Tax Knowledge Quiz

Which form will an employee receive that reports wages earned?

• 1040

• 1099-NEC

• 1099-MISC

• W-2

True or false: VITA only helps low-income families.

• TRUE

• FALSE

What is one characteristic of a Qualifying Child?

• Over age 24

• Under age 19

• Earns income

• Lives alone

True or false: You can only file jointly if married.

• TRUE

• FALSE

Which form reports student loan interest?

• Form 1040

• Form W-2

• Form 1098-E

• Form 1099-NEC

What is a characteristic of a Qualifying Relative?

• Must be a child

• Lives with you

• Must be married

• Earns over $5,050

True or false: You can file separately if married.

• TRUE

• FALSE

What is the purpose of tax credits?

• Reduce tax owed

• Change filing status

• Adjust deductions

• Increase income

True or false: A qualifying child must be under 19 years old.

• TRUE

• FALSE

Which tax credit(s) is/are refundable?

• American Opportunity Credit

• Lifetime Learning Credit

• Child Tax Credit

• Retirement Savings Credit