Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

IRS Individuals - Filing Requirements > Filing Requirements - Dependents > Flashcards

Filing Requirements - Dependents Flashcards

1
Q

When was the last year of a personal exemption?

A
  1. Until 2018, taxpayers were allowed personal exemptions for themselves and any qualifying depends.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What years will the personal exemption be $0?

A

From 2018 to 2015.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What 3 things does having a dependent qualify you for?

A

Head of household, child tax credit, and earned income credit amounts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Who qualifies as a dependent?

A

A qualifying child or relative.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

T/F: A spouse can be a dependent?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

4 Tests to be a Qualifying Child - RAPS

A

Relationship Test
Age Test
Principal Residence Test
Self sufficient

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What relationship must you have to be a qualifying child?

A 
Son
Daughter
Step son/daughter
Brother - Sister
Step Brother - Sister
Any descendant of theses.
Grandkids, nieces and nephews.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

T/F Foster children aren’t qualifying children under the relationship test for dependency.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

T/F Adopted children aren’t qualifying children under the relationship test for dependency.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

To be a qualifying child, the kid must be under what age?

A

Under 19 or under 24 if a full-time student.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a full-time student considered for dependency testing?

A

The child must be in school for 5 months of enrollment registration or in an on farm training course.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How much income does a child need to earn to be self-supporting?

A

Provide over 1/2 of their own support.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the 4 tests for a Qualifying Relative? ISRC

A

Income - Earn less than $4,300
Support - More than 50% of the dependents support
Relationship/Residence - Related or reside.
Child - Must not be a qualifying child of someone else.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How long does the relative need to live with the resident to be a qualifying resident for dependency purposes?

A

The residence is satisfied if the relative lives in the house for the entire year.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What type of relationship is required to be a qualifying relative?

A

Extended or immediate family. The relationship need be present to only one of the family members.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

T/F A divorce doesn’t allow you to claim an extended family member as a qualifying relative?

A

False

17
Q

Who is considered your extended family?

A

Grandparents, ancestors.
Grandchildren, decendants.
Uncles or aunts.
Niece and nephew.

18
Q

What is an immediate relationship?

A

An immediate relationship is a parent, natural adopted step parent, father/mother-in law, children, son/daughter in law or sibling or step sibling, foster child, 1/2 brother/sister, adopted brother/sister, step brother or sister.

19
Q

T/F A cousin can be a qualifying relative?

A

True - a cousin can be a qualifying relative IF they’ve lived at the residence for the entire year.

20
Q

Gross income of the qualifying relative must be less than…?

A

$4,300 income received thats NOT exempt from tax.

Any expenses from rental property don’t reduce rental income for this test.

21
Q

What is gross income for a business factored into if someone is a qualifying relative?

A

Gross income from the business minus cost of goods sold. Plus misc. income from a business.

22
Q

T/F Unemployment benefits count as gross income for relationship testing?

A

True

23
Q

T/F Social security income is included in gross income for relationship testing?

A

False, if they don’t have gross income.

24
Q

How do you qualify for the support test?

A

You provide more than 50% of economic support.

25
Q

What items are included in the support test?

A

Welfare benefits
Social security benefits
Support provide by exemption claimant (dependent) or any other person.
Money
Items
Money spent on such food, clothing, shelter, utilities, medical and dental care, eduction, child care, vacations, scholarship received by a dependent

26
Q

What items are excluded from the support test?

A

Taxes and life insurance received
Capital items - furniture, cars, appliances.
Can’t be included if they are for the family and benefit the entire household.

27
Q

How are items obtained for support that weren’t purchased with other than cash accounted for?

A

FMV of item.

28
Q

Does support dependent received get split amongst dependents?

A

Yes

29
Q

Divorced or separated parents need not meet the support test if both parents meet the following conditions..

A

Both provide more than 50% of support
Both had custody for more than 50% of the year
Lived apart last 1/2 of year
No multiple support agreement in effect.

30
Q

What form is the non-custodial parent required by the custodial parent to claim a child on a tax return?

A

Form 8332. You would need to compel the custodial parent to sign form 8332 in court.

31
Q

What is a multiple support agreement?

A

A multiple support agreement where a group of people agree to provide more than 50% of the support and the person claiming the dependent provides more than 10%. No other person may supply more than 50% of the support. Each person who provides more than 10% must sign a consent that is attached to the person claiming the exemption.

32
Q

What is not a qualifying child test for the qualifying relative?

A

The child must not be a qualifying child for any other taxpayer.

33
Q

What must be obtained to claim an adopted child?

A

ATIN

34
Q

T/F A dependent that dies before year end can’t be claimed as a dependent.

A

False

35
Q

T/F A child born in December 2020, can’t be claimed as a dependent in 2020.

A

False

36
Q

Can you claim someone as a dependent on a tax return who has a child they claim as a dependent?

A

No.

37
Q

Can you claim your daughter who is filing a joint return?

A

No, they must be MFS or if they only file a joint return to get a refund.

38
Q

What types of citizens can be claimed as a dependent?

A

U.S. Citizen, resident, or national.
A national is person whose parent is a U.S. citizen.
Canadian resident
Mexican resident

IRS Individuals - Filing Requirements (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions