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Quiz: Test Your Tax Smarts

Learn more about the system and how it works


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Question 1 of 10

What’s the minimum amount of time the IRS recommends keeping old individual tax records?

The IRS advises keeping the records anywhere from two years to indefinitely, depending on the type of records.

Question 2 of 10

What should you do if you receive an unsolicited email with an IRS return address?

Any unsolicited email that claims to be “from the IRS” can be forwarded to phishing@irs.gov, the agency advises.

Question 3 of 10

Which of these deductions can you take without itemizing?

Student loan interest is an above-the line deduction, meaning you don’t have to file Schedule A (Itemized deductions) to take the tax break.

Question 4 of 10

If the IRS is auditing your tax return, what should you do?

Take all of these actions.

Question 5 of 10

True or false? The IRS will never contact you by phone.

The agency will contact taxpayers by phone only after mailing multiple written notices about an issue. Other calls from purported IRS agents may be a scam.

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Question 6 of 10

Which of these are deductible?

Yes, these are all weird, but deductible if used for a medical or business expense.

Question 7 of 10

Do you have to pay taxes on your Social Security benefits?

The Social Security Administration has more details on the amount that is taxable, which is based on your income and filing status.

Question 8 of 10

Which of these is a potential tax deduction or credit for older taxpayers?

There are many potential tax deductions available for older taxpayers. Double-check that you are taking advantage of every deduction and credit available to you.

Question 9 of 10

What is the standard deduction for a those filing as a single taxpayer in tax year 2023?

For the 2023 tax year, the standard deduction is $13,850.

Question 10 of 10

What is the difference between a tax deduction and a tax credit?

A tax credit reduces the tax you owe or increases your refund. If you owed $500 in income taxes and had a $200 credit, your tax bill would shrink to $300.

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