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Spanish income tax questions.

Can you please help me with these federal income tax questions? Please?

  • Hi, I am working on some review questions for my federal income tax class and I have having a very hard time because I have some problems in English and new to this class. All are true OR false, and I will say what I have so far. Can anyone PLEASE check them? A married couple filing jointly can increase their standard deduction by $4,400 if both are elderly and blind. (I am not sure if true or false) A widow with a dependent child files head of household for the two years immediately after the year of the spouse's death. (I put true?) A 15-year old foster child residing with a single taxpayer for eight months of the year may qualify the taxpayer for head of household status. (I put true?) When a noncustodial parent (Father) provides more than 50% of the support of his child, he is entitled to claim a dependency exemption for the child. (I put false?) When determining whether a dependency exemption can be claimed for a child of divorced parents, the period of custody is usually the deciding factor. (not sure?) The personal exemption for a deceased spouse does not have to be prorated for the portion of the hear the decedent lived. (leaning towards false? not sure) The standard deduction and itemized deductions are deductible for AGI. (?) A single person who is a dependent has $2000 of earned income. this person can claim the same standard deduction allowed to a single taxpayer who is not a dependent. (false?) When a married taxpayer files separately and decides to deduct her itemized deducations, her spouse may deduct the greater or the regular standard deduction or itemize deductions on his tax return (True?) In 2010, the deductions for exemptions may be phased out. (true?) A married couple filing a joint tax return, where both spouses are elderly and blind, can claim a standard deduction of $17,000 in 2010. The personal exemption for a single taxpayer who qualifies as another taxpayer's dependent is $950. (true?) A single person, who is a dependent, has $2000 of unearned (interest) income. This person has no taxable income since his AGI is less than the standard deduction amount for single taxpayers. (?) The Internal Revenue Code provides an exhaustive list of items that comprise of gross income. (false?) A dependent's basic standard deduction cannot exceed the basic standard deduction for a person not claimed as a dependent. (true?) Under the tie-break rules, when a couple divorces, the dependency exemption goes to the parent with the highest AGI. (true?) A retirement savings contributions credit is available for $1,000 contribution to a qualified retirement plan by a dependent whose AGI is only $10,000. (true? When the advanced earned income credit exceeds the taxpayer's earned income credit, the taxpayer must refund the excess to the employer. (?) For taxpayers in the 15% tax bracket, the tax savings from a $100 deduction is better than a $10 tax credit. (?) Taxpayers in the 15% tax braket pay the same tax rate on their qualified dividends and net capital gains as they do on their wages and other types of income. (?)

  • Answer:

    the only way you will learn it is to find it yourself, all these questions are definitely in your course material, if you can read it you can understand it

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Guessing is worse than poor English skills. See IRS publication 501 for questions 1-13,15,16 Your are correct about 'exhaustive list'--it's technically taxable unless listed as exempt. See IRS publication 590 for IRA questions. See a tax form 1040A or 1040. For the last 2, do the math and look at the forms.

You state you want to study? Then you need to study. You may be new at this but to be competent let alone professional you need to study, absorb, comprehend etc. Asking us is cheating

You really should learn how to use the www.irs.gov website to research a lot of the correct information that you want and need for this purpose by your self at this time in your life. 1040ES http://www.irs.gov/pub/irs-pdf/f1040es.pdf 2011 Standard Deduction and Exemption Amounts For 2011, the personal exemption amount will increase to $3,700 (from $3,650 in 2010). The 2011 standard deduction will be: • $5,800 for unmarried taxpayers or married taxpayers filing separately, • $11,600 for married taxpayers filing jointly, and • $8,500 for taxpayers filing as head of household. The additional standard deduction allowed for blind taxpayers and taxpayers age 65 or older at the end of the tax year will be $1,150 if married filing jointly and $1,450 if single. Single 2011 Tax Brackets Taxable Income Marginal Tax Rate: $0-$8,500 10% $8,500-$34,500 15% $34,500-$83,600 25% $83,600-$174,400 28% $174,400-$379,150 33% $379,150+ 35% Married Filing Jointly 2011 Tax Brackets Taxable Income Marginal Tax Rate: $0-$17,000 10% $17,000-$69,000 15% $69,000-$139,350 25% $139,350-$212,300 28% $212,300-$379,150 33% $379,150+ 35% Head of Household 2011 Tax Brackets Taxable Income Marginal Tax Rate: $0-$12,150 10% $12,150-$46,250 15% $46,250-$119,400 25% $119,400-$193,350 28% $193,350-$379,150 33% $379,150+ 35% Married Filing Separately 2011 Tax Brackets Taxable Income Marginal Tax Rate: $0-$8,500 10% $8,500-$34,500 15% $34,500-$69,675 25% $69,675-$106,150 28% $106,150-$189,575 33% $189,575+ 35% Publication 17 http://www.irs.gov/publications/p17/index.html Publication 17 (2010), Your Federal Income Tax For Individuals For use in preparing 2010 Returns Publication 501 http://www.irs.gov/publications/p501/index.html Schedule D instructions and worksheets for some information. http://www.irs.gov/instructions/i1040sd/index.html Hope that you find the above enclosed information useful. 09/25/2011

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