Reg 1 Federal Taxation of Individuals Flashcards
Gross Income
(Adjustments)
=
Adjusted Gross Income
Adjusted Gross Income =
Gross Income
(Adjustments)
=
Adjusted Gross income
(Standard Deduction)
or
(itemized deductions)
=
Taxable Income Before QBI Deduction
Taxable Income Before QBI Deduction =
Adjusted Gross income
(Standard Deduction)
or
(itemized deductions)
=
Taxable Income Before QBI Deduction
(QBI Deductions)
=
Taxable Income
Taxable Income =
Taxable Income Before QBI Deduction
(QBI Deductions)
=
Federal Income Tax
(Tax Credits)
Other Taxes
(Payments)
=
Tax Due Or Tax Refund
Who must file: a taxpayer must file a return if his or her income is equal to or greater than the sum of:
- The regular standard deduction amount (except for married filing separately), plus
- the additional standard deduction amount for taxpayers age 65 or older or blind
When to File
Due Date - April 15
When to file - Extension
“If you’re not ready to finish your tax return by April 15, you can get until October 15—but you must file a quick form (4868) by April 15 to get that extra time. Just remember: even if you’re not done filing, you still need to pay anything you owe by April 15 to avoid extra charges.”
Single (Use the End of Year Test)
“If you were not married on December 31—whether because you were never married or legally separated—then you file your taxes as Single for the whole year.”
joint returns (Use the End of Year Test)
To file a joint return (as married), both spouses must be:
Married on December 31, and
Living together or not legally separated or divorced.
💬 Here’s how it works:
✔️ If married any time during the year and still married at year-end, you can file jointly.
❌ If divorced before year-end, you can’t file jointly.
✅ If a spouse dies during the year, you can file jointly.
Married Filing Separately
If
If you’re married, you can choose to file separately instead of together.
Each spouse reports their own income, deductions, and credits.
In community property states (like California or Texas), income and deductions might be split 50/50, even if you file separately.
Qualifying Surviving Spouse with Dependent Child: Care of Child
You pay more than half the cost of keeping up a home.
💬 This gives you more time to adjust financially before moving to single or head of household status.
Qualifying Surviving Spouse with Dependent Child: Who can be be considered dependents
You have a dependent child (biological, adopted—not foster) living with you all year.
Head of Household Relationship Status
This filing status usually gives you lower taxes and a higher standard deduction than filing as single or married filing separately.
You are not a qualifying surviving spouse.
You pay more than half the cost of keeping up a home for a qualifying person (like a child or parent).
Head of Household Timing to be considered
You are unmarried, legally separated, or lived apart from your spouse for more than half the year.
Head of Household: Residency
You are a U.S. resident.
Qualifying Surviving Spouse with Dependent Child: Timing
This status helps widows or widowers get the same tax benefits as married filing jointly for two years after their spouse dies.
Your spouse died in the past two years and you haven’t remarried.
Head of Household: Care of Child
You pay more than half the cost of keeping up a home for a qualifying person (like a child or parent).
Qualifying Child Child True or False
True
Qualifying Child Step Child True or False
True
Qualifying Child Foster Child True or False
True
Qualifying Child Sibling True or False
True
Qualifying Child Required to Live w Taxpayer True or False
False
Qualifying Child How much child must a child received
But you must pay over half the cost of maintaining their home (nursing home or assisted living counts too).
Dependent Relative Grandparents True or False
True
Dependent Relative In Laws True or False
True
Dependent Relative Uncles/Aunts True or False
True
Dependent Relative Niece or nephew True or False
True
Dependent Relative Sibling True or False
True
Dependent Relative Cousing True or False
False
Dependent Relative Foster Parents True or False
False
