Chapter 1

Question 1

Form 1040?

Answer 1

Individual Income tax return

Question 2

Form 1065?

Answer 2

Partnership information return

Question 3

Form 1120-S

Answer 3

S corporation tax return

Question 4

Schedule 1

Answer 4

Additional Income and adjustments to income

Question 5

Schedule K-1 (Form 1065)

Answer 5

Partner’s share of partnership results

Question 6

Schedule A

Answer 6

Itemized Deductions

Question 7

Schedule B

Answer 7

Interest and dividend income

Question 8

Schedule C

Answer 8

Profit or loss from business (sole proprietorship)

Question 9

Schedule D

Answer 9

Capital gains and losses

Question 10

Schedule E

Answer 10

Supplemental income and loss (rent, royalty, and pass-through income from forms 1065, 1120-S, and 1041)

Question 11

Schedule F

Answer 11

Farm and ranch income

Question 12

Threshold to file for self employment income

Answer 12

$400

Question 13

threshold to file for dependent in 2023?

Answer 13

$1250 unearned income OR earned income of 13850 OR 400 self employed income. Whichever is greater

Question 14

Threshold to file for MFJ under 65? Over 65? one over/under 65? in 2023

Answer 14

27,700. One over = 29,200. Both over 30,700. Add 1500 for each because it is a deductible

Question 15

When could tax tables be more helpful than tax rate schedules

Answer 15

When AGI is less than 100,000

Question 16

Surviving Spouse

Answer 16

can file for two years after death of spoouse but must have a dependent child.