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Related Flashcards
Cards In This Set
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Gross income does not include
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Borrowed funds, return of capital, unrealized gains
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FOR AGI
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Ordinary and necessary business exp, one half SE tax paid, alimiony pd, moving exp, capital loss, interest on student loans, others
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FROM AGI
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Greater of SD or itemized
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SD based on
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Taxpayer's filing status
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Head of household cannot be
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Married
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What taxpayers cannot use SD
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Married filing separately (if one itemizes the other must too), aliens, individual filing return for tax year of less than 12 months because of change in acct pd
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Individual claimed as a dependent has a limited SD
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$950 or $300 + earned income
**not greater than $5800 |
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Earned income
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Wages, salary, SE
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FROM AGI itemized
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Medicaltaxesinterestcharitypersonal casualtiesmisc
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$ of personal and dependency exemption
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$3700
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Qualifying child tests
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Relationshipadobeagesupport
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Benefits of qualifying child
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Dependency expemptionhead of household filing statchild, earned income, child and dependent care exp tax cr
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Relationship test
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1.child must be son, step, half brother, descendent of individual (grand, niece)2. a child who is adopted3.foster (must live with you for the whole year)
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Adobe test
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Child must live with he taxpayer for more than half the year
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Age tests
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Child must be under 19 or 24 if 5 months or more as full time student
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