Question

Please answer all of the following questions thank you

1-Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $________.

2- Sarah's divorce was finalized on March 4, 2019. As ordered in the divorce decree, Sarah received $14,000 in alimony for the year. True or false

3- When itemizing deductions for tax year 2019, the 7.5% threshold for medical and dental expenses for taxpayers who have attained the age of 65 has expired, and all taxpayers are now subject to a 10% AGI threshold. TRUE OR FALSE

4- which of the following statements is true? A. The maximum nonrefundable amount of the child tax credit is $1,000 per qualifying child. B. The credit for other dependents is a refundable credit. C. The amount of the refundable additional child tax credit is limited to $2,000 per qualifying child. D. Children with an ITIN do not qualify for the child tax credit and the additional child tax credit.

5-Which of the following statements is true regarding the deduction for qualified business income (QBI)? A. The deduction changes the calculation of self-employment tax. B. Taxable income is reduced below zero by the deduction. C. The deduction is not limited by income or service trade or business. D. A sole proprietor may be able to deduct up to 20% of QBI.

9- which of the following is false

A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit.

Answer 1

Answer 1: They would get an additional standard deduction for $2600 since both are above 65 years of age over and above the standard deduction for $24800. Hence in total a standard deduction for $ 27400.

Answer 2: Incomplete question. Hence not answering.

Answer 3: FALSE: While the new threshold is increased from 7.5% to 10%, there was no age factor of 65 years before as stated otherwise. The 7.5% threshhold was not only applicable to person attaining 65 years but also to ones who have not yet attained 65 years age.

Answer 4: Option D would be the correct answer here. Since the child should have an SSN to be eligible for any sort of child tax credit.

Answer 5: Option D would be correct here as sole proprietor is eligible for qualifying business deduction with a limit of 20% of QBI

Answer 9: Option D is false here. Children with SSN only qualify for child tax credit.