FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 9: Individuals As the Taxpayer

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

True/False

Review LaterAdd Note

Review Later

Dan and Donna are husband and wife and file separate returns for the year.If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.

A) True
B) False

Correct Answer

verified

Show Answer

Question 42

True/False

Review LaterAdd Note

Review Later

Under the Federal income tax formula for individuals, a choice must be made between claiming deductions for AGI and itemized deductions.

A) True
B) False

Correct Answer

verified

Show Answer

Question 43

True/False

Review LaterAdd Note

After Ellie moves out of the apartment she had rented as her personal residence, she recovers her damage deposit of $1,000.The $1,000 is not income to Ellie.

Because they appear on page 1 of Form 1040, itemized deductions are also referred to as "page 1 deductions."

Ayla, age 17, is claimed by her parents as a dependent.During 2018, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200.Ayla's taxable income is:

As opposed to itemizing deductions from AGI, the majority of individual taxpayers choose the standard deduction.

For the year a spouse dies, the surviving spouse is considered married for the entire year for income tax purposes.

Once they reach age 65, many taxpayers will switch from itemizing their deductions from AGI and start claiming the standard deduction.

Monique is a resident of the U.S.and a citizen of France.If she files a U.S.income tax return, Monique cannot claim the standard deduction.

A qualifying child cannot include:

Claude's deductions from AGI exceed the standard deduction allowed for the current year.Under these circumstances, Claude cannot claim the standard deduction.

In January 2018, Jake's wife dies and he does not remarry.For tax year 2018, Jake may not be able to use the filing status available to married persons filing joint returns.

Millie, age 80, is supported during the current year as follows: During the year, Millie lives in an assisted living facility.Under a multiple support agreement, indicate which parties can qualify to claim Millie as a dependent.

Currently, the top income tax rate in effect is not the highest it has ever been.

When separate income tax returns are filed by married taxpayers, one spouse cannot claim the other spouse as an exemption.

Which of the following items, if any, is deductible?

Once a child reaches age 19, the kiddie tax no longer applies.

The filing status of a taxpayer e.g., single, head of household) must be identified before the applicable standard deduction is determined.

Surviving spouse filing status begins in the year in which the deceased spouse died.

For tax purposes, married persons filing separate returns are treated the same as single taxpayers.