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
