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- Crenshaw had the following happen during tax year 2021: Forclosure on his main home resulting in the discharge of his mortgage. Paid tuition to attend a qualified education program. Surgery to repair the torn ACL in his knee. Which of these situations is NOT eligible as a deduction or exclusion under the extender provisions of 2021evelyn is 68 years old, her tax filing status is single, her adjusted gross income (AGI) is $16,000, and her nontaxable social security benefits are $6,000. when filing her income tax return, evelyn can claim what amount for the credit for the elderly or the permanently and totally disabled?Mr. John DeMello has 2021 net income for tax purposes of $26,100. His spouse is dependent on him because of a physical infirmity. The infirmity is not sufficient to qualify for the disability tax credit. She has 2021 net income for tax purposes of $5800. Mr. DeMello has no tax credits other than the Basic Personal credits for his spouse and himself. Determine Mr. DeMello’s federal tax credits for 2021. (BPA - $14398, Canada Infirm amount - $2295, Canada care giver- $7348, disability amount-$8662)
- In 2022, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married filing jointly). Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? (Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference) Required: Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income.Alice is a single taxpayer with no dependents that has AGI of $11,200 in 2020. Alice is required to carry minimum essential coverage in 2020 or else pay additional tax (individual shared responsibility). True FalseFred is a 22-year-old full-time college student. During 2022, he earned $2,550 from a part-time job and $1,150 in interest income. Required: If Fred is a dependent of his parents, what is his standard deduction amount? If Fred supports himself and is not a dependent of someone else, what is his standard deduction amount?
- Mr. Victor, Age 66, retired in 2022. He is single. Prior to retiring, Mr. Victor received a $5,000 bonus plus $8,400 in wages. After he retired, he received $12,000 in Social Security benefits. Does Mr. Victor have to file a 2022 income tax return? Why or why not? Yes. Victor is required to file because he made in excess of $5,000 which is the required filing threshold. O Yes, Victor must file because he received earned income. No. Victor's does not have to file because his gross income is less than the standard deduction. O No. Victor does not have to file because he is over age 65 and retired and you are not required to file.a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the taxpayer elect when filing his 2020 tax return? a. qualifying widow(er). b. married filing jointly. c. single. d. married filing separately.• Jeff, age 68 and Claire, age 63 elect to file Married Filing Jointly. Neither taxpayer is blind. • Jeff is retired. He received Social Security benefits and a pension. • Jeff and Claire's daughter Shelby, age 19, is a full-time college student in her second year of study. She is pursuing a degree in foreign studies and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. • Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. • Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of Shelby’s tuition and course-related books in 2022 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. • Jeff and Claire…
- Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or (losses). Attach Form 4797. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…Question 21 of 50. Allen and Charlotte married in 2021. They filed a joint return for the year, but the IRS offset their refund because Allen owes past-due child support for his two children from a previous marriage. Charlotte is not legally responsible for the children's support, and she would like to receive her portion of their tax refund. As the couple's tax preparer, what advice would you offer? O Allen should request a certificate of non-attachment. O Allen and Charlotte should submit a joint offer-in-compromise. O Charlotte should request relief as an injured spouse. O Charlotte should request relief as an innocent spouse. Mark for follow upIn May 2021, Whitney filed for divorce from her husband, Michael. Although they lived apart for the last six months of the year, their divorce is not yet finalized and they are still legally married. Whitney does not wish to file a joint 2021 return, and she has no qualifying child or qualifying relative. What filing status should Whitney use?