Tax Forms 101 - Tax Quiz | Rate My Tax Accountant

Question 1 of 25

What is the main purpose of Form 1040?

To apply for a Social Security number To file your annual U.S. individual income tax return To report only self-employment income To request an extension of time to file

Question 2 of 25

What does an employer use Form W-2 to report?

Wages paid to an employee and taxes withheld Payments made to an independent contractor Interest paid on a bank account Tuition paid to a college

Question 3 of 25

Why does an employee fill out Form W-4 and give it to an employer?

To claim a refund of overpaid taxes To report tip income to the IRS So the employer withholds the correct federal income tax from pay To apply for an extension to file

Question 4 of 25

What is Form W-9 primarily used for?

To provide your correct taxpayer identification number to a payer To report wages and tax withheld to an employee To claim education credits To pay estimated quarterly taxes

Question 5 of 25

What does a business use Form 1099-NEC to report?

Interest income paid to an account holder Nonemployee compensation paid for services Mortgage interest received Dividends and distributions

Question 6 of 25

What kind of payments does Form 1099-MISC report?

Wages paid to employees Tuition paid to a school Miscellaneous income such as rents, royalties, and prizes Estimated tax payments

Question 7 of 25

What does Form 1099-INT report?

Dividend income Interest income Nonemployee compensation Capital gains from stock sales

Question 8 of 25

What does Form 1099-DIV report?

Dividends and distributions Mortgage interest Tuition payments Wages and withholding

Question 9 of 25

What does Form 1099-K report?

Interest earned on a savings account Payments received through payment cards and third party networks Wages paid by an employer Charitable contributions

Question 10 of 25

What does Form 1098 (Mortgage Interest Statement) report?

Tuition paid to a college Mortgage interest of $600 or more received during the year Student loan interest paid Dividends received

Question 11 of 25

Who issues Form 1098-T and what does it report?

A lender reporting student loan interest An employer reporting wages An eligible educational institution reporting qualified tuition and related expenses A bank reporting mortgage interest

Question 12 of 25

Where does Form 1095-A come from and what does it report?

From an employer, reporting employer health coverage From the Health Insurance Marketplace, reporting Marketplace coverage From the IRS, reporting your tax refund From a bank, reporting interest income

Question 13 of 25

What is Schedule A (Form 1040) used to figure?

Self-employment tax Itemized deductions Business profit or loss Estimated tax payments

Question 14 of 25

What does Schedule B (Form 1040) report?

Interest and ordinary dividends Capital gains and losses Itemized deductions Self-employment tax

Question 15 of 25

What is Schedule C (Form 1040) used for?

To report capital gains and losses To report profit or loss from a business operated as a sole proprietor To claim education credits To itemize deductions

Question 16 of 25

What does Schedule D (Form 1040) report?

Capital gains and losses Interest and ordinary dividends Itemized deductions Business income

Question 17 of 25

What is Schedule SE (Form 1040) used to figure?

The tax on capital gains Self-employment tax on net earnings Itemized deductions Education credits

Question 18 of 25

What does Form 4868 allow an individual taxpayer to do?

Request an automatic extension of time to file their income tax return Get more time to pay taxes owed without interest Amend a previously filed tax return Apply for a taxpayer identification number

Question 19 of 25

What is Form 1040-ES used for?

To file an amended return To figure and pay estimated tax on income not subject to withholding To report wages and withholding To claim itemized deductions

Question 20 of 25

What is Form 8949 used to list?

Interest and dividend income Sales and other dispositions of capital assets Business expenses Wages paid to employees

Question 21 of 25

What is Form W-7 used to apply for?

A Social Security number An Individual Taxpayer Identification Number (ITIN) An employer identification number A tax filing extension

Question 22 of 25

What is Form 8863 used to claim?

The earned income credit Education credits such as the American Opportunity and Lifetime Learning Credits The child tax credit The mortgage interest deduction

Question 23 of 25

If you are paid as an independent contractor for services, which form would the payer typically issue to you?

Form W-2 Form 1099-NEC Form 1098 Form 1095-A

Question 24 of 25

Which form would you use to report income and expenses from a business you run as a sole proprietor?

Schedule A Schedule B Schedule C Schedule D

Question 25 of 25

You sold stock at a gain during the year; which two forms work together to report the transaction?

Schedule A and Form 1098 Form 8949 and Schedule D Schedule C and Schedule SE Form W-4 and Form W-2