Answers will be posted in responses section in about 1 day.

This is for my own review and organization of class notes for a tax course I am taking right now.

1 What is the amount that may be subtracted from a taxpayers taxable income for each exemption claimed?
2 What 4 requirements myst every individual meet to be claimed as a dependant?
3 What are the 4 tests for a qualifying child?
4 How is the relationship test met?
5 define eligible foster child
6 how is the residency test met?
7 how is the age test met?
8 define full time student for purposes of this test.
9 what special provision regarding the age test exists for disabled dependants?
10 how is the support test met?
11 what are the 4 conditions that must be met to claim an dependency exemption for a qualifying relative?
12 how can the gross income test be satisfied?
13 what is gross income?
14 how can the test be satisified?
15 what are some items which count as support?
16 under what circumstances might you have to determine who paid more than 50% of a qualifying relative's support?
17 how can you determine who paid more than half of the person's support?
18 when computing support how do you determine the value of lodging?
19 what if the dependant owns the home?
20 name some items which are not included in support?
21 under what circumstances would education expenses not be included in support?
22 is there a similar rule for medical and dental expenses?
23 how can the funds available for support from sources other than the taxpayer be reduced?
24 what is the tax purpose of investing these funds by the dependant?
25 what is the purpose of form 2120 multiple support declaration?
26 what requirements must be satisified to use form 2120?
27 what happens if the parties do not agree on who will be allowed to claim the exemption?
28 what happens when more than one taxpayer actually claims the same qualifying child?
29 to whom do the rules for divorced and seperated parents apply?
30 do these rules apply to parents which were never married?
31 in general which parents gets to claim the qualifying child?
32 what is the exception to this rule?
33 what happens if an individual is a qualifying child of more than one taxpayer?
34 Joyce has two sons- Joe (25) and Steve (17), both lived with her all year. Who may claim steve as their qualifying child?
35 what filing statuses are available to taxpayers who are unmarried for tax purposes?
36 Under what circumstance would an unmarried taxpayer use the single filing status?
37 How may a married taxpayer qualify as unmarried for tax purposes?
38 Why would a married taxpayer want to be considered unmarried for tax purposes?
39 under what cicumcstances do you need to determine whether a taxpayer paid over half the cost of maintaining his home?
40 what are some of the costs of maintaining a home?
41 Is the principal portion of a home mortgage payment considered part of the cost of maintainance?
42 Under what circumstance do you need to actually compute the costs of maintaining a home?
43 What requirements must be met for a taxpayer to qualify for head of household?
44 What requirements must be met for a taxpayer to use the qualifying widower status?
45 Fred's wife dies on Feb 6 2007. Fred had a dependant son (age 10) which lived with him all year in a home Fred maintained. What is the most advantagous filing status for Fred for his 2007 tax year.
46 Assuming Fred does not remarry and continues to maintain the home in which he and his dependant son both live, what will be his most advantagous filing status doe 2008? 2009? 2010?
47 How much is the child tax credit worth?
48 What additional requiremewnts must be met by a qualifying child for purposes of this credit?
49 At what income level is the allowable credit phased out for higher income tax payers?
50 Is this credit refundable or non refundable?
51 What are the 4 qualifications specific to taxpayers without qualifying children (for Earned Income tax credit)?
52 What are the 3 qualifications for EITC specific to taxpayers with qualifying children?
53 What are the 6 qualifications which apply to all taxpayers for EITC?
54 Kris (26) has an earned income of AGI of $9,256. He has not other income. He lived in the US all year and is no one's dependant. He has a valid SSN and is filing as single. He is a US Citizen. Does he qualify for EITC?
55 Marla (29) has an earned income of $20,200. She received $2000 in interest and $915 in dividend income. She had no other income. She has no adjustements to income. Her daughter Kayla (6) lived with her all year. No one else lived with them during 2007. They both have valid SSNs and Marla will file with head of household. Both are US citizens and lived in the US all year. Does Marla qualify for EITC?
56 What is the exception to the rule which requires that a taxpayer live in the US (for EITC)?
57 who may qualify for the additional child tax credit?
58 How is the credit computed?
59 What form is used to compute the additional child tax credit?
60 what are the 4 requirements of EITC due diligence?
61 What is the possible penalty for failing to comply with the EITC due diligence rules?