with Terri
Frequently Asked Questions
Yes you may claim your child under 18 who is your dependent and lived with you at least 7 months was a student and work during the year. They may also be able to file a tax return to get what they paid in taxes returned to them. It is best to have them claim single and zero when working so they don’t end up owing taxes due to you claiming them. If they file a return they need to answer yes to the question is someone claiming you so you both do not end up with a tax nightmare but a happy ending.
Yes if they are your dependent meaning they live with you at least 7 months out of the year and we’re in college at least 5 months. You supported them over 50% of their total support.
| Filing Status | Taxpayer age at the end of 2022 | A taxpayer must file a return if their gross income was at least: |
|---|---|---|
| single | under 65 | $12,950 |
| 65 or older | $14,700 | |
| head of household | under 65 | $19,400 |
| 65 or older | $21,150 | |
| married filing jointly | under 65 (both spouses) | $25,900 |
| 65 or older (one spouse) | $27,300 | |
| 65 or older (both spouses) | $28,700 | |
| married filing separately | any age | $5 |
| qualifying surviving spouse | under 65 | $25,900 |
| 65 or older | $27,300 |
Self-employment status. Self-employed individuals are required to file an annual return and pay estimated tax quarterly if they had net earnings from self-employment of $400 or more.
Status as a dependent. A person who is claimed as a dependent may still have to file a return. It depends on their gross income, including:
- Earned income. This includes salaries, wages, tips, professional fees and other amounts received as pay for work actually performed.
- Unearned income. This is investment-type income and includes interest, dividends and capital gains, rents, royalties, etc. Distributions of interest, dividends, capital gains and other unearned income from a trust are also unearned income to a beneficiary of the trust.
A parent or guardian must file a tax return for dependents who are required to file but aren’t able to file for themselves.
- Single – not married at the end of tax year, legally separated at the end of the year or divorced.
- Married filing jointly – filing together if you’re legally married, you do not have to be living together it is your choice to file together if you prefer.
- Married filing separately – if you are not legally separated or do not maintain a separate residence with a qualified dependent. You can be married and living together to use this filing status if you prefer but it is not usually very advantageous.
- Head of household – you’re not legally married or you have maintained a household paid more than half the household expenses for the year with your qualifying dependent.
- Qualified widow or widower – this is a filing status that allows the surviving spouse to use the married filing jointly tax rates on their return. Must remain unmarried for at least two years following the year of The spouse’s death to qualify and have a qualifying dependent.
Yes in 2019 or later forms 1040 and 1040-SR also for 2021 1040NR. Previous to 2019 you could not electronically file a 1040X.
Tax credits, child tax credit, daycare credit, college credits, etc. Save for retirement with 401k, 403b, etc contribute to HSA, college saving plans, charitable contributions, investment losses, business losses and rental losses as well as some gambling losses equal to the amount of winning only.
A tax deduction reduces your taxable income and your tax rate. A tax credit reduces your tax giving you a bigger refund. These credits may be used even without a tax liability.
There was some changes in the things that you can itemize and the standard deduction has been raised. Best answer is if your standard deduction is higher than your medical bills that are deductible remember there’s an income threshold here, mortgage interest in taxes has a cap on it also, gambling losses only deductible to what you win. As well as a few others that are deductible you will take the higher amount. With all of the changes a lot of the time the standard deduction is a higher deduction. You can add your deductions and most software will pick up which is best for you.
My prices are reasonable and I am available to you year-round if things change or you get an IRS letter. I will stand by you 100%. I will answer all of your questions regarding your taxes and your family’s tax questions helping be sure all is file correctly. I can help you with other documents you may not understand. I will be adding new Services as I’m able. We can do it all online or in office or drop off. I am only a call or text away. I’m waiting to meet you and help you reach your financial goals, I can help with most all state tax returns except New York.
I have 26 years experience, I will take my time to understand your unique situation and help you understand your tax return with total satisfaction before we file it.