Filing statuses | Taxable and Non-Taxable income | True or False | Child and dependent care (true or false) | Earned income tax credit~EITC (true and false) |
---|---|---|---|---|
What is single (S)
You were never married during the year
|
What is taxable compensation
Bonuses or awards for outstanding work (whether in cash or goods and services
|
What is true
Bonds issued by port authorities, toll-road commissions, uitility service authorities, and qualified volunteer fire departments are tax- exempt bonds
|
What is false
I can take a child care credit for any of my children as long as they are under 18
|
What is true
Earned income credit is a refundable credit, which means I may still receive a refund even if I have no tax liability
|
What is married filing jointly (MFJ)
You were married on the last day of the year, even if you did not live with your spouse
|
What is Non-Taxable compensation
Money you have put into a 401K plan
|
What is false
You can qualify as head of household if it is just you and your spouse and you support no dependents
|
What is true
My child and dependent care credit can ONLY bring my TAX to zero and nothing lower
|
What is false
I MUST have a qualifying child to receive EITC
|
What is married filing seperate (MFS)
You are married, but want to be responsible for only your own tax liability
|
What is taxable compensation
Severance pay upon termination from employment
|
What is true
You must claim ANY interest you earn from a savings account, even if you do not receive a 1099
|
What is false
I cannot take the credit when the other child's parent is claiming the child as a dependent, but I am the custodial parent, and the child lived with me for most of the year (more than 6 months)
|
What is true
I must have earned income within the year to receive EITC
|
What is head of household (HOH/HH)
Be in married or considered in married on the last day of the tax year and kept a home for more than half the tax year for a dependent
|
What is Taxable compensation
Disability pensions from an employer-paid plan received BEFORE you reach retirement age
|
What is false
Money I make from selling items online or from a yard sale is not taxable
|
What is false
I can claim the credit even if the care taker is my spouse
|
What is false
I may still qualify for EITC if my filing status is MFS (married filing separate)
|
What is qualifying widow(er) with dependent (QW)
Your spouse died within the previous 2 years and you have a dependent child
|
What is non- taxable compensation
Group health insurance paid for by an employer
|
What is true
Alimony received is taxable
|
What is true
Money given to me by my employer for child care is excluded from the amount that the credit is figured upon
|
What is false
I cannot claim EITC for me and my child if I am the custodial parent and the other parent is claiming the dependent exemption for the child for the year
|