Qualifying relative tests - Study guides, Class notes & Summaries

Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? - Answer Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able to claim Adam as a qualifying relative dependent. Note: Being cousins alone will not meet the relationship test for qualifying relative, because a cousin is not listed as a specific relati...

HRB FINAL EXAM COMPLETE QUESTIONS AND ANSWERS ASSURED A+. What is the Difference between earned income and unearned income? - Answer Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes money received ro the investment of money or other property, such as interest, dividends, and royalties. It also includes pensions ali...

HR Block 2023 Scenarios Exam Questions and Answers Carolyn earned $52,000 as a full-time employee in 2018. Due to procrastination and denial, she did not prepare her 2018 income tax return until June 23, 2019. Carolyn did not file the return until August 1, 2019. She did not request an extension of time to file. Her return showed a balance due of $1,500. What is her penalty? - ANS ️️ The IRS assesses a late filing penalty for four months. Carolyn's penalty is $300 [5% x 4 x $1,500]. ...

H&R Block Final review|Graded A+ Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able to claim Adam as a qualifying relative dependent. Note: Being cousins alone will not meet the relationship test for qualifying relative, because a cousin is not list...

H&R Block Midterm Review Questions with Complete Solutions Which of the following is considered earned income? C a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A a) Tax Tables b) Tax Computation Worksheet c) Qualified Dividends and Capital Gain Tax Worksheet d) Schedule D Tax Worksheet Which of the following shows these numbers round...

HRB FINAL EXAM |Complete Questions with 100% Correct Answers What is the Difference between earned income and unearned income? Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes money received ro the investment of money or other property, such as interest, dividends, and royalties. It also includes pensions alimony, unemp...

LSU ACCT 3221 Chapter 2 | Questions and Answers True/False: The federal individual income tax returns are the 1040ES, 1040A and 1040. False True/False: The tax code defines adjusted gross income (AGI) as gross income minus a list of permitted deductions. True True/False: The amount of tax liability for a taxpayer depends on many factors, including the filing status of the taxpayer. True True/False: A married couple can file a joint return if they are married and if both have earned income. Fal...

H&R Block Income Tax Course Final Exam || All Questions & Answers (Graded 100%) H&R Block Income Tax Course Final Exam || All Questions & Answers (Graded 100%) What is the Difference between earned income and unearned income? - ANSWER - Earned income is received for services performed. Examples are wages commissions, tips and generally farming and other business income . Taxable income other than that received for services performed. Unearned Income includes money received ro the investment ...

H&R Block Income Tax Test Scenarios || Questions & Answers (100% Verified) H&R Block Income Tax Test Scenarios || Questions & Answers (100% Verified) Carolyn earned $52,000 as a full-time employee in 2018. Due to procrastination and denial, she did not prepare her 2018 income tax return until June 23, 2019. Carolyn did not file the return until August 1, 2019. She did not request an extension of time to file. Her return showed a balance due of $1,500. What is her penalty? - ANSWER - The IRS ...

Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? - correct answer Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able to claim Adam as a qualifying relative dependent. Note: Being cousins alone will not meet the relationship test for qualifying relative, because a cousin is not listed as a specific ...