Filing Status
Normally this filing status is for taxpayers who aren’t married.
What is single?
For 2018, an individual may no longer claim personal and dependency ______________
What are exemptions?
The yearly excludable amount for gift tax purposes.
What is $15,000?
These are the filing months of individual returns without extension and with extensions.
What are April and October?
This form is used for income or loss from rental real estate/royalties; partnerships...etc
What is Schedule E?
This filing status is the most common among married couples.
What is married filing jointly (MFJ)?
This term refers to any period of 12 consecutive months ending on the last of a month other than December.
What is fiscal?
Distributions from qualified plans (other than RMD) are subject to this percentage of withholding if not directly rolled over.
What is 20%?
Income earned by spouse belongs 1/2 to one spouse and 1/2 to the other spouse regardless of who actually earned it.
These states are AZ, CA, ID, LA, NV, NM, TX, WA, WI
What is community property?
This schedule is used to record sole proprietor income and expenses in Form 1040.
What is Schedule C?
This filing status allows you to retain the benefits of the Married Filing Jointly status for two years after the year of your spouse's death.
What is qualifying widow(er) with Dependent Child?
This type of credit is limited to the extent of tax liability.
What is nonrefundable?
For 2018, what is the highest tax bracket (in percentage)?
What is 37%?
This type of account for medical reimbursement plan is where contributions that are not used by end of year are lost forever. "Use it or lose it" type.
What is flexible spending accounts (FSAs)?
Under the new tax reform, this new schedule is informational only.
What is Schedule 6?
This filing status for married couples is beneficial if one spouse has significant itemized deductions.
What is married filing separately (MFS)?
This cash method term occurs when the income is not in the taxpayer's actual possession but is so much within his control to be considered an actual receipt.
What is constructive receipt?
No penalty applies if the underpayment of estimated taxes is under this amount.
What is $1,000?
This relief provides separate allocation of additional tax owed between you and your spouse.
What is separate liability?
You must file this form if you have employment taxes for household employees.
What is Schedule H?
This status applies to a taxpayer who is not married or considered is "not married" and has paid more than half the cost of keeping up a home for themselves and a qualifying person.
What is Head of Household?
When employee stock options are exercised, the difference between the option price and the fair market value of the shares (called the “spread”) is not subject to income tax.
What is incentive stock options?
Self-employed taxpayers (i.e. contractors) must file a tax return if net earnings is this amount or over.
What is $400?
This term is equal to total income before deductions.
What Gross Income?
Under the new tax reform, the titles for these schedule are "Tax" and "Other Taxes".
What are Schedule 2 & 4?