taxablel income?
Answer:
Salary:l $35,000
Dividendl Income:l $500
Tax-exemptl Interest:l $200l (notl taxable)
Municipall Bondl Interest:l $1,000l (notl taxable)
Totall Grossl Income:l $35,000l +l $500l =l $35,500
Next,l subtractl yourl deductions:
Standardl Deduction:l $14,000
Adjustedl Grossl Incomel (AGI):l $35,500l -l $14,000l =l $21,500
Q:l Thel U.S.l allowsl taxpayersl meetingl certainl criterial tol annuallyl EXCLUDEl anl annuall amountl ofl foreignl earnedl income.l T/F
Answer:
TRUEl Maxl forl 2024l isl $126.5K.
Q:l Youl receivel al giftl ofl $18,000.l Taxablel orl not?
Answer:
Nol tax,l $18kl isl thel limitl though.
Q:l Thel taxpayerl isl al self-employed,l cash-basisl ridesharel driverl forl Uberl andl Lyft.Shouldl thel followingl bel includedl onl theirl Schedulel C?
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