Flashcards › basic tax prep for 2008

Filing requirements for single nondependent under 65 $8,950 Filing requirements for single nondependent over 65 $10,300 Filing requirements for head of household under 65 $11,500 Filing requirements for head of household over 65 $12,850 Filing requirements for Qualifying Widow(er) under 65 $14,400 Filing requirements for Qualifying Widow(er) over 65 $15,450 Filing requirements for MFJ both under 65 $17,900 Filing requirements for MFJ one spouse over 65 $18,950 Filing requirements for MFJ both spouses over 65 $20,000 Filing requirements for MFS any age $3,500 Standard deductions for single or MFS $5,450 Standard deductions for MFJ or QW $10,900 Standard deductions for HH $8,000 Dependent's standard deduction 900 or earned income plus 300, whichever is greater To be a QC or QR these must be true Taxpayer is not a dependent and a citzen of US, Canada and Mexico Relationship test for a Qualifying Child includes son or daughter (adoptive included), brother or sister,eligible foster, a descendant of any (includes all grandchildren, nieces, and nephews) Qualifying child must pass which tests to be a QC Relationship, residency, age and support Qualifying Child must live with taxpayer more than half of the year Qualifying Child must be under which age 19 If Qualfying Child is a full-time student then under which age 24 Qualfying Child is permanently or totally disabled then which age any Qualfying Child must not provide more than __ of own support half Qualfying Relative must pass which tests to be a QR relationship or full time residency, GI of less than $3,500, support and must not be a QC of someone else To pass residency test for QR the QR must live with TP for the full year Gross Income of a QR must be under $3,500 EITC Taxpayers without QC must be which age atleast 25 but younger than 65 EITC Taxpayers without QC must have earned income and AGI of less than $12,800 ($15,800 if MFJ) EITC Taxpayers with one QC must have earned income and AGI of less than $33,995 ($36,995 if MFJ) EITC Taxpayers with two QC must have earned income and AGI of less than $38,646($41,646 if MFJ) Taxpayers with or without QC must have a valid __ SSN Taxpayers with or without QC must not use what filing status MFS Taxpayers with or without QC must be a U.S. Citzen or resident alien for what length of time? all year Taxpayers with or without QC must not file which forms? A Form 2555 or 2555 E-Z Taxpayers with or without QC must have investment income of ___ $2,950 or less