Reg 1

Question 1

What are the requirements that enable a taxpayer to be classified as a “Qualifying Surviving spouse”?

Answer 1

1 The taxpayers spouse died in one of the two previous years and the taxpayer did not remarry in the current tax year
2 the taxpayer has a child who can be claimed as a dependent
3 This child lived in the taxpayers homes for all of the current tax year
4 the taxpayer paid over half the cost of keeping up a home for the child and
5 the taxpayer could have filed a joint return in the year the spouse died

Question 2

How to qualify for head of household filing status?

Answer 2

To qualify for head of household filing status, a taxpayer must be unmarried as of the last day of the tax year and maintain a home that is the principal residence of a qualifying person for more than half of the tax year.

Question 3

What is a qualifying person?

Answer 3

A qualifying person includes a dependent child, parent, or relative. A dependent parent is not required to live with the taxpayer, provided the taxpayer maintains a home that was the principal residence of the parent for the entire year.
(under age 19, or under age 24 in the case of a full-time student)
Gross income limit $5,050 for 2024

Question 4

To be alimony

Answer 4

1 Payments must be legally required pursuant to a written divorce or separation agreement,
2 Payments must be in cash or its equivalent.
3 Payments cannot extend beyond the death of the payee-spouse,
4 Payments cannot be made to members of the same household.
5 Payments must not be designated as anything other than alimony, and
6 The spouses may not file a joint tax return.

Question 5

What are the exceptions for a premature distribution prior to age 59 1/2 from a traditional IRA

Answer 5

1 Homebuyer (first time): Distribution used toward the purchase of a first home within 120 days of distribution ($10,000 maximum exclusion)
2 Insurance (medical if unemployed and with 12 consecutive weeks of unemployment compensation)
3 Medical expenses in excess of percentage of AGI floor
4 Disability (permanent or indefinite disability, but not temporary disability)
5 Education (college tuition, fees, books, etc.)
6 Adoption or birth of child made within one year from the date of birth or adoption ($5,000 maximum exclusion)
7 Disaster: Qualified natural disaster ($22,000 maximum per disaster)
8 Terminal illness or death
9 Emergency expenses (for personal or family emergency, up to $1,000 per year)
10 Domestic abuse victims (lesser of $10,000 or 50 percent of retirement account)