H and R Block

Which form is required when a custodial parent releases their right to claim their child as a dependent to the noncustodial parent

Form 8332 is required when a custodial parent releases their right to claim their child as a dependent to the noncustodial parent.

The head of household filing status requires that a taxpayer maintain a household for

One of the requirements for the head of household filing status is that the taxpayer maintains a household for a qualifying child, qualifying relative, or a parent claimed as a dependent on the taxpayer's return.

Unearned income is all of the following except: Interest. Dividends. Wages. Alimony

wages

Tax on income that comes entirely from wages under 100,000 is determined to the

Tax table

Tax-exempt interest income

(reportable but not taxable)

For tax purposes, when is a person's marital status determined

A person's marital status for the purposes of a tax return is determined on the last day of the tax year

Which of the following is not one of the four requirements to claim a dependent?

A taxpayer is not required to provide 100% of a dependent's support in order to claim the exemption.

Assuming all other requirements are met, how long may an eligible surviving spouse file as a qualifying widow(er)?

An eligible taxpayer may claim the qualifying widow(er) status for up to two years following the death of their spouse

Which of the following is considered earned income

Earned income is money received for services performed.

For 2018 tax returns, what is the standard deduction for taxpayers using the head of household filing status

For 2018, the standard deduction for taxpayers using the head of household filing status is $18,000.

What happens if an individual is the qualifying child of more than one taxpayer?

If an individual is the qualifying child of more than one taxpayer, the tiebreaker rules outlined in the Tax Code apply.

Taxpayers who have any financial interest in, or signature authority over, a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country may have to report this information by filing:

Taxpayers who have any financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country may have to file FinCEN Form 114.

Schedule B is required when interest income exceeds which of the following thresholds?

That is correct. Schedule B is required when interest income exceeds $1,500.

How much is the Child Tax Credit worth

That is correct. The Child Tax Credit is worth up to $2,000 per qualifying child

What are the four tests for a qualifying relative?

That is correct. The four tests for a qualifying relative are: relationship or member of the household, gross income, support, and not a qualifying child.

Under what circumstances might a taxpayer, who does not meet the federal filing requirement, want to file a federal return anyway

That is correct. The only way to retrieve any withholding or refundable credits is by filing a tax return

Which taxpayer is required to file a tax return for 2018? Reba, age 65. She is a qualifying widow. Her gross income was $24,500. Simon, age 26. He is single, and his gross income was $11,500, all from wages. Raine, age 27. Her filing status is head of household. Her gross income was $17,500, all from wages. Felipe, age 23. His gross income was $5,750. His filing status is married filing separately.

That is incorrect. A taxpayer under age 65 is not required to file a return if their filing status is head of household, and their gross income is less than $18,000.

Choose the response that best completes the following sentence. Under the special rules for children of divorced or separated parents, the noncustodial parent may be entitled to: Claim a higher standard deduction. Claim the Child Tax Credit. Claim the Earned Income Tax Credit. File as head of household.

That is incorrect. Claiming a higher standard deduction is not a benefit granted to a noncustodial parent under the special rules for children of divorced or separated parents

For 2018, what is the gross income filing requirement for a single taxpayer age 65 or older? $12,000 $13,600 $24,000 $26,600

That is incorrect. For 2018, $26,600 is the gross income filing requirement for married taxpayers who file jointly and are both age 65 or older.

Which of the following is nontaxable on a federal income tax return?

That is incorrect. Interest from personal loans is taxable

Which of the following is not counted as support?

The cost of life insurance premiums is not an allowable item in determining support.

What are the five tests for a qualifying child

The five tests for a qualifying child are relationship, residency, age, support, and joint return.

To file as head of household, a taxpayer must meet all of the following requirements EXCEPT:

There is no gross income requirement for taxpayers who file as head of household.

Which form is used by employers to report wages earned by their employees

W2

The standard deduction on an income tax return is determined by

Your Filing Status