Filing Requirements - Who must file a tax return

Question 1

Net earnings from self employment

Answer 1

$400 or more

Question 2

Individual dependent must file a tax return if earned income

Answer 2

Is greater than the standard deduction of $12,400

Question 3

Individual dependent must file a tax return if unearned income

Answer 3

Is greater than $1,100.

Capital gains or dividends.

Question 4

Gross income filing threshold until 2026

Answer 4

Basic Standard deduction - Don’t include the additional standard deduction for being blind

Question 5

Married Filing Seperately gross income exception

Answer 5

$5 filing threshold.

Question 6

Over 65, what is the filing requirement?

Answer 6

Standard deduction + additional standard deduction = gross income threshold

Question 7

Personal residence disposition gains aren’t included factored in gross income when computing whether you need to file a tax return based on your gross threshold.

Answer 7

False. It must be added back.

Question 8

Foreign earned income thats excluded must be added back when computing your threshold of whether or not you must file a tax return.

Answer 8

True

Question 9

If you have an AMT credit, you don’t have to file a tax return?

Answer 9

False, you should to get a refund. To trigger a record and start the statutes of limitations.

Question 10

income tax Deadline for filing tax return

Answer 10

15th day of 4th month following the close. 4/15 calendar year tax payers. If its Saturday, Sunday or holiday, its the next business day.

Question 11

What form to file an extension

Answer 11

Form 4868 or uses a credit card to make the required tax payment.

Question 12

Who gets an automatic 2 month extension

Answer 12

A U.S. active duty civilian or resident whose outside of the U.S. or Puerto Rico.

Return is due 6/15.

Question 13

What happens if the U.S. active duty military outside of Puerto Rico and the U.S. files form 4868?

Answer 13

The due date gets extended by another 4 months.

Question 14

Decedents final return

Answer 14

Return date the tax was due if death had not occured.

Question 15

NRA tax return due date when not subject to wage withholding

Answer 15

15th day of the 6 month

Question 16

NRA tax return due date when subject to wage withholding

Answer 16

15th of 4th month at end of close of tax year.

Question 17

When is the tax liability due?

Answer 17

When the tax return must be filed.

Question 18

If I get an extension when is the tax liability due?

Answer 18

When the original tax filing was due, not when you make an extension.

Question 19

Failure to file penalty

Answer 19

5% penalty per month of up to 25% of unpaid liability.

Question 20

Failure to pay penalty amount

Answer 20

.5 % per month up to 25% of unpaid liability.

Question 21

Can the failure to pay penalty offset the failure to file penalty?

Answer 21

Yes

Question 22

How to avoid the failure to pay penalty?

Answer 22

Pay estimate of unpaid tax up to 90% of the tax liability due

Question 23

What information is required to be kept

Answer 23

Maintained if material books of accounts and records to substantiate them.

Question 24

How long must you retain employment tax records?

Answer 24

For 4 years after the due date of the return or payment of the tax.

Question 25

Penalties for not making employer tax payments on time

Answer 25

Do not apply if - due to reasonable cause.
Penalties 2% for 1-5 days late
5% for 6-15 days late
10% for 16 or more days late

Question 26

IP Pin

Answer 26

Assigned to eligble tax payer for to prevent misuse and identity theft.

Question 27

Additional standard deduction for head of household and single

Answer 27

$1,650

Question 28

Additional standard deduction for MFJ, MFS, Qualiifying Widow(er)

Answer 28

$1,300

Question 29

Basic standard deduction for Head of Household

Answer 29

$18,650

Question 30

Basic standard deduction for MFJ and qualifying widow

Answer 30

$24,800

Question 31

Basic standard deduction for single / MFS

Answer 31

$12,400