Intuit Academy Tax Level 1 Exam 2025/2026 Actual Exam Questions And Correct Detailed Answers (Verified Answers) All Answered {335 Q & A} Already Graded A+ | Brand New!

Harry chooses to itemize his deductions. Can he take a deduction of $9,500 for state income taxes? {Ans: Yes}Did you know qualified distributions from a Roth IRA are tax free? {Ans: True}Sandra has taken her first job after completing her college degree. She is a single and paid $2,800 interest on her student loans during the tax year. Her MAGI is below the limits before making the student loan interest adjustment. How much can she deduct as an adjustment to income? {Ans: $2,500}Income Exclusion Rule {Ans: There are many types of income that qualify under this rule, such as life insurance death benefit proceeds, child support, welfare, and municipal bond income. Income that is excluded is not reported anywhere on Form 1040(opens in a new tab).}Kaya made the following contributions last year: $500 - Social Clubs $50 - Lottery Tickets $800 - Church Contribution How much can Kaya claim as deductible cash contributions? {Ans: $800}Charitable donations {Ans: Cash donations made to a qualified charity deductible to the extent of 60% of the AGI NOTE: This 60% limit doesn't apply to noncash charitable contributions}