What filing status choices are available for singles with children? Be able to determine whether someone is eligible to file as head of household filing status
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What filing status choices are available for singles with children? Be able to determine whether someone is eligible to file as head of household filing status
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- What filing status choices are available for married taxpayersIn each of the following independent situations, determine Winstons filing status for 2019. Winston is not married. a. Winston lives alone, but he maintains a household in which his parents live. The mother qualifies as Winstons dependent, but the father does not. b. Winston lives alone but maintains a household in which his married daughter, Karin, lives. Both Karin and her husband (Winstons son-in-law) qualify as Winstons dependents. c. Winston maintains a household in which he and a family friend, Ward, live. Ward qualifies as Winstons dependent. d. Winston maintains a household in which he and his mother-in-law live. Winstons wife died in 2018. e. Same as part (d), except that Winstons wife disappeared (i.e., she did not die) in 2017.Which statement describes a technique used to address the issue of ensuring the payment of adequate child support by a noncustodial parent when the parents of minor children are divorced? A) A provision in the noncustodial parent's will leaving property to the minor will solve this concern. B) To ensure that child support payments are continued if the noncustodial parent dies or becomes disabled before such payments are to cease, the parents must enter into a nuptial agreement. C) An irrevocable trust established and funded by the noncustodial parent to ensure payment of child support can be a valuable tool to protect such assets from the claims of future creditors of the noncustodial parent. D) Insurance on the life of the noncustodial parent must be owned by an irrevocable life insurance trust to prevent the noncustodial parent from changing the beneficiary.
- A couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs? a. fair credit reporting act b. equal credit opportunity act c. uniform settlement act d. real estate settlement procedures actTwo main filing statuses married file separate and married file jointly, Include general information on the differences and when one filing status might be preferred over the other?In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child? a, The noncustodial parent provides $1,500 of support for the child and the custodial parent provides $1,200. b, The custodial and noncustodial parent both provide $1,500 of support for the child. c, The custodial parent provides $1,500 of support for the child and the noncustodial parent provides $1,200. d, All of the above.
- Which of the following statements regarding the adoption expenses credit is not true? Group of answer choices a. The adoption expenses credit NOT allowed if the adoption falls through. b. Adoption expenses paid prior to the year of adoption are not eligible for the credit until the year the adoption is finalized. c. The adoption expenses credit is a nonrefundable credit. d. Qualified adoption expenses include reasonable and necessary adoption fees, court costs, attorney fees and other directly related expenses.In connection with the application of the kiddie tax, comment on the following: The child has only earned income. The child has a modest amount of unearned income. The child is age 20, is not a student, and is not disabled. The child is married. Effect of the parental election. The result is when the parental election is made and the married parents file separate returns. show answers with explanationWhich of the following is a deduction for AGI? a. Charitable contributions. b. Alimony paid for a divorce finalized in 2015. c. Tax preparation fees. d. Mortgage interest paid on your primary residence.
- Determine the number of dependents in each of the following independent situations: (for example, 1, 2, 3, and so on). Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are “members of the household.” Cousin Niece Son b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Stepmother c. Raul, a U.S. citizen,…When determining support for a qualifying child or qualifying relative dependent, which item is included in the potential dependent's total support? A) Funeral expenses. B) Amounts contributed to the prospective dependent's savings account. C) Funds paid for school activities for the taxpayer's child. D) A scholarship received by the taxpayer's child, who is a full-time student.
