Question 1
Sam and Diane may claim Timothy as a dependent. The reason for the latter is that tTimothy is Sam and Diane’s child, he is under 24 years and a full-time student, is citizen of the united states, has lived in the same residence with Sam and Diane for more than one year. Moreover, mainly his parents see to his basic needs.
Question 2
Jenny’s dividends are “qualified” dividends. The dividends meet the requirements to be taxed at the qualified dividend rate, which are; they were paid after December 31, 2002, Microsoft, which is United States Corporation, incorporated in the United States, paid them. In addition, she held the stock for a year, which is more than60 days of the 121-day period, paid them.
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Question 3
The name of the form that Joe should receive from Fidelity that will tell him how much of his distribution must be reported on his income tax return is 1099-R. The form is used to report retirement benefits distributions including pensions and taxes.
Question 4
Barbara cannot deduct the cost of the moving expenses on her income tax return. The expenses do not meet the standard moving expenses deductible. Barbara does not meet the requirements, which are; the time of moving should be closely related to a start of a new job, and the distance must be more than 50 miles away. Barbara lives only 20 miles away, and the job is not new since she has been working there.
Question 5
John does not earn too much income tax credit to be eligible for Medicaid. “earned income tax credit” is not considered to qualify an individual for Medicaid.
