Which form does not report excluded income?

Prepare for the Intuit Academy Tax Level 1 Exam. Study with flashcards and multiple choice questions, each question includes hints and explanations. Ace your exam and advance your tax knowledge!

Form 1040 is the correct answer because it is primarily used to report an individual's total income and tax liability, but it does not directly report excluded income. Excluded income refers to certain types of income that do not need to be included in gross income for tax purposes, such as certain types of gifts, municipal bond interest, and others.

When it comes to the reporting of excluded income, specialized forms and schedules provide further breakdowns. For example, Schedule C is used to report income or loss from a business, and while it shows earned income, it does not report excluded income specifically. Form W-2 is provided by employers to report wages paid to employees, including the amount of federal, state, and other taxes withheld, and also does not report excluded income directly. Schedule 1 is for reporting additional income and adjustments to income, and while it includes information about specific types of income, it also does not indicate excluded income.

Therefore, Form 1040 stays within the realm of total taxable income rather than detailing income that is excluded from tax reporting.

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