Filing Requirements And Form 1040 Flashcards
What is required for U.S. citizens and resident aliens regarding income?
They must report all worldwide income on their U.S. tax return using Form 1040 or 1040-SR.
What factors determine filing requirements?
Filing requirements depend on income, filing status, and age.
What are the key types of income?
- Earned Income: Salaries, wages, tips, taxable scholarships, and fellowship grants.
- Unearned Income: Interest, dividends, unemployment compensation, Social Security benefits, pensions, annuities, and capital gains.
What is the gross income threshold for a single taxpayer under 65 in 2023?
$13,850.
What is the gross income threshold for a married couple filing jointly if both are 65 or older in 2023?
$30,700.
What is the filing requirement for dependents under 65 with unearned income?
They must file if unearned income > $1,250 or earned income > $13,850.
What is the filing requirement for single dependents who are 65 or older or blind?
They must file if unearned income > $3,100 or earned income > $15,700.
What must Mary do if her gross income is $6,100?
Mary must file because her gross income exceeds the filing threshold of $6,000.
What must Lulu do if her gross income is $4,700?
Lulu does not need to file because her gross income is below the filing threshold of $4,900.
What are some conditions that require taxpayers to file regardless of income?
- Self-employment income ≥ $400.
- Wages ≥ $108.28 from a church exempt from Social Security/Medicare taxes.
- Received HSA, Archer MSA, or Medicare Advantage MSA distributions.
- Received advance premium tax credit payments.
- Owe special taxes like alternative minimum tax.
Why might taxpayers voluntarily file a return?
To claim refunds or credits such as the earned income credit or additional child tax credit.
