All categories

3 years ago

Why might you complete a 1040 instead of a 1040EZ

Business

2 answers:

Mekhanik [1.2K]3 years ago

7 0

A. you own a home other options are just qualifications. good luck

Dennis_Churaev [7]3 years ago

7 0

Option A is correct. You complete 1040 instead of a 1040EZ in case of own a home.

Further Explanation:

1040:

1040 is the form to fill by that person who is paying federal income tax. But the specific limitation has been put in use for this form. The individual fills this form only in case of having a taxable income of greater than $100,000 and owns a property. The individual completes this form for taking the deduction and reducing the tax liability.

1040EZ:

If the individual fills the form of 1040, then he is not eligible to complete the Form 1040EZ. The individual, company, or institutions can opt in only one form. The individual opts for the form according to his eligibility to fill that form. 1040EZ form can opt by those people who have income less than $100,000. The individual does not claim any deductions.

Justification for the correct and incorrect answer:

You own home: This option is correct.

The form 1040 is complete instead of 1040EZ form in case of own the property and home is considered as property.

You make less than $100,000: This option is incorrect.

Form 1040EZ is completed in the case of an individual have less than $100,000. So, this option is incorrect.

You do not claim any dependents: This option is correct.

Form 1040EZ is completed in case of individual does not claim any dependents. So, this option is incorrect.

None of the above: This option is incorrect.

Option A is correct; one of the Options is correct. So, this option cannot be valid.

Learn more:

1. Learn more about tax for selling property

brainly.com/question/2617534

2. Learn more about state income tax

brainly.com/question/2996312

3. Learn more about personal taxation

brainly.com/question/1762937

Answer details:

Grade: Middle School

Subject: Taxation

Chapter: Tax Form

Keywords: complete 1040, instead of 1040 EZ, own a home, less than $100,000, and standard deductions, claim any dependents, reducing the tax liability.

You might be interested in

Bob lives in Miami and runs a business that sells guitars. In an average year, he receives $793,000 from selling guitars. Of thi

Wewaii [24]

Answer and Explanation:

The identification of each transaction as an explicit cost or implicit cost is as follows

a. It is an explicit cost as the cost would be paid to the factors of production

b. It is also an explicit cost as the cost would be paid to the factors of production

c. It is an implicit cost as it is considered to be the hidden cost

d. It is also an implicit cost as it is considered to be the hidden cost

5 0

3 years ago

Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to atten

Damm [24]

Answer: $0

Explanation:

From the question, we are informed that Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to attend the University of Nevada and that Nicole is a sophomore and Naomi is a freshman.

We are further told that Nick and Katelyn's AGI is $202,000. Based on the above scenario, their allowable American opportunity tax credit will be $0. This is because when AGI is more than $180,000 for such taxpayers, the credit is being phased out.

5 0

3 years ago

Knowledge Check 03 On January 5, 2015, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The co

Finger [1]

Answer:

The journal entry is as follows:

Explanation:

January 5 Patent A/c..................Dr $100,000

To Cash A/c............Cr $100,000

As patent is purchased so asset is increasing and any increase in asset would be debited. Therefore, patent account is debited. And it is purchased against cash and decrease in asset is credited. Therefore, cash account is credited.

December 31 Amortization expense- Patent................Dr $5,000

To Accumulated Amortization- Patent........Cr $5,000

Working Note:

Patent Cost is $100,000

Useful life is 20 years

Amortization expense = Patent Cost / Useful life of asset

= $100,000 / 20

= $5,000

7 0

3 years ago

In most societies, resources are allocated by

Maksim231197 [3]

In most societies, resources are allocated by the combined action of millions of households and firms.
Resources are very important to setup and build societies. Resources are scare and this is the reason why societies and households faces many decisions. How societies manage scare resources, we study this in economics.

7 0

3 years ago

New items developed for automobiles in the 1997 model year included a safer air bag, which, unlike previous air bags, eliminated

Debora [2.8K]

Answer:

(E) inflated to make

Explanation:

There is a grammatical error, in the sentence as for the words:

inflated, and making the words inflated to make shall be replaced in order to correct the error.

As the event discussed is related to the past that is already it happened that the bag got inflated to make the passenger who is already terrified think, that the car is on fire.

There is a new innovation to correct the past event, where the inflation of bag is related to making the person terrified, and are not two separate transactions, that shall be reported in different phrases.

3 0

3 years ago