Filing Information - Specifics Flashcards
What types of “children” meet the relationship test
A child, stepchild, foster child, or a descendant of any of them (for example, a grandchild). (Treat a legally adopted child the same as a child.)
What siblings meet the relationship test?
A brother, sister, half brother, half sister, stepbrother, or stepsister.
What in-laws meet the dependency relationship test?
A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law
Which precedents meet the dependency relationship test?
A father, mother, grandparent, or other direct ancestor, but not foster parent.
A stepfather or stepmother.
A son or daughter of the taxpayer’s brother or sister.
A brother or sister of the taxpayer’s father or mother
Which precedents meet the dependency relationship test?
A father, mother, grandparent, or other direct ancestor, but not foster parent.
A stepfather or stepmother.
A son or daughter of the taxpayer’s brother or sister.
A brother or sister of the taxpayer’s father or mother
What is the amount a person can make to be a dependent as a qualifying relative?
The person’s gross income for 2017 must be less than $4050 (personal exemption amount)
What is the 2017 filing threshold for a single taxpayer younger than 65?
$10,400 ($4,050 personal exemption + $6,350 standard deduction)
What is the 2017 filing threshold for a single taxpayer 65 or older?
$11,950 ( $4,050 personal exemption + $6,350 standard deduction =$ 1,550 over 65 deduction
What is the 2017 filing threshold for a single taxpayer 65 or older?
$11,950 ( $4,050 personal exemption + $6,350 standard deduction =$ 1,550 65 and over deduction)
What is the filing threshold for MFJ younger than 65 (both spouses)
$20,800 ($4,050 personal exemption (x2), + $6,350 standard deduction (x2))
What is the filing threshold for MFJ younger than 65 (one spouse)
$22,050 ($4,050 personal exemption (x2) + $6,350 standard deduction (x2) +65 and over deduction $1,250 (x1)
What is the filing threshold for MFJ 65 or older (both spouses)
$23,300 ($4,050 personal exemption (x2) + $6,350 standard deduction (x2) + 65 and over deduction $1,250 (x2)
What is the filing threshold for MFS (any age)
$4050 (equal to personal exemption)
What is the filing threshold for Head of Household younger than 65?
$13,400 ($4,050 personal exemption + $9,350 standard deduction)
What is the filing threshold for Head of Household 65 and older?
$14,950 ($4,050 personal exemption +$9,350 standard deduction + 1,550 65 and over deduction)
What is the filing threshold for a Qualifying Widow(er) younger than with a dependent child?
$16,750 ($4,050 personal exemption, + $12,700 standard deduction)
What is the filing threshold for a Qualifying Widow(er) 65 or older with a dependent child?
$18,000 ($$4,050 personal exemption, + $12,700 standard deduction + $1,250, 65 and over deduction)
A single depended under 65 and not blind must file a return if unearned income was how much?
More than $1,050
A single depended under 65 and not blind must file a return if earned income was more than
$6,350 (single standard deduction)
A single depended under 65 and not blind must file a return if your gross income was more than the larger of ____ or your earned income up to ______ plus _____.
the larger of $1, 050 or up to $6,000 plus $350
A single dependent either 65 and older OR blind must file a return if unearned income was how much?
$2,600
A single dependent either 65 and older AND blind must file a return if unearned income was how much?
$4,150
A single dependent either 65 and older OR blind must file a return if EARNED income was how much?
$7,900 ( $6,350 personal exemption + $1,550 over 65 or blind deduction)
A single dependent either 65 and older AND blind must file a return if EARNED income was how much?
$9,450 ($6,350 personal exemption +$1,550 over 65 + $1,550 blind)
A single dependent either 65 and older OR blind must file a return if GROSS income was how much?
$2,600 (combined earned and unearned) ?
A single dependent either 65 and older AND blind must file a return if GROSS income was how much?
$4,150
A single dependent either 65 and older OR blind must file a return if earned income up to ______ plus ____.
$6,000 plus $1,900
A single dependent either 65 and older AND blind must file a return if earned income up to $_____ plus _____
$6,000 plus $3,450 (get clarification)
Parents can elect to include child’s income on the parent’s return (Form 8814) when a child’s ONLY income is ____, ______, or ______. If making this election, the child doe not have to file the return. (must meet other income and relationship tests)
interest, dividends, or capital gain distributions.
For a parent to file Form 8814 the child at the end of the year must be younger than age ____ or a full-time student younger than ____.
19 and 24
For a parent to file Form 8814 the child mus have gross income of LESS than _____ in 2017.
$10,500
A tax payer must file a tax return if ____ taxes are owed, or certain ____ must be recaptured.
Special taxes are owed, or certain credits must be recaptured.
A tax payer must file a tax return if wages are $______ or more from a church or qualified church-controlled organization that is exempt from employer social security and medicare taxes.
$108,28
A qualifying person for HOH filing status must be a qualifying _____ or qualifying ____.
child or relative.
A qualifying relative must be a member of________ (not merely a member of the household) in order to be a qualifying person for head of household status.
the taxpayer’s family.
True or False. The custodial parent may claim a child as a qualifying person for head of household filing status even if the other parent claims an exemption for that child.
True.
The custodial parent is the parent with whom the child lived for the greater number of ______ during the year.
nights.
What credits can a non-custodial parent claim NOT claim ?
- Credit for Child and dependent care credit
- Exclusion for dependent care benefits
- The EIC
- Heath coverage tax credit.
What credits CAN NOT be taken if filing MFS
Dependent Care Expenses Income exclusion for dependent care benefits Earned Income Credit Adoption Expenses Lifetime Learning or American Opportunity Student Loan Interest Tuition and Fees Deduction US Savings Bond interest exclusion
If a MFS Taxpayer lived with a spouse at any time during the tax year, the following conditions apply:
- Cannot claim the credit for the elderly or the disabled (65 or blind)
- Must include in income (up to 85%) of any Social Security the taxpayer received.
Personal exemptions and Dependent Exemptions begin phasing out at what income level for MFS?
$156,900
Personal exemptions and Dependent Exemptions begin phasing out at what income level for MFJ?
$313,800
Personal exemptions and Dependent Exemptions begin phasing out at what income level for QW?
$313,800
Personal exemptions and Dependent Exemptions begin phasing out at what income level for HOH?
$287,650
