Question
In: Accounting
1. Which of the statements regarding the standard deduction, if any, is correct? a. Some taxpayers...
1. Which of the statements regarding the standard deduction, if any, is correct?
a. Some taxpayers may qualify for two types of standard deductions.
b. The standard deduction is not available to taxpayers who are dependents.
c. The standard deduction may be taken as a for AGI deduction.
d. The basic standard deduction is indexed for inflation but the additional standard deduction is not.
e. None of these.
2. Which of the following statements relating to the standard deduction, if any, is correct?
a. If a taxpayer dies during the year, his or her standard deduction must be prorated.
b. If a taxpayer is claimed as a dependent of another, his or her additional standard deduction is allowed in full (i.e., no adjustment is necessary).
c. If spouses file separate returns, both must claim the standard deduction (rather than itemize their deductions from AGI).
d. If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.
e. None of these.
Solutions
Expert Solution
| 1. Which of the statements regarding the standard deduction, if any, is correct? | Explanation | |
| a. Some taxpayers may qualify for two types of standard deductions. | correct | a single taxpayer who is age 65 and blind would be entitled to a basic standard deduction and an additional standard deduction |
| b. The standard deduction is not available to taxpayers who are dependents. | incorrect | |
| c. The standard deduction may be taken as a for AGI deduction. | incorrect | The standard deduction may be taken as a from AGI deduction. |
| d. The basic standard deduction is indexed for inflation but the additional standard deduction is not. | incorrect | |
| e. None of these. | incorrect | |
| 2. Which of the following statements relating to the standard deduction, if any, is correct? | ||
| a. If a taxpayer dies during the year, his or her standard deduction must be prorated. | incorrect | |
| b. If a taxpayer is claimed as a dependent of another, his or her additional standard deduction is allowed in full (i.e., no adjustment is necessary). | correct | |
| c. If spouses file separate returns, both must claim the standard deduction (rather than itemize their deductions from AGI). | incorrect | |
| d. If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed. | incorrect | If a taxpayer claimed as a dependent by another taxpayer, his standard deduction for 2019 is limited to the greater of: (1) $1,100, or (2) your earned income plus $350 but the total can't be more than the basic standard deduction for his filing status. |
| e. None of these. | ||
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