A single client provides more than half the support for her parents, including the rent on...
A single client provides more than half the support for her parents, including the rent on their apartment. They are both in their 70s and collect social security benefits. The mother has no other income. The father has income of about $18,000, consisting mostly of a pension and a small RMD ( Required Minimum Distribution) from an IRA ( Indvedule Retirement Account). They file jointly when they have a filing requirement. Given their high standard deduction and that none of their social security is taxable, they don’t have a filing requirement in 2018. The client would like to claim her mother as a dependent. By doing so she could file as head of household (HOH) and claim the other dependent credit (ODC). Assuming she can prove support, can she claim her mother? If so, would the parents continue to file jointly? United States Taxation
Homework Answers
Yes, the client can claim her mother as a dependent if she provides more than half of the cost of upkeep for the mother. However, the parents can then not file jointly.
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A single client provides more than half the support for her
parents, including the rent on...
a) A taxpayer who provides 40% of the support of her parents and claims them as...
a) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple support agreement can use the head of household filing status even if the parents live in a nursing home. T or F b) Rex and Roxanne are married and will file a joint return in 2014 (if required). Rex is 59 and blind, while Roxanne is 66 and in good health. At what exact amount of gross income will...
Interview Notes • Gail is single and earned $28,000 as a cashier, her only income. •...
Interview Notes • Gail is single and earned $28,000 as a cashier, her only income. • Gail's son Tony is 17 years old and a full-time student in high school. • Tony received Social Security survivor benefits of $5,000 in 2019. None of those benefits were taxable. He earned $10,000 during the summer working as a website developer. Tony had no withholding in box 2 of his Form W-2. • He used his Social Security survivor benefits and wages to...
a. Arnie is a single college student who earned $7,700 working part-time. He had $200 of...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
Interview Notes Gail is single and earned $28,000 as a cashier, her only income. Gail's son...
Interview Notes Gail is single and earned $28,000 as a cashier, her only income. Gail's son Tony is 17 years old and a full-time student in high school. Tony received Social Security survivor benefits of $5,000 in 2019. None of those benefits were taxable. He earned $10,000 during the summer working as a website developer. Tony had no withholding in box 2 of his Form W-2. He used his Social Security survivor benefits and wages to provide over half of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax ... Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 2) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple...
1. Cindy (age 41) is a surviving spouse and provides all the support of her two...
1. Cindy (age 41) is a surviving spouse and provides all the support of her two minor children who live with her (both are under age 16). She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Cindy's father received $2,400 from a part-time job. Cindy has a salary of $95,000, a short-term capital loss of $2,000, a cash prize of $4,000...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction? 2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 3) A taxpayer who provides 40% of the support of...
#2-42 Filing Requirement. Which of the following taxpayers must file a 2018 return? Explain why or...
#2-42 Filing Requirement. Which of the following taxpayers must file a 2018 return? Explain why or why not? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of self- employment income. b. Betty, age 67 and single, has a taxable pension of $9,100 and Social Security benefits of $6,200. c. Chris, age 15 and single, is a dependent of his parents. Chris has earned income of $1,900 and interest of $400. d. Dawn, age...
6) Huey, Dewey, Louie, and Daisy all provide support for their Uncle Donald. Donald only earns...
6) Huey, Dewey, Louie, and Daisy all provide support for their Uncle Donald. Donald only earns $3,000 per year. He lives for free in an apartment that is owned by Huey. Dewey provides food, and Louie pays the utilities on the apartment. Daisy checks in on her uncle a lot and runs errands for him. The expenses and value of the rent break down so that Huey provides 35%, Dewey provides 27%, Louie provides about 25%, Daisy provides about 8%,...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own supp...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. a. She received $7,000 from a part-time job. This was her only source of income. She is 16 years old at year-end. b. She received $7,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 16 years old at year-end. c. She received $7,000 of interest...
Interview Notes • Gail is single and earned $28,000 as a cashier, her only income. • Gail's son Tony is 17 years old and a full-time student in high school. • Tony received Social Security survivor benefits of $5,000 in 2019. None of those benefits were taxable. He earned $10,000 during the summer working as a website developer. Tony had no withholding in box 2 of his Form W-2. • He used his Social Security survivor benefits and wages to...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
1. Cindy (age 41) is a surviving spouse and provides all the support of her two minor children who live with her (both are under age 16). She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Cindy's father received $2,400 from a part-time job. Cindy has a salary of $95,000, a short-term capital loss of $2,000, a cash prize of $4,000...
6) Huey, Dewey, Louie, and Daisy all provide support for their Uncle Donald. Donald only earns $3,000 per year. He lives for free in an apartment that is owned by Huey. Dewey provides food, and Louie pays the utilities on the apartment. Daisy checks in on her uncle a lot and runs errands for him. The expenses and value of the rent break down so that Huey provides 35%, Dewey provides 27%, Louie provides about 25%, Daisy provides about 8%,...
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