R1 M1 - Filling Requirements & Filing Status

Question 1

Gross Income

<Adjustment>
———————
Adjusted Gross Inc
{Stand Deduction or itemized Ded.}
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
Taxable Income before QBI Ded.
<Qualified>
———————-
Taxable Income
———————-
Federal Income Tax
< Tax Credit>

</Qualified></Adjustment>

Answer 1

Gross Income —> Wages , Interest , Dividends, state tax refunds, Alimony , Rental Income, Pension Annuity, unemployment Compensation, Social Security Ben. ,
Capital gain/loss, Business Inc, IRA income, K1 flow through Inc/loss

Adjustment —> Educator Expense , Student loan interest, moving expense,
1/2 self employment tax , self employment retirement, Alimony paid

Question 2

Summary —-> Head of Household ( Qualifying Person Requirement)
Qual. Dep. Live w/ taxpayer
Parent. Yes. No
Other Relative. Yes. Yes
Child/Descendent. Yes. Yes

Answer 2

Qualifying Child (CARES)
- Close Relative
- Age limit ( U-19 or 24 [Disable have no age limit])
- Residency + Filing requirements
- Eliminate Gross Inc Test ( Gross Inc test does not apply to a qualifying child )
- Support Test (Scholarship is not included.

Question 3

Head of Household
- unmarried
- Principal residence of a qualifying person for more than half of the tax year.
- Qualifying person incl –> child, parent or relative
- A dependent parent is not required to live with the taxpayer, as long as the taxpayer maintains a home that was the principal residence of the parent for the entire year.

Question 4