Howard, age 82, died on January 2, 2019. On his final income tax return, the full...

Question

Question

Howard, age 82, died on January 2, 2019. On his final income tax return, the full...

Howard, age 82, died on January 2, 2019. On his final income tax return, the full amount of the basic and additional standard deductions will be allowed even though Howard lived for only two days during the year.

True

False

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

AS per the Publication 17, and 501 the standard deduction for a final tax return is the same as it would have been had the decedent continued to live. Now, Mr. Howard was of 82 years (older than 65 years). Therefore, he was entitle to higher Standard Deduction.

Since, the standard deduction and additional standard deduction was allowable to Mr. Howard, if he lived. The same will be allowed in his final return.

In view of the above, the statement given is True.

Add a comment

Answer 2

Similar Homework Help Questions

In 2020, David is age 78, is a widower, and is being claimed as a dependent...

In 2020, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following: (a) filing requirements, (b) the basic standard deduction, and (c) any additional standard deduction amounts. a. Indicate whether the following statements are "True" or "False" regarding David's own individual filing requirement. False • An individual who can be claimed as a dependent on another person's tax return must file a tax return if his...
On his 2019 income tax return, Andrew omitted income and overstated deductions to the extent that...

On his 2019 income tax return, Andrew omitted income and overstated deductions to the extent that his income tax was understated by $500,000. Disregarding any interest element, what is Andrew’s penalty if the understatement was due to: a. Negligence. b. Civil fraud. c. Criminal fraud.
Another tax return calculation YAAAYYYYYY! Due 4/30/2019 Help Kamal prepare his 2018 tax return. ...

personal finance class! how to calculate taxes in this case? Another tax return calculation YAAAYYYYYY! Due 4/30/2019 Help Kamal prepare his 2018 tax return. He calculated his Adjusted Gross Income to be $95,600. He hopes to lower his tax bill though, because he has several significant itemized deductions: he paid $7,000 of mortgage interest, and donated $6,000 to charity. Kamal paid $13,000 through his employers pay check withholding in federal income taxes over the course of the year. Does Kamal...

Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During...

Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During 2017, he had interest income of $4,000 and $800 of earned income from consulting. Henry's taxable income is: a.$1,400. b.$1,300. c.$2,100. d.$0. e.None of these choices are correct. Feedback Incorrect. $4,000 gross income – greater of $1,050 or ($800 earned income + $350) – $1,550 (additional standard deduction for age 65 and older) = $1,300. Why is Henry's gross income only 4000? Why is...
Federal income taxation 2019 edition On page 3-7 (Section 3-1b, Standard Deduction), the text notes that...

Federal income taxation 2019 edition On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On pages 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited for 2019 to the greater of $1,100 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent on another...
The book is Federal Income Taxation 2020 On page 3-7 (Section 3-1b, Standard Deduction), the text...

The book is Federal Income Taxation 2020 On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On page 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited for 2019 to the greater of $1,100 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent...

True/False 1. All taxpayers are allowed the full standard deduction ($12,200 for single taxpayers, for example)...

True/False 1. All taxpayers are allowed the full standard deduction ($12,200 for single taxpayers, for example) when filing a tax return. 2. In order to qualify as a dependent a qualifying relative's gross income must be less than $5,000. 3. A child of the taxpayer must be a dependent to be subject to the kiddie tax. 4. The kiddie tax does not apply to a child under 18 until his or her unearned income exceeds $2,200. 5. In general, taxpayers...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who is blind, resides in...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who is blind, resides in...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who is blind, resides in...

Howard, age 82, died on January 2, 2019. On his final income tax return, the full...

Homework Answers

Add Answer to:
Howard, age 82, died on January 2, 2019. On his final income tax return, the full...

Post as a guest

Earn Coins

In 2020, David is age 78, is a widower, and is being claimed as a dependent...

On his 2019 income tax return, Andrew omitted income and overstated deductions to the extent that...

Another tax return calculation YAAAYYYYYY! Due 4/30/2019 Help Kamal prepare his 2018 tax return. ...

Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During...

Federal income taxation 2019 edition On page 3-7 (Section 3-1b, Standard Deduction), the text notes that...

The book is Federal Income Taxation 2020 On page 3-7 (Section 3-1b, Standard Deduction), the text...

True/False 1. All taxpayers are allowed the full standard deduction ($12,200 for single taxpayers, for example)...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...

Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...

Howard, age 82, died on January 2, 2019. On his final income tax return, the full...

Homework Answers

Add Answer to: Howard, age 82, died on January 2, 2019. On his final income tax return, the full...

Post as a guest

Earn Coins

Add Answer to:
Howard, age 82, died on January 2, 2019. On his final income tax return, the full...