Tax Documents Review

Question 1

Schedule __ may help identify unlisted assets or sources of income. For example, property taxes may reveal real property or a boat that one spouse does not know exists; and gambling losses would reveal that there are gambling winnings

Answer 1

Schedule A: Itemized Deductions

Question 2

Schedule ___ identifies the assets and investments generating interest and dividends.

Answer 2

Schedule B: Interest and Ordinary Dividends

Question 3

Schedule ___ may be a place to hide assets or income. For example, depreciation expense is not a cash outflow and should sometimes be added back to net income to determine actual income. The depreciation schedule may also reveal additional assets in the business.

Answer 3

Schedule C: Profit or Loss from Business

Question 4

Schedule ___ is used to report gains and losses from the sale of stocks, bonds, and real estate.

Answer 4

Schedule D: Capital Gains and Losses

Question 5

Is used to report income from rental properties, royalties, partnerships, and S-corporation income. Depreciation would be something to review.

Answer 5

Schedule E: Supplemental Income and Loss

Question 6

Form ______ is used to report partnership income.

Answer 6

1065

Question 7

Forms ______ is used to report corporate income

Answer 7

1120

Question 8

Form _____ is used to report corporate income for S corporations.

Answer 8

1120S

Question 9

Schedule___ includes additional income, such as capital gains, unemployment compensation, prize or award money, and gambling winnings. It also includes deductions such as student loan interest, self-employment tax, and educator expenses.

Answer 9

Schedule 1: Additional Income and Adjustments to Income

Question 10

Schedule __ details the alternative minimum tax (ATM) or an excess advance premium tax credit repayment.

Answer 10

Schedule 2

Question 11

Schedule __ is used to claim a nonrefundable credit other than the child tax credit or the credit for other dependents, such as the foreign tax credit, education credits, or general business credit.

Answer 11

Schedule 3: Nonrefundable Credits

Question 12

Form ______ reports deductions for depreciation and amortization as well as provides information on the business/investment use of automobiles and other listed property.

Answer 12

Form 4562

Question 13

Form _____ reports the sale or exchange of business property and the computation of recapture amounts under sections 179 and 280F(b)(2).

Answer 13

Form 4797

Question 14

Schedule A:

Answer 14

Itemized Deductions

Schedule A may help identify unlisted assets or sources of income. For example, property taxes may reveal real property or a boat that one spouse does not know exists; and gambling losses would reveal that there are gambling winnings

Question 15

Schedule B:

Answer 15

Interest and Ordinary Dividends

Schedule B identifies the assets and investments generating interest and dividends.

Question 16

Schedule C:

Answer 16

Profit or Loss from Business

Schedule C may be a place to hide assets or income. For example, depreciation expense is not a cash outflow and should sometimes be added back to net income to determine actual income. The depreciation schedule may also reveal additional assets in the business.

Question 17

Schedule D:

Answer 17

Capital Gains and Losses

Schedule D is used to report gains and losses from the sale of stocks, bonds, and real estate.

Question 18

Schedule E:

Answer 18

Supplemental Income and Loss

Schedule E is used to report income from rental properties, royalties, partnerships, and S-corporation income. Depreciation would be something to review.

Question 19

Post 2018 forms to review:

Schedule 1:

Answer 19

Additional Income and Adjustments to Income

Schedule 1 includes additional income, such as capital gains, unemployment compensation, prize or award money, and gambling winnings. It also includes deductions such as student loan interest, self-employment tax, and educator expenses.

Question 20

Post 2018 forms to review:

Schedule 2:

Answer 20

Tax

Schedule 2 details the alternative minimum tax (ATM) or an excess advance premium tax credit repayment.

Question 21

Post 2018 forms to review:

Schedule 3:

Answer 21

Nonrefundable Credits

Schedule 3 is used to claim a nonrefundable credit other than the child tax credit or the credit for other dependents, such as the foreign tax credit, education credits, or general business credit.

Question 22

Post 2018 forms to review:

Form 4562

Answer 22

Form 4562 reports deductions for depreciation and amortization as well as provides information on the business/investment use of automobiles and other listed property.

Question 23

Post 2018 forms to review:

Form 4797

Answer 23

Form 4797 reports the sale or exchange of business property and the computation of recapture amounts under sections 179 and 280F(b)(2).