
Filing Your Taxes
Authored by Stephen Loszewski
Financial Education
12th Grade
Used 17+ times

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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of Form 1040?
Reports mortgage interest if you own a home.
Reports tuition payments if you're attending college.
This form is used to file your taxes.
Reports money a client paid you for freelance or contract work.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Form 1098-T report?
Interest earned on savings and investments.
Dividends earned on investments.
Tuition payments if you're attending college.
Interest paid on student loans.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Form 1099-MISC is used to report what type of income?
Dividends earned on investments.
Interest earned on savings and investments.
Money a client paid you for freelance or contract work.
Tuition payments if you're attending college.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form reports dividends earned on investments?
Form 1099-DIV
Form 1099-INT
Form 1099-MISC
Form 1098
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a deduction represent in the context of taxes?
A) A penalty added to your taxes
B) A bonus added to your refund
C) Money that can be subtracted from your income before taxes are calculated
D) An additional charge based on your income level
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does everyone use deductions when calculating taxes?
A) To increase the amount of taxes owed
B) To avoid paying taxes altogether
C) To help save on how much they owe in taxes
D) Because it is optional and has no real impact
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the standard deduction amount for single filers?
$27,700
$13,850
$10,000
$30,000
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