IRS Filing Requirements and Status 2

Question 1

A single taxpayer, age 67, has Social Security income of $14,000 and no other income in 2024. Must they file a federal tax return?

Accepted Answer

No, because their gross income is below the filing threshold for their age

Answer

A single taxpayer age 65 or older has a higher filing threshold, and if their only income is Social Security that falls below it, no return is required.

Question 2

Which filing status typically results in the lowest tax rate for an eligible taxpayer?

Accepted Answer

Qualifying Surviving Spouse

Answer

Qualifying Surviving Spouse uses the same tax brackets as Married Filing Jointly, which generally provides the lowest rates.

Question 3

A taxpayer's spouse died in 2022. They have a dependent child living with them. What is their filing status for tax year 2024?

Accepted Answer

Head of Household

Answer

Qualifying Surviving Spouse status is only available for the two tax years after the year of a spouse's death (2023 and 2024 would be eligible if death was in 2022—wait, death in 2022, so 2023 and 2024 qualify), so 2024 is the second year and QSS applies.

Question 4

Which of the following types of income does NOT count toward the gross income filing threshold?

Accepted Answer

Tax-exempt municipal bond interest

Answer

Tax-exempt interest, such as from municipal bonds, is excluded from gross income and does not count toward the filing requirement threshold.

Question 5

A dependent child has only unearned income of $1,500 in 2024. Are they required to file a federal return?

Accepted Answer

Yes, because unearned income over $1,300 triggers filing for dependents

Answer

For 2024, a dependent must file if their unearned income exceeds $1,300, so $1,500 triggers the filing requirement.

(IRS) Internal Revenue Service Certified Practice Test

(IRS) Internal Revenue Service Certified Practice Test

IRS Filing Requirements and Status 2