Filing Status and Dependents Flashcards

A college student who lives at home and earns $4,000 in wages. Can the parents claim the student as a dependent?

Answer: Yes, if the student is under 24 and a full-time student

A full-time student under age 24 can be claimed as a qualifying child regardless of their income level.

Which filing status has the lowest tax rates in the US tax brackets?

Answer: Married Filing Jointly

Married Filing Jointly (and Qualifying Surviving Spouse) has the widest tax brackets, resulting in the lowest tax rates at most income levels.

A taxpayer is claimed as a dependent by their parents. Can they still file their own tax return?

Answer: Yes, and they can also claim the standard deduction for dependents

Dependents can file their own return but must use the dependent standard deduction rules (the greater of earned income + $400 or $1,300 for 2024).

What is the residency test requirement for a qualifying child?

Answer: Must live with the taxpayer for more than half the year

A qualifying child must have lived with the taxpayer for more than half of the tax year to pass the residency test.

A taxpayer supports their sibling who lives with them and earns $5,000. Which test prevents claiming the sibling as a qualifying relative in 2024?

Answer: Gross income test

For 2024, a qualifying relative's gross income must be less than $5,050; a sibling earning exactly $5,000 may still qualify, but $5,050 or more would fail.

Which of the following individuals qualifies as a dependent under the qualifying child rules?

Answer: A 23-year-old child who is a full-time student

A full-time student under age 24 who is the taxpayer's child qualifies as a qualifying child regardless of income.