Quiz – Income – Preparing the Tax Preparer

Tax filers are taxed on:

All income

Correct Incorrect Correct answer

Taxable income

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Deductions

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Salary

Correct Incorrect Correct answer

f1040s1-115

True

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False

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Homeschooling expenses are considered qualified expenses for eligible educators

True

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False

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Which of the following would not be considered Earned Income?

Wages

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Business Income

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Self-Employment Income

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Rental Income

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In 2025, Jimmy received $1,800 in taxable interest from his savings account at a local bank and $900 in ordinary dividends from stocks he owns in a brokerage account. Under what circumstances would Jimmy be required to complete and attach Schedule B to his Form 1040 when filing his 2025 tax return?

f the total amount of taxable interest and ordinary dividends he received was less than $1,500.

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If he received interest from more than one payer (e.g., multiple banks or financial institutions).

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Only if the ordinary dividends he received were qualified dividends.

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If the total amount of taxable interest was more than $1,500, or the total ordinary dividends were more than $1,500, or the total of both was more than $1,500.

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What must the taxpayer have in order to report alimony paid?

Height of the ex-spouse

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Horoscope sign of the ex-spouse

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Tax return of the ex-spouse

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Social security number of the ex-spouse and divorcee with date of divorce

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Quiz – Income

Quiz – Income

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