Question: Ms JR has been very ill since the beginning of
Ms. JR has been very ill since the beginning of the year and unable to attend to any financial matters. Her CPA advised that she request an automatic extension of time to file her prior year Form 1040. Ms. JR likes this idea because she believes the balance of tax due with the return will be at least $20,000, and she wants to avoid paying this tax for as long as possible. By requesting the extension, how long can Ms. JR delay paying the $20,000 to the Treasury?
Answer to relevant QuestionsExplain why AGI is considered a better measure of individual disposable income than taxable income. Mr. and Mrs. S have the following income items: Mr. S’s Schedule C net profit ……………. $91,320 Mrs. S’s Schedule C net loss …………….. (7,480) Mrs. S’s taxable pension …………………. ...Ms. B, an unmarried individual, has $196,400 taxable income. Compute her income tax in each of the following cases: a. Ms. B is a single taxpayer. b. Ms. B is a head of household. c. Ms. B is a surviving spouse. Callie is the 11-year-old daughter and dependent of Mr. and Mrs. Santo. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond portfolio that Callie inherited ...Jaclyn Biggs, who files as a head of household, never paid AMT before 2015. In 2015, her $197,900 taxable income included $178,000 ordinary income and a $19,900 capital gain taxed at 15 percent. Her 2015 AMTI in excess of ...
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