R1 Individual Taxation: Filing Status

Question 1

Formula for Taxable Income

Answer 1

Gross Income
- Adjustment
= Adjusted Gross Income
- Itemized Deductions or Standard
- Exemptions
= Taxable Income

Question 2

When do you file? extensions?

Answer 2

April 15

6 month extension October 15 (only to file, not pay)

Question 3

Single

Answer 3

single at year end or

legally separated

Question 4

Married Filing Jointly

Answer 4

married or recognized in common law by end of year

if spouse dies during year, can still file joint

Question 5

Married Filing Separately

Answer 5

In separate property state, must separately report their own stuff for their own individual tax returns
In community property state, everyone split 50/50

Question 6

Qualifying Widow(er) (Surviving Spouse) w Dependent Child

Answer 6

• 2 years after spouse’s death unless remarried
• principal residence for dependent child for whole year
• child must be entitled to dependency exemption

Question 7

Head of Household

Answer 7

• lower tax from larger standard deduction and wider tax bracket
• principal residence for dependent for > half a year
  a. dependent son or daughter
  b. father or mother– not required to live w taxpayer
  dependent relative– must live w taxpayer