3.1 - Filing Status Flashcards
Filing Status
How many filing statuses are there and what are they?
- 5
- Single
- Married Filing Separately (MFS)
- Married Filing Joint (MFJ)
- Qualifying Widow
- Head of Household
Filing Status
What does the filing status of individuals affect?
- STD deductions
- Personal exemptions
- Applicable tax rates
Filing Status
When is the filing status determined?
- on last day of year
Filing Status
What is the default filing status and who is required to use this status?
- Default filing status
- Neither married nor qualifies for widow(er) or HOH status
Filing Status
How does the married filing joint or MFJ filing status account for transactions and who is allowed to use this filing status?
- Account for items in the aggregate
- Treated as married if married on the last day of the year
- If spouse dies & filing spouse does not remarry by year end
Filing Status
Can spouses who use different accounting methods file MFJ?
Yes
Filing Status
Can different tax year spouses file MFJ?
No
Filing Status
What conditions must be met to qualify for the “qualifying widow(er) filing status?
- Taxpayer must not remarry during period
- Widow(er) qualified for MFJ return status during tax year of death of spouse
- Qualifying widow(er) maintains household for entire taxable year
- Must maintain principle place of abode for widow(er) dependent
- 50% expenses
- Son, daughter, stepson, stepdaughter or adopted child
Filing Status
How long is the qualifying widow(er) filing status available?
- Available for 2 years following death of spouse
Filing Status
What is the required filing status to file HOH?
- Cannot file as qualifying widow(er)
- Single
- Married
Filing Status
What is the household maintenance requirement for HOH filing status?
- Pays 50%+ to maintain household
Filing Status
What conditions must be met as a married person filing HOH?
- Must live with dependent apart from the spouse
- File separately
- Pays 50%+ to maintain household
- Spouse is not a household member for last 6 months
- Household – principal home of the individual
- Individual can claim dependency exemption for child
Filing Status
Do nonresident aliens qualify for HOH status?
No
Filing Status
How long must a taxpayer maintain a household for a qualifying person?
for more than 1/2 year for a qualifying person
Filing Status
Can a dependent parent of the taxpayer meet the standard as a “qualifying person”?
Yes & does not have to live with the tax payer
