Chapter 4: Understanding and Using Common Tax Forms in Tax Preparation
This section outlines the key forms needed to accurately file taxes. It covers essential forms like the 1040, W-2, 1099 series, and schedules for reporting income, claiming deductions, and applying credits, ensuring tax preparers can efficiently manage various tax situations and maximize client returns.
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1.
Which form is the primary individual tax return used by U.S. taxpayers?
2.
Which form reports wages, tips, and taxes withheld by employers?
3.
What form is used to report non-employee compensation, such as income for freelancers?
4.
Which schedule is used to itemize deductions like mortgage interest and charitable donations?
5.
What form is used by self-employed individuals to report business income and expenses?
6.
Which form is used to report capital gains and losses from the sale of stocks or real estate?
7.
What form is required when claiming child or dependent care expenses for tax credits?
8.
When should Form 8862 (Earned Income Credit After Disallowance) be used?
9.
What form do sole proprietors use to calculate self-employment taxes?
10.
Which form is used to release a custodial parent’s claim to a child's dependency exemption?
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