Question 1

On June 1,2019,Ellen turned 65.Ellen has been a widow for five years and has no dependents.Her standard deduction is

Accepted Answer

Ellen, being 65 and single with no dependents, qualifies for the standard deduction for a single filer, which in 2019 was $12,200, plus an additional $1,650 for being over 65, totaling $13,850.

Question 2

One requirement for claiming a dependent as a qualifying relative is that the taxpayer provides more than 50 percent of the dependent's support (assuming it is not a multiple support agreement situation).

Accepted Answer

To claim a qualifying relative as a dependent, the taxpayer must provide more than 50 percent of the dependent's support. This means the taxpayer must have paid for more than half of the dependent's living expenses over the course of the year.

Question 3

Taquin,age 67 and single,paid home mortgage interest of $5,000,charitable contributions of $5,000 and property taxes of $4,000 in 2019.He has no dependents.Taquin will claim a deduction from AGI of

Accepted Answer

The answer of Taquin,age 67 and single,paid home mortgage interest...

Question 4

Cheryl is claimed as a dependent by her parents.She had a part-time job during 2019 and earned $4,900 during the year,in addition to $600 of interest income.What is her standard deduction?

Accepted Answer

For a dependent, the standard deduction is the greater of $1,100 or earned income plus $350, up to the maximum standard deduction for a single filer. Here, $4,900 (earned income) + $350 = $5,250.

Question 5

Husband and wife,who live in a common law state,are eligible to file a joint return for 2019,but elect to file separately.Wife has adjusted gross income of $25,000 and has $2,200 of expenditures which qualify as itemized deductions.Husband deducts itemized deductions of $14,200.What is the taxable income for the wife?

Accepted Answer

The wife's taxable income is calculated by subtracting her itemized deductions from her adjusted gross income: $25,000 - $2,200 = $22,800.

Question 6

Charlie is claimed as a dependent by his parents in 2019.He received $8,000 during the year from a part-time acting job,which was his only income.What is his standard deduction?

Accepted Answer

The answer of Charlie is claimed as a dependent by...

Question 7

Parents must provide more than half the support of their child under the age of 19 in order for the child to be considered as a dependent qualifying child.

Accepted Answer

The answer of Parents must provide more than half the...

Question 8

In 2019,Brett and Lashana (both 50 years old)file a joint tax return claiming as a dependent their son who is blind.Their standard deduction is

Accepted Answer

The standard deduction for married filing jointly in 2019 is $24,400. Claiming a dependent who is blind does not affect the standard deduction amount. Therefore, the correct answer is A) $24,400.

Question 9

Generally,in the case of a divorced couple,the parent who has physical custody of a child for the greater part of the year is entitled to claim the child as a dependent.

Accepted Answer

This is generally true according to the IRS guidelines. However, there may be exceptions based on the divorce agreement or court order.

Question 10

Lewis,who is single,is claimed as a dependent by his parents.He received $2,000 during the year in dividends,which was his only income.What is his standard deduction for 2019?

Accepted Answer

As Lewis received $2,000 in dividends during the year, he does not qualify for the standard deduction of $12,200 for 2019. However, since he is claimed as a dependent by his parents, he can claim the standard deduction for dependents, which is limited to the greater of $1,100 or his earned income plus $350, up to a maximum of $12,200. As Lewis has no earned income, his standard deduction is limited to $1,100. Therefore, the correct answer is A) $1,100.

Question 11

A child credit is a partially refundable credit.

Accepted Answer

A child credit is partially refundable, meaning that if the credit exceeds the taxpayer's liability, they may be able to receive a refund for a portion of the credit.

Question 12

A daughter or son may not satisfy the criteria to be considered a qualifying child but may still qualify as a dependent.

Accepted Answer

A dependent can be someone who meets certain requirements for age, relationship to the taxpayer, and level of support provided, even if they do not meet the criteria to be considered a qualifying child.

Question 13

Deborah is claimed as a dependent by her parents.She had a part-time acting job during 2019 and earned $13,000 during the year,which was her only income.What is her standard deduction?

Accepted Answer

As Deborah is claimed as a dependent by her parents, her standard deduction for 2019 would be $12,200. This is the amount of income that she can earn before being subject to federal income tax. Option A is incorrect as the standard deduction cannot be equal to the total income earned. Option B is the standard deduction for an individual who is claimed as a dependent, but this amount was for tax year 2018 and not 2019. Option D is the standard deduction for a married couple filing jointly, which does not apply to Deborah's situation.

Question 14

The person claiming a dependent under a multiple support declaration must provide more than 25% of the dependent's support.

Accepted Answer

Under a multiple support agreement, no single person needs to provide more than 25% of the dependent's support, but collectively, the group must provide more than 50%.

Question 15

In 2019,the standard deduction for a married taxpayer filing a joint return and who is 67 years old with a spouse who is 65 years old is

Accepted Answer

The standard deduction for a married taxpayer filing a joint return and who is 67 years old with a spouse who is 65 years old is $27,000 for the tax year 2019.

Question 16

The regular standard deduction is available to which one of the following taxpayers?

Accepted Answer

None of the options listed are eligible for the regular standard deduction. A married taxpayer filing separately cannot take the standard deduction if the other spouse itemizes. A dependent with only unearned income may have a limited standard deduction, and nonresident aliens are generally not eligible for the standard deduction.

Question 17

Annisa,who is 28 and single,has adjusted gross income of $55,000,itemized deductions of $5,000 and a lifetime learning credit of $1,000.In 2019,Annisa will have taxable income of

Accepted Answer

Taxable income = AGI - Itemized deductions - Lifetime learning credit= $55,000 - $5,000 - $1,000= $49,000

Question 18

When two or more people qualify to claim the same person as a dependent,a taxpayer who is entitled to claim the dependent through the qualified child rules has priority over a taxpayer who meets the requirements for other relatives.

Accepted Answer

This is true according to the IRS rules on claiming dependents.

Question 19

Ben,age 67,and Karla,age 58,have two children who live with them and for whom they provide total support.Their daughter is 21 years old,blind,is not a full-time student and has no income.Her twin brother is 21 years old,has good sight,is a full-time student and has income of $4,800.Which of the following statements is correct regarding Ben and Karla's ability to claim the twins as dependents?

Accepted Answer

In order to be claimed as a dependent, the person must meet certain criteria, such as being a qualifying child or a qualifying relative. Both twins meet the criteria of being qualifying children as they are under the age of 19 and live with the parents, but since the son has income over the gross income test for a qualifying child, he would not be eligible to be claimed as a qualifying child. However, he may still be eligible to be claimed as a qualifying relative if he meets the other criteria. Since the daughter is not a full-time student and has no income, she meets the criteria to be a qualifying child. Therefore, Ben and Karla can claim both twins as dependents.

Question 20

For purposes of the dependency criteria,a qualifying child may not provide more than one-half of his or her own support during the year.

Accepted Answer

This is true according to the Internal Revenue Service (IRS) guidelines for determining if someone can claim a child as a dependent on their tax return. The child must not have provided more than half of their own support during the year in order to meet the dependency criteria.

Quiz 18: Determination of Tax