Filing Status & Dependents
What form determines how much tax is withheld from your paycheck?
Form W-4
Wages from your job are reported on which form?
Form W-2
What is the 2024 standard deduction for single filers?
$14,600
Which form reports retirement distributions?
1099-R
What form do all individual taxpayers file?
Form 1040
How many filing statuses can a taxpayer choose from?
5
Interest income is reported on what form?
Form 1099-INT
What do we call expenses you can subtract before AGI to lower taxable income?
Adjustments or Above-the-line deductions
Which IRA allows you to withdraw tax-free in retirement?
Roth IRA
What is Schedule 1 used for?
Additional income and adjustments
True or False — A dependent can claim themselves.
False
Which type of income do you report from owning a small business?
Self-employment or Schedule C
Can you deduct student loan interest?
Yes, up to $2,500
Name one refundable tax credit.
Earned Income Credit, Child Tax Credit
What type of tax is owed on self-employment income?
Self-employment tax
What filing status often has the lowest tax rate for married couples?
Married Filing Jointly
Is unemployment income taxable?
Yes
List two examples of itemized deductions.
Mortgage interest, state taxes, charitable contributions, medical expenses
Which credit helps pay for higher education?
American Opportunity or Lifetime Learning Credit
What schedule reports business income?
Schedule C
Name one test used to determine if someone qualifies as a dependent.
Relationship, Age, Residency, or Support Test
What is the difference between earned and unearned income?
Earned = work pay; Unearned = passive income, investments, etc.
True or False — You can take both standard and itemized deductions.
False
What age can you start withdrawing from a traditional IRA without penalty?
59½
What form reports interest or dividends from investments?
1099-INT or 1099-DIV