4 Tax Filing Statuses Flashcards
1
Q
Filing Single
- when allowed
4.148
A
- Unmarried or legally separated as of 12/31
2
Q
Married Filing Joint (MFJ)
- when allowed
4.148
A
- Married as of 12/31(or if a spouse died that year, but not if divorced)
- No non-resident aliens
- Agree, both spouses sign, jointly & separately liable
3
Q
Married Filing Separately (MFS)
- when makes sense?
- can barely-earning spouse not file?
- how affects credits?
4.148
A
Could make sense for high-income earners w/ student loan debt working in a public service role (PSLF program).
Required regardless of age when gross income > $5
Limits deductions, credits, & retirement contributions.
Lose credits:
- Child & Dependent Care
- Earned Income
- AOTC & LLC & Student Loan Interest
Reduce credits:
- Child
- Savers
4
Q
Filing Head of Household (HOH)
- reqs?
4.148
A
- Marital Status: Unmarried as of 12/31
- Support Test: Pay > 50% of household costs
- Cohabitation Test: Qualifying Person lived w/ you > 1/2 year [1/2 yr because ex could have other half]
- a) child (incl. foster) < 19 (24 if student) or disabled
- b) relative who meets IRS dependency test (if parent, doesn’t need to live w/ you)
Remember: 3 reqs for 3 letters (H, O, H)
5
Q
Filing as Qualifying Widow(er) with Dependent Child
- reqs?
4.148
A
- Spouse died
- You were eligible for MFJ in year of death
- Didn’t remarry
- Support test: You pay > 1/2 of household expenses
- Cohabitation Test: Dependent child (not foster) lived with you entire year [bc no ex to split time with]
Year 0 of death MFJ; Year 1-2 QW; Year 3 Single or HOH
