Max is 17 years old and is claimed as a dependent by his parents. Max earned...
Max is 17 years old and is claimed as a dependent by his parents. Max earned wages of $2,500 and had interest income of $1,000 during 2019. What is Max’s net unearned income (the portion of unearned income that is taxed at trust tax rate) for 2019? 1. $1,000. 2. $2,500. 3. $0. 4. $3,500
Homework Answers
Max's net unearned income (the portion of unearned income that is taxed at trust tax rate) for 2019 is $0.
Reason - Kiddie tax is applicable on a child of age below 19 years having unearned income of more than $2200 in year 2019. Since, Max unearned income for 2019 is only $1000, it will not be charged to kiddie tax.
Therefore, the correct answer is option 3rd, $0.
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Max is 17 years old and is claimed as a dependent by his
parents. Max earned...
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