What's My Status
Jack and Lisa are married. Their 20 and 15 year old sons lived with them all year. Ray and Kim provided more than half the support for everyone in their household.
What is Married Filing Jointly?
A taxpayer may qualify for this refundable credit if they have a valid social security number, don't use the MFS status, are a U.S. citizen or legal resident all year, have investment income of $11,000 or less, and have earned income.
What is the Earned Income Tax Credit?
For any divorces or separations finalized after 2019, this type of payment made is no longer deductible.
What is Alimony?
This form is the most common base form for tax returns.
What is the 1040 Form?
Total world-wide income subject to tax.
What is Gross Income?
Sandra is not married. Her 22 and 19 year old daughters lived with her all year. As did her 2 year old grandson. Sandra provided more than half the support for her household. Her 19 year old daughter was a full time student.
What is Head of Household?
Employer's matching contribution to the employee's 401(k) plan do NOT qualify a taxpayer for this credit designed to help those who save for retirement.
What is Retirement Savings Contribution Credit (Saver's Credit)?
This $300 deduction is designed for teachers and may be taken in the adjustment section of the tax return.
What is Educator Expense Deduction?
Additional income and expenses are reported on this form.
What is Schedule 1?
This reduces your income.
What is a Deduction?
Karen is not married and was a full-time student from January through June. She worked but did not provide more than half the support for herself or son. Karen and her son lived with her mother all year.
What is Single?
This credit is for taxpayers that have health insurance through the Marketplace, any overpayment of this health insurance is refunded to them in the form of this credit.
What is The Premium Tax Credit?
Taxpayers paying student loan interest may be able to deduct up to this amount.
What is $2,500?
If a taxpayer has more than $1500 in interest, they are required to report it on this schedule.
What is Schedule B?
This reduces tax.
What is a Credit?
Bobby is not married. His mom lives in a nursing home. Bobby pays the entire cost of the nursing home and more than half the support for his mother.
What is Head of Household?
This non-refundable credit may be worth up to $2000 per qualifying child claimed on a return.
What is Child Tax Credit?
This deduction was for anyone that moved during the year before the Trump Tax Cuts were signed into law. Now only the military can make use of it.
What is the Moving Expense Deduction?
Schedule 8812 is used to calculate this credit.
What Child Tax Credit or Additional Child Tax Credit.
Reasonable steps taken by a tax professional in order to satisfy compliance with the tax law.
What is Due Diligence?
Gene is not married. His 19 year old daughter lived with him all year. Gene's wife died in June of 2015. He filed MFJ on his 2015 return. He provides more than half the support for himself and his daughter. His daughter earned $7,950 and is not a student.
What is Single?
Taxpayers that work and have children may qualify for this credit if they pay daycare expenses.
What is Child and Dependent Care Credit?
Depending on your filing status the amount of this deduction changes. You can find the dollar amount of this deduction on the 1040 form.
What is the Standard Deduction?
Child and Dependent Care Expense credit is calculated on this form.
What is 2441?
A credit available to eligible taxpayers who enroll in a qualified health plan through the Marketplace.
What is the Premium Tax Credit?