Tax Forms
Income and Deductions resulting from a trade or business run by a self-employed taxpayer are reported to the IRS on
What is a Schedule C?
To claim a person as a dependent must meet all three of the following tests:
What are the Dependent Taxpayer Test, Joint Return Test, & Citizen/Resident Test?
Activities that occur when there is income from certain businesses where no material participation occurs. It is not deductible on an individual income tax return, but the loss may be used to offset income from other passive activities.
What is Passive Activity Loss?
Payments that are not deductible by the payer and are not taxable to the recipient. Payments qualify as this if it declines on the happening of a contingency relating to a child, such as becoming employed, dying, leaving the household, leaving school, married, or reaching a specified age or income level.
What is Child Support?
Gambling Losses up to the amount of Gambling Winnings, interest, and taxes paid, Casualty and theft losses from a federally declared disaster are considered:
What is an itemized deduction?
A change in Accounting Method
What is Form 3115?
The IRS considers a taxpayer married (or unmarried) for the entire year based on marital status on
This type of loss is not deductible if you purchase (or acquire options to purchase) the same security +/- 30 days of sale. Don’t include the date of sale in the 30 days. Add the basis of any disallowed loss to the cost of the new security. Postpone the loss deduction until the disposition of the new security.
What is a Wash Sale?
Deduction as an adjustment to gross income up to $300 of qualified expenses in 2022. If filing jointly and both are eligible, both spouses may deduct up to $300 of qualified expenses.
What is an educator expense deduction?
plus for each occurrence of 65 or older at the end of the year or blindness:
What is a Standard Deduction?
A taxpayer must report tips to his or her employers by the 10th day of the month following the month they were received. If the 10th of the month falls on Saturday or Sunday or a legal holiday the report must be given to the employer by the next business day
What is form 4137?
A SSN, ITIN, and/or ATIN are examples of these
What is a TIN?
What is Basis on Inherited Property?
The deduction remains available for members of the Armed Forces (or their spouse or dependents) on active duty that move pursuant to a military order and incident to a permanent change of station.
What are moving Expenses?
A blind taxpayer and spouse who is not blind, both age 66, what is their standard deduction for 2022?
What is $30,100?
$25,900 for standard + 1,400 for each occurrence which is 3. ($1,400x3= $4,200)
Attached this to your tax return when you need to report your share of the uncollected social security and Medicare taxes due on your compensation if you were an employee but were treated as an independent contractor by your employer.
What is form 8919?
Uncollected Social Security and Medicare Tax on Wages
An ITIN will expire after___ consecutive years if not used on a federal tax return.
What is 3?
Thelma works for Louise and received land as payment for her services on Louise's 1965 Cadillac Sedan. Louise's basis in the land was $3,000 and the land had an FMV of $5,000. Thelma's basis in the land is:
What is $3,000?
Protocol: Paying spouse deducts alimony. Receiving spouse includes payments in gross income.
What are Agreements prior to 2019?
Peter paid the annual $500 flat tax imposed by his local government for the registration of his car. How much of the local tax can Peter deduct as a personal property tax on Schedule A?
What is 0?
A multiple support declaration with one's tax return attesting to the agreement of a taxpayer claiming a dependent on their tax return
What is Form 2120?
Mr. and Mrs. Valenca have been married since 20X1. His 30-year-old brother lost his job and is living with them until he can find work. In 20X2, Mr. Valenca died in an accident. Mrs. Valenca does not remarry. Her brother-in-law continues to live with her all year until the end of 20X4 and qualifies as her dependent. Her filing status will be for the next three years (20X2-20X4) respectively:
What is MFJ, HOH, HOH
Several years ago, Francis paid $220,000 to build his home on a lot that cost him $50,000. Before converting the property to rental use last year, he paid $80,000 for permanent improvements to the house. He received a $5,000 easement payment from the State of Ohio for the use of the land for a sidewalk. The county indicates the FMV of the house is $350,000 and the land is $75,000. The basis for depreciation:
What is $300,000?
Taxpayers may deduct as an adjustment to gross income up to $2,500 of interest paid on qualified loans used for higher education.
What is student loan interest?
Roberto Manzela made the following contributions to his church, a qualified charity: Land with a tax basis of $4,000 and a fair value of $16,000 and shares of stock with a tax basis of $6,000 and fair value of $9,000. Both assets had been held for several years. The taxpayer's adjusted gross income (without including any gain on the stock) is $60,000. What is the limit on the amount that can be claimed as an itemized deduction?
What is $18,000?
Individual taxpayers can deduct the fair value of contributions made to qualified charities. For long-term capital gain property, the amount of the deduction is limited to 30% of adjusted gross income (AGI). Here, that would be 30% of $60,000 AGI or $18,000. The FMV of the property contributed is $25,000 ($16,000 land + $9,000 stock), but only up to the 30% of AGI limit of $18,000 can be deducted.