Number of exemptions that can be claimed

Related BrainMass Solutions

• Federal Exemptions for Jane and Sid

  Additional student resources: http://www.irs.gov/publications/p501/ar02.html#en_US_2013_publink1000220844 This solution explains the number of exemptions that Jane can claim on her income tax return. IRS references are also included.

• This post addresses alternative minimum tax (AMT).

  However, part of the AMT is not only based on income, but is also based on the number of exemptions claimed, and the amount of deductions claimed, because both exemptions and deductions lower the taxpayer's taxable income.

• Dependency Tax Exemption Qualifications

  Exemptions may be claimed for children who are under the age of 19 at the end of the year, full-time students under the age of 24 and any age if they are permanently or totally disabled.

• Claiming Dependents for Taxation

  The niece must be under 19. If Danni claimed head of household, she'd be in a better tax situation. In this scenario, Danni can only claim herself. You can see a full list of the tests that must be met in order to claim a person as an exemption.

• Dependency Exemptions on Federal Tax Return

  Kristen: a full-time student in high school, had no gross income, and provided none of her own support. a. Based on the above facts, which of the children can be claimed by John and Carole in 2007? b.

• Differences between the following components of taxable income

  There are a number of different sources from which the individual can derive income, for example, salary and wages, dividend payments, bank interest, etc.

• Alternative minimum tax system differ from the regular tax system

  regular tax amount owed With regular tax calculations: Personal exemptions are allowed (i.e.: 3,100 per person being claimed on the return) State and local taxes that are paid are allowed to be deducted Mortgage interest is deducted.

• This post addresses how deductions/exemptions affect taxes.

  If the taxpayer is trying to keep their income low in order to pay the least amount of taxes possible, claiming the most amounts of exemptions and deductions as the taxpayer can claim would be an optimal choice.

• Net Income for Tax Purposes and Taxable Income

  Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year.