🧾 Intuit TurboTax Expert — 100 Flashcards
A. Tax Fundamentals
1. Q: What is gross income?
A: Generally, all income received that may be taxable before deductions and adjustments.
2. Q: What is AGI?
A: Adjusted Gross Income is gross income minus allowable adjustments to income.
3. Q: What is taxable income?
A: Generally, AGI reduced by the applicable deduction and other allowable adjustments.
4. Q: What is a tax deduction?
A: An amount that reduces taxable income.
5. Q: What is a tax credit?
A: An amount that directly reduces tax liability.
6. Q: Which is generally more valuable—a $1 deduction or a $1 credit?
A: A $1 credit generally reduces tax by $1, while a $1 deduction reduces taxable income by $1.
7. Q: What is the standard deduction?
A: A predetermined deduction amount available to eligible taxpayers who don’t itemize.
8. Q: What are itemized deductions?
A: Specific deductible expenses claimed individually instead of taking the standard deduction.
9. Q: Can a taxpayer take both the standard deduction and itemized deductions?
A: Generally, no. A taxpayer generally chooses the applicable deduction method.
10. Q: What is tax withholding?
A: Money withheld from income, such as wages, and sent to the government as an estimated payment toward taxes.
B. Filing Status
11. Q: What are the federal filing statuses?
A: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Surviving Spouse.
12. Q: What is Married Filing Jointly?
A: A married couple generally combines income, deductions, and credits on one federal return.
13. Q: What is Married Filing Separately?
A: Married taxpayers file separate returns and generally report their own income and applicable deductions/credits.
14. Q: What is Head of Household?
A: A filing status available to taxpayers who meet specific requirements involving marital status, household costs, and a qualifying person.
15. Q: Is simply being unmarried enough to qualify for Head of Household?
A: No. Additional requirements must be satisfied.
16. Q: Can two people both claim Head of Household for the same home?
A: Potentially, depending on the facts, but each person must independently satisfy the requirements.
17. Q: What is Qualifying Surviving Spouse?
A: A filing status that may be available to certain surviving spouses who meet specific requirements.
18. Q: Why is filing status important?
A: It can affect tax rates, deductions, credits, and eligibility for certain benefits.
19. Q: Should a tax expert assume a customer’s filing status?
A: No. Ask questions and determine eligibility based on the taxpayer’s facts.
20. Q: What would you do if a customer is unsure of their filing status?
A: Ask relevant questions about marital status, dependents, household expenses, and other eligibility factors, then verify the applicable rules.
C. Dependents
21. Q: What is a dependent?
A: A person who meets the applicable IRS requirements to be claimed as a dependent.
22. Q: What is a qualifying child?
A: Generally, a person who meets relationship, age, residency, support, and other applicable requirements.
23. Q: What is a qualifying relative?
A: A person who meets applicable relationship/household, income, support, and other requirements.
24. Q: Can a taxpayer claim any child who lives with them?
A: No. The child must satisfy the applicable dependent requirements.
25. Q: Can divorced parents both claim the same child?
A: Generally, only one taxpayer can claim the child for the same tax benefits for a particular year, subject to special rules.
26. Q: What if two taxpayers claim the same dependent?
A: The returns may be subject to IRS review, and the taxpayer should follow the applicable tie-breaker or special rules.
27. Q: What is the residency test?
A: One of the requirements used to determine whether a person qualifies as a taxpayer’s qualifying child.
28. Q: What is the support test?
A: A test used in determining whether applicable dependent requirements are satisfied.
29. Q: Can a college student potentially be a dependent?
A: Yes, if the student meets all applicable requirements.
30. Q: What should you do if a customer wants to claim an ineligible dependent?
A: Explain the requirements and help the customer prepare an accurate return.
D. Child Tax Credit & EITC
31. Q: What is the Child Tax Credit?
A: A federal tax credit available to eligible taxpayers with qualifying children, subject to current-year requirements.
32. Q: What is the refundable portion of a credit?
A: A portion that may be available as a refund even if the taxpayer’s tax liability is reduced to zero, subject to the specific credit’s rules.
33. Q: What is EITC?
A: The Earned Income Tax Credit is a federal credit for eligible taxpayers with earned income who satisfy the applicable requirements.
34. Q: Is EITC available only to taxpayers with children?
A: No. Some taxpayers without qualifying children may qualify if they meet the applicable requirements.
35. Q: Does investment income affect EITC eligibility?
A: Yes. There are investment-income limitations.
36. Q: Is EITC refundable?
A: Yes, it is a refundable federal tax credit when the taxpayer qualifies.
37. Q: Can a taxpayer claim EITC and Child Tax Credit together?
A: Potentially, if the taxpayer meets the requirements for both.
38. Q: What should you do before claiming EITC?
A: Verify the taxpayer’s income, filing status, qualifying-child information, residency, and other applicable requirements.
39. Q: Why are refundable credits important to customers?
A: They can potentially increase a taxpayer’s refund beyond simply reducing tax owed.
40. Q: What if a customer insists they qualify for EITC?
A: Politely explain that eligibility depends on IRS requirements and verify the customer’s facts before claiming it.
🎓 E. Education Credits
41. Q: What is the American Opportunity Tax Credit?
A: A federal education credit for eligible students and qualified education expenses, subject to specific requirements.
42. Q: What is the Lifetime Learning Credit?
A: An education credit for eligible taxpayers’ qualified education expenses, subject to applicable requirements.
43. Q: Can a taxpayer claim both education credits for the same student in the same year?
A: Generally, not for the same student and same expenses.
44. Q: What form commonly provides information about qualified tuition?
A: Form 1098-T.
45. Q: Does receiving a 1098-T automatically mean someone qualifies for an education credit?
A: No. The taxpayer and student must satisfy all eligibility requirements.
46. Q: What are qualified education expenses?
A: Expenses that meet the specific requirements for the applicable education credit.
47. Q: Can scholarships affect education credits?
A: Yes. Scholarships and other tax-free educational assistance can affect the amount of expenses eligible for a credit.
48. Q: Can a graduate student qualify for an education credit?
A: Potentially, depending on the credit and the student’s circumstances.
49. Q: Can education credits be subject to income limitations?
A: Yes.
50. Q: What should a tax expert do if education expenses are unclear?
A: Ask for the relevant information and verify which expenses qualify under the applicable IRS rules.
💼 F. Employment & Forms
51. Q: What is Form W-2?
A: An employer-issued form reporting wages and certain taxes withheld.
52. Q: What is Form 1099-NEC?
A: A form generally used to report nonemployee compensation.
53. Q: What is Form 1099-MISC?
A: A form used to report certain types of miscellaneous income.
54. Q: What is Form 1099-INT?
A: A form generally reporting interest income.
55. Q: What is Form 1099-DIV?
A: A form generally reporting dividends and certain distributions.
56. Q: What is Form 1099-R?
A: A form generally reporting distributions from pensions, annuities, retirement plans, or similar arrangements.
57. Q: What is Form 1098?
A: A form generally reporting certain mortgage interest paid.
58. Q: What is Form 1098-T?
A: A form providing information about qualified tuition and related expenses from eligible educational institutions.
59. Q: What if a customer receives multiple W-2s?
A: Enter all applicable W-2s accurately rather than reporting only one.
60. Q: What if the W-2 information doesn’t match the customer’s records?
A: Ask the customer to verify the information and, if necessary, contact the employer or follow the applicable IRS procedures.
🚗 G. Self-Employment & Schedule C
61. Q: What is Schedule C?
A: A form used by many sole proprietors to report business income and expenses.
62. Q: What is self-employment income?
A: Income earned from carrying on a trade or business as a self-employed individual.
63. Q: What is a business expense?
A: An expense that meets the applicable requirements for deduction in connection with a trade or business.
64. Q: What does “ordinary and necessary” mean?
A: It describes the general federal tax standard for deductible business expenses.
65. Q: Can a self-employed person deduct every expense they pay?
A: No. Expenses must meet the applicable tax requirements.
66. Q: What is the difference between business and personal expenses?
A: Business expenses relate to the trade or business; personal expenses generally aren’t deductible as business expenses.
67. Q: Can mileage be deductible for a self-employed taxpayer?
A: Potentially, when the travel qualifies under the applicable business-use rules.
68. Q: Why is recordkeeping important for self-employed taxpayers?
A: Records support income, expenses, deductions, and other information reported on the return.
69. Q: What if a customer has both W-2 income and self-employment income?
A: Both may need to be reported, with self-employment activity generally reported separately from W-2 wages.
70. Q: What if a customer doesn’t have receipts for a business expense?
A: Explain the importance of adequate records and determine what documentation is available rather than inventing amounts.
📈 H. Investments & Retirement
71. Q: What is a capital gain?
A: Generally, the profit from selling a capital asset for more than its adjusted basis.
72. Q: What is a capital loss?
A: Generally, the loss from selling a capital asset for less than its adjusted basis.
73. Q: What is basis?
A: Generally, the taxpayer’s investment in an asset used to determine gain or loss.
74. Q: What is Form 1099-B?
A: It generally reports proceeds from broker or barter-exchange transactions.
75. Q: What is a dividend?
A: A distribution from a corporation or other entity to shareholders, which may have different tax treatment depending on its classification.
76. Q: What is a qualified dividend?
A: A dividend meeting specific requirements for preferential federal tax treatment.
77. Q: What is a traditional IRA?
A: A retirement account that may provide tax benefits under applicable rules.
78. Q: What is a Roth IRA?
A: A retirement account generally funded with after-tax contributions, with qualified distributions potentially tax-free.
79. Q: What is an early retirement distribution?
A: A distribution taken before the applicable age or qualifying event that may be subject to additional tax unless an exception applies.
80. Q: What should you do when a customer has complicated investment transactions?
A: Gather the relevant forms and transaction information and verify the applicable tax treatment rather than guessing.
🏠 I. Common Tax Situations
81. Q: Is mortgage interest always deductible?
A: No. Deductibility depends on applicable requirements and the taxpayer’s circumstances.
82. Q: Is rent generally deductible on a federal individual tax return?
A: Generally, personal rent isn’t deductible, although special circumstances or business use may have different rules.
83. Q: Is health insurance always deductible?
A: No. Different rules apply depending on the taxpayer’s circumstances.
84. Q: What is estimated tax?
A: Payments taxpayers may make during the year toward expected federal income and self-employment taxes.
85. Q: Who may need estimated tax payments?
A: Taxpayers who don’t have enough tax withheld and expect to owe sufficient tax may need estimated payments.
86. Q: What is an extension?
A: An extension generally provides additional time to file a return; it generally does not extend the time to pay taxes owed.
87. Q: What is an amended return?
A: A return filed to correct or change information on a previously filed return when appropriate.
88. Q: What is a refund?
A: Generally, an amount returned to a taxpayer when payments/credits exceed the taxpayer’s final tax liability.
89. Q: What is a balance due?
A: The amount a taxpayer still owes after accounting for tax liability, withholding, payments, and applicable credits.
90. Q: Why might a taxpayer owe taxes despite having a W-2?
A: Withholding may have been insufficient, or other income, deductions, credits, or circumstances may affect the final liability.
💻 J. Intuit/TurboTax Customer Scenarios
91. Q: Why do you want to work as a TurboTax Expert?
A: “I enjoy accounting and taxation, and I enjoy helping people. I want to combine my tax knowledge with customer service to make tax preparation easier and more understandable for customers.”
92. Q: How would you handle an upset customer?
A: “I would listen without interrupting, acknowledge the customer’s concern, clarify the issue, and work through the problem calmly and professionally.”
93. Q: What if you don’t know the answer?
A: “I would never guess. I would research the applicable guidance or use the appropriate resources and escalate when necessary.”
94. Q: What if a customer asks you to enter false information?
A: “I would explain that the return must contain accurate information and that I cannot knowingly enter false information.”
95. Q: How do you protect taxpayer information?
A: “I follow company security and privacy procedures, protect confidential information, and only access or share information as authorized.”
96. Q: How do you explain a complicated tax concept to a customer?
A: “I use simple language, break the concept into smaller steps, and confirm that the customer understands before moving forward.”
97. Q: How do you handle multiple customers or competing priorities?
A: “I stay organized, focus on the current customer’s needs, follow procedures, and manage my time efficiently without sacrificing accuracy.”
98. Q: What is more important: speed or accuracy?
A: “Accuracy comes first. I also work efficiently, but I would never sacrifice accuracy just to complete a return faster.”
99. Q: Why should Intuit hire you?
A: “I have a strong accounting and taxation background, customer-service experience, and experience helping taxpayers prepare returns. I’m detail-oriented, patient, willing to learn, and committed to providing accurate and professional assistance.”
100. Q: What is your approach to a tax return from start to finish?
A: “I gather the customer’s information, identify the filing status and dependents, enter and verify income, review deductions and credits, check for missing or inconsistent information, review the completed return with the customer, and make sure the taxpayer understands the result before filing.”
⭐ The 10 answers I’d memorize first
For an Intuit TurboTax Expert interview, focus especially on #33 EITC, #41–50 education credits, #51–60 tax forms, #61–70 Schedule C/self-employment, and #91–100 customer scenarios.
A strong phrase to use throughout the interview is:
“I don’t guess on tax law. I verify the taxpayer’s facts, research the applicable current-year guidance, and make sure the return is accurate before proceeding.”
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