R1: Individual Tax - Income

Question 1

AGI

Answer 1

Gross Income - Adjustments

Question 2

Taxable Income

Answer 2

AGI - Itemized deductions or standard deduction - exemptions

Question 3

Exemption: Requirements for Qualifying Child

Answer 3

"CARES"
Close relative
Age limit
Residency and filing requirements
Eliminate gross income test
Support test changes

Question 4

Exemption: Requirements for Qualifying Relative

Answer 4

"SUPORT"
Support (over 50%) test
Under a specific amount of income test
Precludes dependent filing a joint TR test
Only citizens of N.A. test
Relative test 
OR
Taxpayer lives with individual for whole year test

Question 5

Age limit for qualifying child dependency exemption

Answer 5

Under age 19.
Under age 24 if full time student
No age limit for permanently disabled

Question 6

Exceptions to penalty tax for premature distribution from IRA

Answer 6

"HIMDEAD"
Home buyer ($10k exclusion)
Insurance (medical)
Medical expenses in excess of 7.5% AGI
Disability (excluding temporary)
Education
and
Death