R1 Individual Taxation: Exemptions

Question 1

Phase out of Personal Exemptions

Answer 1

reduces exemptions by 2% for every 2,500 (1,250 for MFS) exceeding:

• Joint/Surviving Spouse: 311,300
• HoH: 285,350
• Single: 259,400
• MFS: 155,650
• always round up

Question 2

Dependency Exemptions

Answer 2

Qualifying Child: CARES
Qualifying Relative: SUPORT
entitled even if dependent was born or died during year

Question 3

Qualifying Child: CARES

Answer 3

Close relative
Age requirement: 19/24 college
Residency: lived for > half year
Exemption: taxpayer can and does claim exemption
Support: contribute > half support

Question 4

Qualifying Relative: SUPORT

Answer 4

Support: provide > half support
- Multiple Support Agreements
Under Exemption of TAXABLE gross income (4,050)
Precludes joint return
Only citizens of US or residents of US, Mexico, or Canada
Relative or
Taxpayer living w taxpayer for > 1 year

Question 5

Exemption for being old or 65+?

Answer 5

No just increased standard deduction