Individual Taxation Ch. 3, 4, 5

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Kencollins08
ID:
242314
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Individual Taxation Ch. 3, 4, 5
Updated:
2013-10-23 03:09:40
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individual taxation
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Individual Taxation
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  1. accident insurance proceeds
    Exclusion
  2. Annuities
    Exclusion
  3. Child Support Payments
    Exclusion
  4. Damages for Personal Injury
    Exclusion
  5. Gifts Recieved
    Exclusion
  6. Life Insurance
    Exclusion
  7. Inheritances
    Exclusion
  8. Interest from State and Local Bonds
    Exclusion
  9. Scholarship grants
    Exclusion
  10. Social Security Benefits
    Exclusion
  11. Unemployment Compensation
    Exclusion
  12. Veterans Benefits
    Exclusion
  13. Welfare Payments
    Exclusion
  14. Workers Compensation
    Exclusion
  15. Alimony (Recieved)
    Gross Income
  16. Annuities
    Gross Income
  17. Awards
    Gross Income
  18. Bonuses
    Gross Income
  19. Business Income
    Gross Income
  20. Commisions
    Gross Income
  21. Embezzled Funds
    Gross Income
  22. Gains from sale of Property
    Gross Income
  23. Hobby Income
    Gross Income
  24. Interest on Capital
    Gross Income
  25. Punitive Damages
    Gross Income
  26. Rents (received)
    Gross Income
  27. Royalties
    Gross Income
  28. Salaries
    Gross Income
  29. Deductions FOR AGI occur...
    Above the line
  30. Deductions FROM AGI are            or             
    Itemized Deductions or Standard Deductions
  31. Expenses Incurred in trade
    Deduction for AGI
  32. Unreimbursed Moving Expense
    Deduction for AGI
  33. Contributions to traditional IRA's
    Deduction for AGI
  34. Fees for college tuition
    Deduction for AGI
  35. Contributions to HSA's
    Deduction for AGI
  36. Interest on Student Loans
    Deduction for AGI
  37. Excess Capital Losses
    Deduction for AGI
  38. Alimony (Payments)
    Deduction for AGI
  39. A taxpayer that is over         or         qualifies for an additional standard deduction of 1,200 or 1,500
    65 or over; or blind
  40. Personal & Dependency Exemptions are          per dependent
    3,900
  41. Includes a taxpayer who is unmarried or separated from spouse by a divorce decree or separate maintenance agreement and does not qualify for another filing status
    Single Filing Status (6,100)
  42. Married as of last day of taxable year, or spouse dies during taxable year
    Married Filing Jointly (12,200)
  43. File as surviving spouse for 2 years after death of spouse if taxpayer maintains a home in which a dependent child lives
    Surviving Spouse Filing Status (12,200)
  44. Married but not filing a return with spouse and not abandoned spouse
    Married Filing Separately (6,100)
  45. Must be unmarried as of end of year or an abandoned spouse.
    Must pay > half the cost of maintaining a household which is the principal home of a dependent for > half of tax year.
    Head of Household Filing Status (8,950)
  46. Inventory, Accounts Receivable, and Depreciable property or real property used in a business aren't considered...
    Capital Assets
  47. Most personal use assets used by individuals are considered...
    Capital Assets

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