Intuit Academy Tax Practice Exam

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Enhance your tax skills with the Intuit Academy Tax Exam. Access multiple choice quizzes and detailed explanations. Prepare effectively and excel in your exam!

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Is Form 1040 required to be filed if a taxpayer is single with $6,000 of income and $300 withheld?

Yes, to claim a refund
No, no income tax withheld
Yes, but only if they have dependents
No, if not required by income level

The correct answer is: Yes, to claim a refund

The requirement to file Form 1040 in this scenario is based on the idea of claiming a refund. Even if a taxpayer is below the threshold for mandatory filing based on their income level, if there is any tax withheld—like the $300 in this scenario—the taxpayer can file a return to recover the withheld amount. Filing allows them to report their income and taxes paid, thus ensuring they receive any refund they are entitled to. This is a common reason for filing when a taxpayer has had taxes withheld but does not meet the standard income requirement for filing. While there are criteria regarding not needing to file due to low income levels, the presence of withheld tax creates an opportunity for the taxpayer to reclaim money that was overpaid. It's noteworthy that dependents and the lack of income tax withheld do not affect the taxpayer’s ability to seek a refund via Form 1040 in this situation.