TAXPAYERS & DEPENDENTS
This test requires that a qualifying child live with the taxpayer for more than half of the year.
What is the residency test?
Compensation received by an employee for services performed.
What are wages?
This is generally the difference between the amount realized from a sale and the property's adjusted basis.
What is a gain or loss?
Amounts received from a life insurance policy due to the insured's death are generally excluded from income.
What are life insurance death benefits?
These deductions are taken before arriving at adjusted gross income (AGI).
What are adjustments to income?
This form reports wages, tips, and other compensation paid to employees.
What is Form W-2?
A qualifying child must generally be younger than this age at the end of the year unless disabled.
What is age 19, or age 24 if a full-time student?
Income that is taxable unless specifically excluded by law.
What is gross income?
The original cost of property, adjusted for certain increases and decreases, is known as this.
What is adjusted basis?
Interest earned on bonds issued by state and local governments is generally excluded from federal gross income.
What is municipal bond interest?
Educators may claim this adjustment for qualifying classroom expenses.
What is the educator expense deduction?
This form reports miscellaneous income paid to non employees, including independent contractors.
What is Form 1099-NEC?
This rule determines which taxpayer may claim a child when more than one taxpayer is eligible.
What are the tiebreaker rules?
This form reports wages, tips, and other compensation paid to an employee.
What is Form W-2?
A capital asset held for more than one year before being sold produces this type of gain or loss.
What is a long-term capital gain or loss?
Damages received on account of a physical injury or physical sickness are generally treated this way.
What is excluded from gross income?
Contributions to this type of retirement account may be deductible as an adjustment to income.
What is a traditional IRA?
This schedule is used to report profit or loss from a sole proprietorship.
What is Schedule C?
A qualifying relative must not exceed this income limit.
What is the gross income limitation for the tax year?
Interest earned on a savings account is generally included in this type of income.
What is taxable income (or gross income)?
This form is used to report sales and other dispositions of capital assets.
What is Form 8949?
Up to this amount of gain may be excluded by a qualifying married couple filing jointly on the sale of a principal residence.
What is $500,000? $250,000 Single
Self-employed individuals may deduct one-half of this tax as an adjustment to income.
What is self-employment tax?
This form is used to report sales and other dispositions of capital assets.
What is Form 8949?
A taxpayer must generally provide more than half of this for a qualifying relative.
What is support?
This type of income is generally excluded from federal income tax when received from a state or local government issuer.
What is municipal bond interest?
Individuals may deduct up to this amount of net capital losses against ordinary income each year.
What is $3,000? $1,500 MJS
Amounts received through this type of accident or health insurance plan are generally excluded when the premiums were paid by the employee with after-tax dollars.
What are medical reimbursement benefits?
Self-employed individuals may deduct premiums paid for this type of coverage, subject to limitations.
What is health insurance?
This schedule reports supplemental income and losses from rental real estate, royalties, partnerships, S corporations, estates, and trusts.
What is Schedule E?