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This document offers a valuable collection of questions and answers covering various aspects of tax law, including filing requirements for different statuses (single, married, head of household), standard deductions, personal exemptions, qualifying child and relative tests, child tax credits, earned income tax credits, and ira contributions. it also delves into medical expense deductions, tax-deductible expenses, and retirement plan considerations for active and non-active participants. The questions are designed to test understanding of key concepts and calculations, making it a useful study resource for students and professionals alike.
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List 4 Due Diligence Req's
65 11, MFJ filing requirements <65. 20,
- 21,950 (1 spouse)
- 23200 (2 spouses) MFS Filing requirement 4050
Dependent filing requirement $1050 unearned income HOH FILING REQUIREMENT <65 13,
65 14900 When is marital status determined? Last day of tax year. Or Date of death if one spouse died How much is added Ro standard deduction if taxpayer is 65+ or blind? 1250 Married & QW 1550 Single & HOH Personal exemption amount? 4050 2 amounts added to decide gross income filing requirements Standard Deduction + Personal exemption 5 tests for a Qualifying Child
No Limitations to medical deductions 10% of your AGI or 7 1/2% of your AGI if you or spouse is over 65 Types of taxes that are deductible:
What's the Premium Tax Credit? Credit that helps pay the cost of health insurance What's the maximum Lifetime Learning Credit? 20% of total qualified credits with a max of $ How is Lifetime Learning Credit calculated? 20% if Total Qualified Expenses What's the maximum Tuition and fees deduction? May deduct up to $4000 as an adjustment to income (per return not per student) What is a Qualified Retirement Plan? A plan that is eligible for favorable tax treatment Who can establish an IRA? A taxpayer with earned income who is NOT 70 1/2 by end of tax year IRA Contribution Limit? 5500 (6500 if 50+) What can a NON ACTIVE Participants do? Can fully deduct the amount contributed from their earnings. Difference between a traditional IRA and Roth IRA? Traditional - taxed when it comes out Roth - taxed when it goes in
Covered means Active Participant Active participant Taxpayer participated in
Student loan int deduction Tuition and fees deduction