R1 Flashcards
What form must be filed to apply for an extension?
Form 4868 and the extension does not delay payment tax payments still have to be maid by April 15
Person requirements for head of household
Must be a dependent and live with taxpayer (Only the mom and dad can not live with the taxpayer)
The required time period for qualifying surviving spouse and for head of household.
Qualifies surviving spouse with child (Principal residence for a dependent child for a whole year)
Head of household (Principal residence for a qualified person for more than half the year.
Qualified child
CARES
Close relative (Additionally anyone fostered or adopted placed with taxpayer by law)
Age limit (<19 or <24 if a full-time student)(No age limit for totally and permanently disabled at any time during the tax year.
Residency and filing requirements Resident of (North America)
Eliminate gross income test (This means not to use it)(Use SUPPORT)
Support test
Non Taxable income
Social security
Tax-exempt interest income
tax-exempt scholarships
Qualified Relative
SUPORT
Support test (>50% of support)
Under a specific amount of (Taxable) gross income test (<$5,050
Precludes dependent filing a joint tax return
Only resident of North America
Relative test
or
Taxpayer lives with the individual for a whole year
Portion of life insurance premiums
Are not income to the employees up to $50,000 per employee, anything above that is taxable and recorded in the W2
Types of distribution and their taxability.
Nondeductible Traditional IRA Principal nontaxable earnings taxable
Deductible traditional IRA Principal and Earnings are taxed
Qualified Roth IRA Principal; and earnings are non-taxable
Nonqualified Roth IRA Principal taxable and earnings nontaxable
Student loans paid by the employer?
Are not taxable up to $5,250
Employer-paid accidental, medical, and health insurance Premiums are?
Not taxable (If it was paid to the employee then it is taxable unless used for actual medical expenses)
