When a taxpayer claims the spousal credit for an infirm spouse ($13,229 or less + $2,273 for 2020), an additional amount of the Canada caregiver amount may be available. Under what circumstances is this additional amount available and, when it is available, how is it calculated?
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- Which of the following is a deduction for AGI? a. Charitable contributions. b. Alimony paid for a divorce finalized in 2015. c. Tax preparation fees. d. Mortgage interest paid on your primary residence.Which of the following should be included in an individual taxpayer's federal gross income? Child support payments received in accordance with a pre-2019 divorce decree. No changes have been made to the agreement. Disaster relief payments. Jury duty pay. Welfare benefits.Which expenses are deductible FOR AGI? Select one: a. Loss on a sale of a personal residence and the standard deduction b. Alimony paid by payor for divorce in 2018 and student loan interest c. Deductions on a sole proprietorship and deductible part of the self-employment tax d. Property taxes on personal residence and student loan interest expense
- What is the amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $18,355? (All answers should be rounded to the nearest dollar.)Your standard deduction will be $12,400 in 2020 if you are: a. A married individual filing a separate return and your spouse itemizes his deductions. b. Single and 67 years old. c. A nonresident alien. d. Single, 27 years old, and blind. e. Single and 45 years old.Due to a change in her living situation, Tahira Bastianich, a single taxpayer, had to repay social security benefits that she received and included in her gross income in a prior year. In 2021, she repaid more than she received in benefits. In early 2022, she received the following Form SSA-1099 reporting information about the amount of benefits paid as well as the amount of benefits repaid during the year.Assuming general rules and circumstances, choose the statement that best describes how Tahira should report this repayment on her 2021 return. 2021 SSA-1099 form data: Box 3 26,400.00 Benifits paid in 2021 Box 4 31,200.00 Benifits repaid in 2021 Box 5 -4,800.00 Net Benifits for 2021 A) She may deduct the excess repayment amount shown in Box 5 in the section for "Other Itemized Deductions" on Schedule A, indicating that this is a deduction for repayment of amounts under a claim of right OR she may use the amount to figure a refundable credit, whichever is most…
- 1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuitionA new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. Further, she wants toknow about some tax-related provisions and practices. She asks some questions - what are the differencesbetween taxable income, ordinary income, and statutory income? What types of ordinary and statutory incomedo not constitute assessable income?Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $ 2, 050 Mortgage interest 7, 450 Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During the year, Alexa rented out the condo for 137 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47, 750 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $ 10,000 by more than the real property taxes allocated to rental use of the home. Answer the
- Which of the following can be adjustment(s) to gross income on the 1040 form? Multiple correct question Alimony paid Child care deductions Health insurance premiums paid by self-employed individuals Traditional IRA contributions Moving expensesIndicate whether each of the following items is considered a for AGI, (above-the-line) deduction for the 2019 tax year. Assume divorce was executed on or before December 31, 2018 and not subsequently modified. a. Student loan interest.unanswered b. Gambling losses.unanswered c. Early withdrawal penalty.unanswered d. Child support payments.unanswered e. Charitable contributions.unanswered f. One-half of self-employment taxes.unanswered g. Alimony.unanswered h. Scholarships for tuition and books.unanswered i. Moving expenses for service members.unanswered j. Property taxes.unanswered k. Self-employed health insurance premiums.unansweredexplain in detail regarding the following topics 1. Define the tax Filing Statuses 2. Innocent Spouse VS. Injured Spouse 3. Medical and Dental Expenses (Include Limitations)