1.06 Tax Schedules

Question 1

Net rental income and expenses are reported on what schedule?

Answer 1

Schedule E - Supplementary Income or Loss

Question 2

Royalty income is to be reported on what schedule?

Answer 2

Schedule E - Supplementary Income or Loss

Question 3

Unreimbursed employee expenditures are considered a miscellaneous expense, deductible as an itemized deduction, although subject to certain limitations. What schedule does it go on?

Answer 3

Schedule A - Itemized Deductions

Question 4

A claim for refund must be filed within ____ years from the date the return was filed, or _____ years from the date the tax was paid, whichever is later.

Answer 4

3 years from filing; 2 years from when it was paid

Question 5

An accuracy-related penalty applies to the portion of tax underpayment attributable to…

Answer 5

Both
I. Negligence or a disregard of the tax rules or regulations.
II. Any substantial understatement of income tax.

Question 6

Hobby expenses may be deducted against hobby income and they are properly reported as a business expense on Schedule ______

Answer 6

C - Profit and Loss from Trade or Business