Understanding Tax Filing Basics

What is the standard deadline for filing federal income tax returns in the United States?

• March 15

• April 15

• May 15

• June 15

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DOK Level 1: Recall

Which form is primarily used for individual income tax returns in the United States?

• Form 1099

• Form W-2

• Form 1040

• Form 4868

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DOK Level 1: Recall

If a taxpayer needs more time to file their federal tax return, which form should they submit to request an extension?

• Form 1040

• Form 4868

• Form 1099

• Form W-4

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DOK Level 1: Recall

Which of the following is considered taxable income that must be reported on a tax return?

• Gifts received from family

• Lottery winnings

• Child support payments

• Life insurance payouts

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DOK Level 1: Recall

What is the primary purpose of Form 1040?

• To report self-employment income

• To apply for a tax refund

• To report individual income and calculate taxes owed

• To request an extension for filing taxes

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DOK Level 2: Skill/Concept

Which of the following is a common deduction that can be claimed on Form 1040?

• Mortgage interest

• Lottery winnings

• Child support payments

• Gifts received

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DOK Level 2: Skill/Concept

How does a taxpayer determine if they need to file a state tax return in addition to a federal tax return?

• By checking if they have income from multiple states

• By verifying if they received a W-2 form

• By confirming if they have dependents

• By ensuring they have a valid Social Security number

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DOK Level 2: Skill/Concept

What is the consequence of not filing a tax return by the deadline without an approved extension?

• No consequence

• A late filing penalty

• A reduction in future tax refunds

• An increase in tax rate

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DOK Level 1: Recall

Which of the following types of income is typically not taxable and does not need to be reported on a tax return?

• Interest from savings accounts

• Dividends from stocks

• Inheritance

• Rental income

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DOK Level 1: Recall

What is the main difference between Form 1040 and Form 1040EZ?

• Form 1040EZ is for businesses, while Form 1040 is for individuals

• Form 1040EZ is for simple tax situations, while Form 1040 is for more complex situations

• Form 1040EZ is for state taxes, while Form 1040 is for federal taxes

• Form 1040EZ is for non-residents, while Form 1040 is for residents

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DOK Level 2: Skill/Concept