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RTRP Part One

Wiley RTRP Exam Review Ch 1 - 3

TermDefinition
Rules for who must file a TR SE net earnings > $400 Wages of $108.25 or more for church related org exempt from FICA Received Advance EITC Owe special taxes: 1. AMT 2. Addlt tax/penalties on IRA 3. Employment tax on household employees 4. Fica on tips 5. Addtl tax on HSA
Filing Threshold for Single DEPENDENT Unearned Income > $950 or EI > $5950 or Gross Income > $950 or EI up to $5650, plus $300
Reasons to file TR even though not required 1. Request refund 2. Obtain refundable credits 3. Establishing a capital loss
Penalty for late payment 1/2 of 1% of tax not paid by due date; charged each month or part month not paid; max 25%
Penalty for late filing 5% of amount due for each month or part month return is late; max 25% (if > 60 days late, min is smaller of $135 or balance due.
Limitations on who can file 1040EZ Single, MFJ; <65; not blind Taxable Income < 100k No itemizing Only credit is EITC no dependents No SS benefits, dividends, retirement, cap gain
Limitations on who can file 1040A Any status, dependents Taxable income < 100k No itemized deductions
Special filing rules for Resident aliens Taxed same as US citizens
Special filing rules for Non-resident aliens Aliens who did not meet green card test or substantial presence test at any time during the year 1040NR(-EZ)
Substantial presence test 1. Physically here at least 31 days OR 2. Phys present at least 183 days during last 3 yrs counting (all curr yr, 1/3 days 1yr ago, 1/6 2 yrs ago) OR 3. physi present 183 curr yr OR 4. Curr yr do not have tax home or closer connection in foreign countr
Special filing rules for Dual-Status Aliens Are aliends who are residents for part of yr Common in yr when TP arrives or departs US. If residned at eoy, file form 1040 and attach 1040NR(-EZ). If nonresident at eoy, file 1040NR(-EZ) and attach 1040 as a stmt.
2 Reasons to file MFS 1. To avoid joint and several tax liability 2. To save taxes (if one has lower income and higher medical, or misc item deductions or cas & theft losses
Community property states AZ CA ID LA NV NM TX WA WI
Rules for being Considered Unmarried 1. TP files MFS 2. TP pd > .5 keeping home 3. spouse didn't live with during last 6mths 4. TP home was tp child, stepchild, foster child for > .5 yr 5. TP can claim exemption for child
Rules for claiming Head of Household 1. Unmarried or Considered Unmarried 2. Cost of Keeping home - tp pays > .5 Public assistance is part of total but not that tp paid 3. Qualifying person lived in home > .5 yr
Rules for Qualifying Person HOH For all you must be able to claim exemption (ex: single) 1. Qualifying child who is single or married 2. Qualifying relative who is your mother or father 3. Qualifying relative not parent who lived with you > .5 yr
Created by: 638477231