11- Elizabeth Carson- spouse of Tony Carson- died on August 4- 2022- T.docx

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11. Elizabeth Carson, spouse of Tony Carson, died on August 4, 2022. Tony Carson married Caroline Wilson on September 22, 2022. The 2022 federal income tax return for Elizabeth Carson will be submitted under what filing classification? A Married filing jointly B Single C.Married filing separately D. Head of household E. None of the above 12. Which of the items listed below is ignored when applying the support test for a qualifying child? A. Education cost B. Social Security benefits C. Scholarships D .All would be ignored E. None would be ignored 13.Which of the following individuals cannot qualify as a dependent? A. Foster child B.Stepfather C.Mother-in-law D. None of the three listed individuals can qualify E. All of the listed individuals can qualify 14. Taxpayer, age 68, files a 2022 federal income tax return as head of household with three dependents. Taxpayer has $210,000 of adjusted gross income. What will be the amount of Taxpayer's total exemption/dependency deduction on the return? A. $17,600 B. 4,400 C. 13,200 D. 22,000 E. None of the above 15.Frank and Jean Jones divorced in 2020. The divorce decree was silent regarding the dependency/exemption status for their daughter, Martha. Frank has custody of Martha and neither parent has signed a statement changing that status. During 2022, Frank earned $27,000 and Jean earned $155,000. dartha had interest income of $5,100. Who will claim Martha as a dependent for 2022, and why? A.Martha will claim herself, since she had gross income over $4,400 and files her own return. B. Since Martha lived with both Frank and Jean during the year, they each may claim Martha as a dependent. C. Frank, since he has custody. D Jean, since she earned more than Frank and, therefore, is presumed to have provided more than 50% of Martha's support. E .None of the above .

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B. Since Martha lived with both Frank and Jean during the year, they each may claim Martha as
a dependent.
C. Frank, since he has custody.
D Jean, since she earned more than Frank and, therefore, is presumed to have provided more
than 50% of Martha's support.
E .None of the above

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The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10 . In 2021, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2021 through their state exchange and elected to have the credit paid in advance. The 2021 Form 1095-A that the Collins received from the exchange lists the following information: The Federal Poverty Line for a family of four is $26,200. Table for Repayment of the Credit Amount Click here to access the 2021 Applicable Figure Table to use for this problem. Calculate the excess advance premium tax credit and the repayment amount for 2021. Round any division to two decimal places before converting to a percent. Excess advance premium tax credit $X Repayment amount.

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1. Who are Valerie\'s qualifying persons for Head of Household filing status? A. Annie, Patrick, and Ethan B. Patrick and Ethan (this choice is wrong) C. Annie and Ethan D. Annie and Patrick 2. Ethan is Valerie’s qualifying child for which of the following benefits? A. Exemption for a dependen B. Child tax credit C. Earned income credit D. None of the above Valerie\'s husband, Donald, died in March 2013. She has not remarried. She has two sons, Ethan and Patrick, and one daughter, Annie, who lived with her all year Valerie paid more than half of the support for Annie and Patrick and all of the cost of keeping up the home. Her son, Ethan, graduated from college two years ago. He is working and earned wages of $30,000. He provides more than half of his own support. Valerie is paying off a student loan that she took out for her son Ethan\'s qualified education expenses at an eligible institution. He was her dependent when she took out the loan. Valerie is a seasonal emplovee and was laid off in December. She received unem ployment income. She cashed in her 401(k) savings and used the money for household expenses. She does not qualify for any exception to the additional tax on early distributions Her son, Patrick, attended after-school care while Valerie worked. The volunteer is not sure if Valerie had qualified health insurance from her employer all year since she was laid off in December. Valerie mentions that her employer confirmed that she and her children, Annie and Patrick, had health insurance coverage all year. Ethan had MEC all year through his employer Solution 1. Who are Valerie\'s qualifying persons for Head of Household filing status? From the details provided it is understood that Patrick and Annie are below the age of 19 and are completely dependant on Valerie while Ethan is independant as he is working. Hence, as per the below extract on the requirements of the qualifying person, correct choice is D. Annie and Patrick {For the purposes of the Head of Household filing status, a qualifying person is a child, parent, or relative who meets certain conditions that enable you to qualify forHead of Household. A qualifying child would be: A child that is too old to qualify as a child might be able to qualify as a relative for Head of Household. A qualifying relative would be: 2. Ethan is Valerie’s qualifying child for which of the following benefits? The answer is D. none of the above due to following reasons: A. Exemption for a dependent : Ethan is no more dependant on valerie as he completed graduation (which shows that his age is above 19) and he is already earning B. Child tax credit : Ethan has provided 50% of his support. Hence is fails the support test for taking the child tax credit. C. Earned income credit : Ethan does not qualify as qualifying child and hence is not eligible for Earned Income Credit..

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