R1-M1 Filing Requirements and Filing Status

Question 1

what is individual income tax formula?

Answer 1

see book

Question 2

who must file?

Answer 2

if income is equal or greater than the sum of:
- regular standard deduction amount (except for married filing separately), plus
- additional standard deduction amount for taxpayers age 65 or older or blind (except married filing separately)

Question 3

what is filing status for joint return?

Answer 3

• may file joint return even married on new year eve
• may file joint return if one spouse died during the year
• may NOT file joint return if divorced during the year

Question 4

what are the filing statuses?

Answer 4

• Single
• Married filing jointly
• Married filing separately
• Qualifying widow (er) with dependent child
• Head of household

Question 5

what are required time periods for Widow and Heads of Household?

Answer 5

• Widow = must be principal residence for dependent child for a WHOLE year
• Head of household = must be principal residence for qualifying person for more than HALF a year

Question 6

what are requirements for certain tax benefits of qualifying child? CARES test

Answer 6

Easier option to pass
- Close relative: son/daughter, stepson/stepdaughter, brother/sister, stepbrother/stepsister, or a descendant of any of these
- Age limit: must be under 19 or if up to 24 has to be full time students
- Residency and filing requirements: more than one half of the tax year
- Eliminate gross income test
- Support test: the child must not have contributed more than half of his or her own support

Question 7

what are requirements for certain tax benefits of qualifying relative? SUPORT test

Answer 7

Harder option to pass
- Support test: must provide more than 50%
- Under gross income limitation: if relatives make equal or less than taxable income of $4,700 (2023).
- Precludes dependent filing a joint return: not qualified if filing joint return, unless no tax liability is owed on joint return
- Only citizens of the US or residents of the US, Mexico, or Canada
- Relative
- Taxpayer lives with the individual (if non relative) for a whole year

Question 8

what is multiple support agreements?

Answer 8

One “supporter” gets full qualification
- must be qualifying relative of (or lived the entire year with) the dependent: friend is not allowed
- a contributor must have contributed more than 10% to be consisered