R1 - big topic 1/3 - individual tax - Filing Status

Question 1

Core formula of individual tax

Answer 1

Gross income
- (adjustments) 
= AGI
- (standard deduction or itemized deduction)
- (exemptions) 
= taxable income 

Taxable income -> regular tax or alternative minimum tax

Federal income tax 
- (tax credit) 
other taxes
- (payment)
= tax due or refund

Question 2

Tax Form

Answer 2

Form 1040
Filing status 
exemptions
income
adjustment
agi
itemized deduction or itemized deduction
taxable income
regular tax, alternative minimum tax, tax credit

Question 3

I. Filing - Due date

Answer 3

4/15 due date

Automatic 6 month extension - 10/15

with either extension, the due date for payment of taxes remains 4/15.

Question 4

II. Filing status

Answer 4

1. Single - end of year test
2. MFJ - end of year test
   * * if one spouse dies during the year, still can file MFJ
3. MFS
   couple must separately report their own income, exemptions, credits, and deductions on their own individual income tax return.
4. Widow
   - 2 years after spouse dead. 第三年file widow
   - surviving must maintain household that for WHOLE Taxable year for children.
5. HoH (entitles to pay lower taxes)
   conditions
6. not married
7. not qualified widow
8. residential alien
9. maintain home for more than 1/2 of the year of the PRINCIPAL RESIDENCE for
   - children (support financial+ live with)
   - father or mother (support financial+ not have to live with)
   - relatives (support financial+ live with)