Filing Status / Requirements
Five filing status
Single MFJ MFS HOH QW
Standard deduction for single filer
12,000
Maximum amount for the Child Tax Credit
$2000
Taxpayers who receive interest exceeding $1,500 must file me
Schedule B
True / False:
Alimony received is only 85% taxable.
False
True/False: MFJ, wages 20,000, social security disability 20,000 required to file return.
False
I can claim my cousin as my dependent.
It depends
Maximum amount for Additional Child Tax Credit
$1400
I am generally issued by state or local government for capital improvement projects
Mutual bonds
True / False:
Social Security Disability Income is non-taxale
False
Tie Breaker Rules
Custodial parent
Parent with higher agi
non parent with higher agi
I am required to claim HOH
Qualifying child
I am a new credit for qualifying the age of 17.
Other Dependent Credit of $500
Your credit union sends you a form that states you have received $100 in dividends ---which form is this reported on and where do you report it
1099INT - Schedule B, top
Sally is a substitute teacher in the local preschool and has worked over 900 hours. She spent $500 on classroom supplies. What is her deductible adjustment ?
0 -- not k-12
MFS filing requirement
$5
5 Tests of qualifying child
Relationship
Residency
Under age 19 / 24
Support
Joint Return/special case
I am available to post secondary students in their first four years of college
AOC
I am what makes me a qualified dividend
Held for more than one year
Maximum adjustment allowed for IRA age 40
5500
Filing requirement of a dependent
Greater of: Earned income + $350 or $1050 in unearned income.
Qualifying relative requirements
Relative or Residency
Gross Income
Support
Not a QC of another
I am the 4 requirements of form 8867?
(1) submit the eligibility checklist, (2) compute the credit, (3) pass the knowledge requirement, and (4) keep records.
This is where tax is computed if there are long term gains or qualifying dividends
Qualified Dividends and Capital Gain Tax Worksheet
I am an adjustment allowed for military personnel
Moving expenses