Form 2120, or a multiple support declaration must be filed with the return of the taxpayer...
Form 2120, or a multiple support declaration must be filed with the return of the taxpayer who is:
Choose one answer.
| a. The person for whom the multiple support agreement is in effect. | ||
| b. The person who is claiming the exemption of the individual under the multiple support agreement. | ||
| c. One of the individuals who has agreed not to claim the exemption. | ||
| d. All of the individuals who have agreed not to claim the exemption. |
Homework Answers
form 2120, multiple support declaration must be filed with the return of the tax payer who is "the person who is claiming the exemption of the individual under the multiple support agreement" an eligible person who has paid over 10% of the support of the qualifying relative claiming to be dependent.
hence option b is correct
Add Answer to:
Form 2120, or a multiple support declaration must be filed with
the return of the taxpayer...
Form 2120, or a multiple support declaration must be filed with the return of the taxpayer...
Form 2120, or a multiple support declaration must be filed with the return of the taxpayer who is: Choose one answer. a. The person for whom the multiple support agreement is in effect. b. The person who is claiming the exemption of the individual under the multiple support agreement. c. One of the individuals who has agreed not to claim the exemption. d. All of the individuals who have agreed not to claim the exemption. Wages and salaries are compensation...
Can I get some help on this problem? Tax Drill - Tests for Qualifying Relative Complete...
Can I get some help on this problem?
Tax Drill - Tests for Qualifying Relative Complete the following statements regarding the gross income and support tests for the category of dependency exemption designated as the qualifying relative. Gross Income Test: A dependent's gross income must be less than $ that is , the . Gross income is determined by the income Support Test: Over % of the support of the qualifying relative must be furnished by the taxpayer. If the...
a. Briefly explain the concept of support. A. Support includes amounts spent for food, clothing, shelter,...
a. Briefly explain the concept of support. A. Support includes amounts spent for food, clothing, shelter, medical and dental care, education, and the like. Support does not include the value of services rendered by the taxpayer for the dependent nor does it include a scholarship received by a son or daughter of the taxpayer. B. Support includes amounts spent for food, clothing and shelter. Support does not include medical and dental care, education, the value of services rendered by the...
Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended...
Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended U.S. Individual Income Tax Return? o To correct errors and omissions on the original return that result in a change to the original tax liability, refund, or balance due To report original information before the end of the tax year when a return has not been filed previously To report information from a corrected income document before the original return has been filed. To...
Which of the following is one of the tests that must be met to claim someone...
Which of the following is one of the tests that must be met to claim someone as a dependent under the rules for a qualifying child? Choose one answer. a. The child must have lived with the taxpayer all year. b. The taxpayer must have provided more than half of the child's total support for the year. c. The child's gross income for the year must be less than $4,150. d. The child must be under age 19, under age...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of...
Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of these individuals are blind. Alan (68), a single taxpayer with no dependents. His allowable itemized deductions are $13,620. o Cooper (31), a single taxpayer with no dependents. His allowable itemized deductions are $13,695. Gwen (65), who is unmarried are filing head of household. She has one dependent. Her allowable itemized deductions are $19,100. Zach (28), who is married and filing a joint return with...
To qualify to claim EITC, a taxpayer with or witheut children must meet the following tests:...
To qualify to claim EITC, a taxpayer with or witheut children must meet the following tests: have a valid SSN, not file MFS, be a citizen or resident alien all year, not file Form 2555, not have investment income of more than $3,500, and 1.Meet the joint return test 2.Never have been tumed down for EITC 3. Produce two forms of identification, one of which is a photo ID 4. Have earned income
1.) Ruth and Steve will file a joint return. During the year, they received dividends from...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
6. Which one of the following is considered being married for tax purposes? A. Persons living...
6. Which one of the following is considered being married for tax purposes? A. Persons living apart and legally separated or divorced. B. Persons whose marriage is annulled. C. A person whose spouse died during the year. 7. Which one of the following statements describes the consequences of using the filing status ‘married filing jointly’? A. A spouse may not be held responsible for tax if that spouse had no income. B. The tax rates are generally more favorable than...
Can I get some help on this problem?
Tax Drill - Tests for Qualifying Relative Complete the following statements regarding the gross income and support tests for the category of dependency exemption designated as the qualifying relative. Gross Income Test: A dependent's gross income must be less than $ that is , the . Gross income is determined by the income Support Test: Over % of the support of the qualifying relative must be furnished by the taxpayer. If the...
Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended U.S. Individual Income Tax Return? o To correct errors and omissions on the original return that result in a change to the original tax liability, refund, or balance due To report original information before the end of the tax year when a return has not been filed previously To report information from a corrected income document before the original return has been filed. To...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Which taxpayer is most likely to benefit by itemizing deductions on their 2019 return? None of these individuals are blind. Alan (68), a single taxpayer with no dependents. His allowable itemized deductions are $13,620. o Cooper (31), a single taxpayer with no dependents. His allowable itemized deductions are $13,695. Gwen (65), who is unmarried are filing head of household. She has one dependent. Her allowable itemized deductions are $19,100. Zach (28), who is married and filing a joint return with...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
Most questions answered within 3 hours.
-
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 1 minute ago -
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 4 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 3 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 14 minutes ago -
Why is a personal interview the most important step in the sales
selection process? What are...
asked 24 minutes ago -
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 24 minutes ago -
If we observe in a protein solution that DNA is causing a
mixture 260/280 ratio ~0.9,...
asked 34 minutes ago -
Explain the steps involved in making cDNA from mRNA, and how you
would create a cDNA...
asked 35 minutes ago -
A beta (β) particle is described by which of the following?
Select the correct answer below:...
asked 38 minutes ago -
A new machine costs $150,000, lasts 10 years, has an annual
O&M cost of $50,000, and...
asked 41 minutes ago -
A newspaper in a large Midwestern city reported that the
National Association of Realtors said that...
asked 42 minutes ago -
1. Develop a use case diagram for the bank case study described
in Chapter 1. 2....
asked 52 minutes ago