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20 Cards in this Set
- Front
- Back
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The automatic six-month extension must be requested by filing:
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Form 4868
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The automatic six-month extension to file is not an extension for:
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the payment of any taxes owed.
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Adjusted gross income equals:
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Gross income
(–) adjustments. |
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Taxable income equals:
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Adjusted gross income
(–) deductions (–) exemptions. |
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The payment or refund due equals:
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Federal income tax
(–) tax credits (+) other taxes (–) payments. |
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The five filing statuses are:
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(1) single
(2) married filing jointly (3) married filing separately (4) head of household (5) qualifying widow(er). |
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The 16 categories of income listed on Form 1040 are:
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(1) wages
(2) interest (3) dividends (4) taxable refunds of SALT (5) alimony (6) business income/loss (7) capital gains/losses (8) other gains/losses (9) IRA distributions (10) pensions and annuities (11) rental income/loss and royalties (12) K-1 income/loss (13) farm income/loss (14) unemployment compensation (15) social security benefits (16) other income. |
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Itemized deductions are reported on what schedule?
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Schedule A.
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Interest and dividends are reported on what schedule, if required?
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Schedule B.
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Business income or loss is reported on what schedule?
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Schedule C (or C-EZ).
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Capital gains or losses are reported on what schedule, if required?
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Schedule D.
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Supplemental income or loss (from rental real estate, royalties, partnerships, S corporations, estates, trusts, etc.) is reported on what schedule?
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Schedule E.
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Farm income or loss is reported on what schedule?
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Schedule F.
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What schedule is used to calculate self-employment tax and the deductible portion of it?
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Schedule SE.
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For tax year 2011, the personal exemption amount is:
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$3,700
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For tax year 2011, the standard deduction for single or married filing separately is:
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$5,800.
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For tax year 2011, the standard deduction for married filing jointly or qualifying widow(er) is:
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$11,600.
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For tax year 2011, the standard deduction for head of household is:
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$8,500.
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Generally, a taxpayer must file a return if his or her income is greater than or equal to the sum of:
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(1) the personal exemption,
(2) the regular standard deduction, and (3) the additional standard deduction for the elderly or blind. |
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The exceptions to the general rule about who must file are:
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(1) those who owe any special taxes.
(2) those who received distributions from an Archer MSA, a Medicare Advantage MSA, or an HSA. (3) those with net earnings from self-employment of $400 or more. (4) those with church employee income of $108.28 or more. |
