Taxes

Question 1

Due date for filing a 2019 return is

Answer 1

Wednesday April 15, 2020

Question 2

Form 1040 updates

Answer 2

Income in page one
Signature page 2
New line 6 for capital gain or loss
Full year health care coverage or exempt box removed
Associated sch from 6 to 3

Question 3

W-4 has been changed

Answer 3

Allows for accurate withholding

Question 4

1040-SR for seniors

Answer 4

Only one spouse needs age requirement

Includes standard deduction charge

Question 5

Withholding

Answer 5

Amount a payer takes away from employee and gives immediately to government

Question 6

After 2018

Answer 6

In divorce alimony and separate maintanence payments are no longer deductible by payer spouse

Question 7

Gross income limitation for relative is

Answer 7

4200

Question 8

Deduction for personal exemptions is reduced to

Answer 8

0 for 2018-2025

Question 9

Standard deduction for ppl not using form 1040 sch A their own deduction has increased

Answer 9

Married jointly 24000
Head of household 18000
Single 12200

Question 10

Medical deductions on 1040

Answer 10

71 and over 5270
Age 61 to 70 4220
Age 40 and under 420

Question 11

HSA deduction max is

Answer 11

3500 self

7000 for family

Question 12

Mileage expenses

Answer 12

58 cents per mile business
20 cents per mile medical or moving
14 cents per mile for charitable organizations

Question 13

Retirement savings contribution credit

Answer 13

Gross income less than 32000 for single

Question 14

Max credit for child is

Answer 14

2000

Refundable amount limited to 1400

Question 15

Earned income credit

Answer 15

6557 with three or more children
5828 with two children
3526 with 1 child
529 with no children

Only given if earned less than

50000 with 3 or more children
15000 with no children

Question 16

Bitcoin = property and not currency

Answer 16

Immediate consequences for ppl using bitcoins for goods and services

Question 17

VITA/TCE

Answer 17

Volunteer income tax assistance and tax counseling for the elderly

Question 18

Most forms can be found at

Answer 18

Irs.gov under tax preparation software

Question 19

Most taxpayers use fork

Answer 19

1040 while ppl over 65 at the end of the tax year use form 1040-SR

Question 20

If younger than 65 and earn over 12000 and can be claimed as dependent by someone else can

Answer 20

File tax return

Question 21

Five filing statuses

Impacts calculation of income tax, standard deduction, and limits certain deductions

Answer 21

Most beneficial to least beneficial for tax payer

Married filing jointly
Qualifying widower
Head of household
Single
Married filing separately

Question 22

Taxpayers are considered married if

Answer 22

Married on last day of tax year

Spouse died during the year and surviving spouse has not remarried

Question 23

Common law marriage can still file

Answer 23

Jointly

Can be married filling jointly even if one spouse doesn’t work

Question 24

Married filing separately is worst than

Answer 24

Married filing jointly

Question 25

Exemption

Answer 25

Dollar amount that can be deducted from individuals total income thereby reducing taxable income

Question 26

To qualify for personal exemptions taxpayer must not be able to be

Answer 26

Claimed as a dependent