Standard Deduction and Filing Requirements

Question 1

What is the standard deduction for a dependent child tax returns?

Answer 1

Greater of :
1. $1100
Or
2. Earned Income + 350 up to $12,200

Question 2

What are the Additional Standard Deduction amounts for Dependent Child tax returns?

Answer 2

Single: $1650
MFJ: $1300

Question 3

Can you amend a return to change the standard deduction to itemized deductions?

Answer 3

yes

Question 4

If a TP dies during the tax year that he turns 65 can he take the additional standard deduction amount?

Answer 4

Yes, if he turned 65 before he died

Question 5

TPs not allowed the Standard Deduction? (4)

Answer 5

1. MFS where spouse itemizes
2. NR Aliens
3. TPs with “short period” returns
4. Partnerships/Estates/Trusts

Question 6

When can an Additional Standard Deduction be claimed?

Answer 6

1. age => 65

2. legally blind - 20/200 vision in good eye with corrective lenses

Question 7

MFS: Standard Deduction and Additional Amount

Answer 7

SD: 12,200
Additional: 1300

Question 8

Head Household: Standard Deduction and Additional Amount?

Answer 8

SD: 18,350
Additional: 1650

Question 9

MFJ: Standard Deduction and Additional Amount

Answer 9

SD: 24400
Additional: 1300

Question 10

Single: Standard Deduction and Additional Amount

Answer 10

SD: 12200

Additional Amount: 1650

Question 11

How does Social Security affect Filing Requirements?

Answer 11

Include Social Security in Income for Filing Requirement if:
1/2 Social Security + tax exempt int + GI > $25,000
($32000 MFJ)

Question 12

Why would a TP file a return if he does not meet the filing requirement?

Answer 12

1. Prevent ID theft

2. start the statute of limitations

Question 13

When determining Filing Requirement Income, what two things must be added to Gross income?

Answer 13

1. Foreign “earned” income

2. Proceeds from sale of home even if under exclusion amount

Question 14

When is a TP required to file? (4)

Answer 14

1. GI > Standard deduction + additional for age (not blindness)
2. MFS: GI => $5
3. Church wages => $108.28
4. Net Self-employment earnings => $400

Question 15

What is the Filing Requirement for a dependent tax return?

Answer 15

1. Unearned in > 1100 or

2. Gross Income > Standard Deduction for a dependent