I Hate Tax Season! (USA) Trivia Quiz

Answer: April 15

Originally taxes were due March 1st, it wasn't until 1954 that April 15 became the due date. And if April 15 falls on a Saturday or Sunday, then your return isn't due until the following Monday.

Answer: Internal Revenue Service

In 1862, President Lincoln imposed an income tax for war expenses, and created the Internal Revenue commissioner to collect the taxes from the citizens. Later, the income taxes were repealed as the Civil War was over.

Answer: 1040

Over 480 different types of IRS forms exist, and the number increases every year. Luckily for the average citizen, most people won't ever see even close to that many.

Answer: 1

Everyone gets one exemption for themselves, one for their spouse, and one for each child that is a dependent.

Answer: Your employer

Your employer is responsible for keeping track of all the money they paid you and how much they have deducted from your paycheck for income taxes and social security. They report this in Form W-2 and send a copy to you and the IRS for reporting on your income tax return. If you are self-employed, you would get it from the IRS yourself.

Answer: All of these

There are actually 14 different lines for specific types of income, and one line that encompasses "Other income." Actually, any money made during the year should be reported on your 1040. Even income earned from illegal activities must be reported. Al Capone went to prison for tax evasion not for the illegal activities he was involved in.

Answer: Adjusted Gross Income

After calculating your total income, you can actually take selected deductions before removing your regular deductions and exemptions. You total income minus these selected deductions equals your adjusted gross income. Here you can deduct IRA contributions, alimony paid, and student loan interest paid, among other things.

Answer: Itemized deduction

The itemized deduction allows you to fill out the 1040 Schedule A form, to deduct the interest paid on mortgages, charitable contributions, parts of medical bills, among other things. The standard deduction is a set amount every year. If the itemized deduction exceeds the standard deduction, then it is the best option, but usually if the taxpayer does not own a house, then there the itemized deduction is smaller, and the standard deduction should be taken.

Answer: Refund

A refund is actually really just the money that you overpaid to the IRS in the first place. If you are getting too big of a refund, look at your withholdings and adjust them so that you get more money in your paycheck rather than giving it over to the IRS as an interest free loan.

Answer: Direct Deposit

The IRS first started direct deposit in 1995, as a way to save money. Every check issued by the IRS costs $.43, and over 125,000,000 returns are filed every year. And that number keeps growing. So not only is direct deposit faster and more efficient for the taxpayer, it saves the government money, that otherwise we would have to pay in taxes.