Flashcards in R1P1/2- Ind.Tax Deck (9)
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
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
Can spouses married filing jointly use different accounting methods?
Yes, if they each own a small business. All non-business income is cash basis.
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.
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
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
Principal Residence for a Dependent Child; The surviving spouse must maintain a household for how long?
The Whole Taxable Year
When can you add a Spouse as a Personal Exemption on a Separate Return?
- Has NO Gross Income
- Was NOT claimed as a dependent of another Taxpayer