514 Q2

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College for Financial Planning *

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514

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Business

Date

Jan 9, 2024

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PNG

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1

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W-Q_ Test Id: 276315768 Question #2 of 30 Question ID: 1426600 Larry and Paula are a married couple who file their federal income tax returns separately. They are both over 65 and still provide full support for a son who has been blind since birth. They live together and do not itemize. They alternate listing their son as a dependent, and it is Paula's turn this year. Paula will be required to file a federal income tax return if her gross income is at least which of the following amounts in 20227 X A) $20,800 v B) $14,350 X C) $12,950 X D) $19,400 Explanation The normal filing threshold for the MFS filing status is $12,950 in 2022. For married taxpayers over age 65, the threshold is raised by $1,400 per spouse. The additional blind deduction applies only to the taxpayers themselves, not their dependents. Tangentially, if the other MFS spouse itemizes, the filing threshold is reduced to $5. (IRS pub 501, 2022) Because Larry and Paula still live together, neither can file as head-of-household with a dependent. LO1.11 Previous Go to Summary Next
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