Comprehensive Test No. 11

1. If a child's interest, dividends and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate.

True

False

Publication 17; Pages 206 & 207

Explanation

Publication 17; Pages 206 & 207

About This Quiz

Publication 17; Chapters 30 & 31

2. What first name or nickname would you like us to use?

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2. If the parent does not or cannot choose to include the child's income on the parent's return, use Form 8615 to figure the child's tax.

True

False

Publication 17' Page 207

Explanation

Publication 17' Page 207

3. Check the true statements below that would require Form 8615 to be filed for a child for tax year 2014.

The child is required to file a return for 2014.

The child does not file a joint return for 2014.

The child's investment income was more than $2000.

At least one of the child's parents was alive at the end of 2014.

ALL OF THE ABOVE.

Publication 17; Page 207 & Figure 31-B on page 209

Explanation

Publication 17; Page 207 & Figure 31-B on page 209

4. If a child's interest and dividend income (including capital gain distributions) total $10,000 or less, and the child meets certain other conditions, the parent(s) may be able to choose to include that income on the parent's return rather than file a return for the child.

True

False

Publication 17; Pages 206 & 207

Explanation

Publication 17; Pages 206 & 207

5. Most taxpayers use either the tax table or the tax rate schedules to figure their tax. However, there are special methods of figuring your tax if your income includes certain items.

True

False

Publication 17; Page 203

Explanation

Publication 17; Page 203

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