Individual Taxation Flashcards Preview

REG > Individual Taxation > Flashcards

Flashcards in Individual Taxation Deck (67)
Loading flashcards...
61
REG

Adoption expenses - Are they deductible?

NO, they are not deductible. However tax benefits are available through the adoption CREDIT.

62
REG

Describe alimony recapture.

2nd Year: (3rd year - 2nd year - $15,000)

1st Year:
1st Year Alimony Paid
- Avg alimony paid in 2nd & 3rd years
- $15,000
- Recapture from 2nd year
=1st Year Alimony Recapture

Total Recapture = 1st Year Recapture + 2nd Year
Recapture

63
REG

How are Net Operating Losses (NOLs) utilized?

Can be carried back 2 years

If any left, can be carried forward 20 years.

64
REG

Which IRA contributions are deductible?

Traditional IRA = deductible

Roth IRA = not deductible

65
REG

When can a couple file married filing jointly?

They must be married at the end of the year.

If one spouse dies, they must be married at the end of the year.

66
REG

What are the requirements for filing as Head of Household?

Must have a dependent child

Must provide more than 50% of the child's support

Must live with them more than 50% of the year

67
REG

What are the requirements for filing as qualifying widower?

Must have a dependent child.

Essentially gets MFJ status for the year of death + 2 tax years