a. Who is liable for additional taxes on a joint return? A. ...
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a Who is liable for additional taxes on a joint return? A Both spouses are liable for additional taxes on a joint return without any exception. B Both spouses are liable for additional taxes on a joint return. An exception exists in the year of a divorce. The taxpayer with the higher income is responsible for additional taxes on a joint return. C Both spouses are liable for additional taxes on a joint return. An exception exists for a socalled innocent spouse. Your answer is correct.D The taxpayer with the higher income is responsible for additional taxes on a joint return. Part b Why is this so important? A The taxpayer liable will lose his or her personal exemption for the current year. B In the event of underpayment of taxes on a joint return, the IRS can collect the unpaid taxes from either spouse. C The taxpayer liable will lose his or her standard deduction for the current year. D The taxpayer liable will have to make the quarterly estimated tax payments for the following year.
a Who is liable for additional taxes on a joint return?
A
Both spouses are liable for additional taxes on a joint return without any exception.
B
Both spouses are liable for additional taxes on a joint return. An exception exists in the year of a divorce. The taxpayer with the higher income is responsible for additional taxes on a joint return.
C
Both spouses are liable for additional taxes on a joint return. An exception exists for a socalled innocent spouse.
Your answer is correct.D
The taxpayer with the higher income is responsible for additional taxes on a joint return.
Part
b Why is this so important?
A
The taxpayer liable will lose his or her personal exemption for the current year.
B
In the event of underpayment of taxes on a joint return, the IRS can collect the unpaid taxes from either spouse.
C
The taxpayer liable will lose his or her standard deduction for the current year.
D
The taxpayer liable will have to make the quarterly estimated tax payments for the following year.
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