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Flashcards in R1P1/2- Ind.Tax Deck (9)
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1

Define qualifying child for most individual tax factors.

- Must be resident of North America

- Under age 19, or under age 24 if a student

- Eliminate Gross Income Test

- Same principal place same as taxpayer more the one half of the tax year.

- Support Test Changes: Child not contribute more the 1/2 own support

2

Define qualifying relative for most individual tax factors?

- Must be citizen of North America

- Must live with you, unless mother/father or relative closer than a cousin

- You must provide more than 50% support to the individual

- Multiple Support Agreement: More then 10%

- Under Exemption Amt. of Gross Income

- Precludes Dependent Filing a Joint Return

3

Can spouses married filing jointly use different accounting methods?

Yes, if they each own a small business. All non-business income is cash basis.

4

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.

5

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

-Parents Not Req. to Live with taxpayer

- Dependent Relatives Must Live with Taxpayer

6

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

7

Principal Residence for a Dependent Child; The surviving spouse must maintain a household for how long?

The Whole Taxable Year

8

When can you add a Spouse as a Personal Exemption on a Separate Return?

Taxpayer's Spouse:

- Has NO Gross Income

- Was NOT claimed as a dependent of another Taxpayer

9

When do you pay when you have Extension on your tax return?

- The due date for payment of taxes is April 15th