1. If an individual can be claimed as a dependent on another person’s return, what reductions,...
1. If an individual can be claimed as a dependent on another person’s return, what reductions, if any, must be made to the amounts of his or her additional standard deductions for being age 65 or older or for being blind?
Homework Answers
Ans.) As per 2019, the standard deduction amount for an individual who may be claimed as a dependent by another person's return cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income cannot exceed the regular standard deduction amount.
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1. If an individual can be claimed as a dependent on another
person’s return, what reductions,...
The book is Federal Income Taxation 2020 On page 3-7 (Section 3-1b, Standard Deduction), the text...
The book is Federal Income Taxation 2020 On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On page 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited for 2019 to the greater of $1,100 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent...
On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard...
On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On page 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited for 2019 to the greater of $1,100 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent on another taxpayer’s return. 1. What are...
Federal income taxation 2019 edition On page 3-7 (Section 3-1b, Standard Deduction), the text notes that...
Federal income taxation 2019 edition On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On pages 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited for 2019 to the greater of $1,100 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent on another...
In 2020, David is age 78, is a widower, and is being claimed as a dependent...
In 2020, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following: (a) filing requirements, (b) the basic standard deduction, and (c) any additional standard deduction amounts. a. Indicate whether the following statements are "True" or "False" regarding David's own individual filing requirement. False • An individual who can be claimed as a dependent on another person's tax return must file a tax return if his...
Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During...
Henry, age 70 and single, is claimed as a dependent on his daughter's tax return. During 2017, he had interest income of $4,000 and $800 of earned income from consulting. Henry's taxable income is: a.$1,400. b.$1,300. c.$2,100. d.$0. e.None of these choices are correct. Feedback Incorrect. $4,000 gross income – greater of $1,050 or ($800 earned income + $350) – $1,550 (additional standard deduction for age 65 and older) = $1,300. Why is Henry's gross income only 4000? Why is...
1.Steven is a student and age 25. He is claimed as a dependent by his parents...
1.Steven is a student and age 25. He is claimed as a dependent by his parents on their tax return in 2019. Steven has interest income of $1,800 and no other income. What is Steven's taxable income? Group of answer choices 1,800 0 1,100 700 2. Rosemary received $1,000 graduation gift from her grandmother. This must be included in her gross taxable income. Group of answer choices True False 3.Sherry won a $500 cash prize from a drawing at the...
Please help. Sarah and Ted are married, have four dependent children, and file a joint return...
Please help.
Sarah and Ted are married, have four dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $94,000 and itemized deductions of $8,000, what is theirtaxable income for 2018? (Click the icon to view the standard deduction amounts) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus Taxable income STANDARD DEDUCTION Filing Status Married individuals filing joint returns...
In 2018 Zach is single with no dependents. He is not claimed as a dependent on another's return. ...
In 2018 Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is for salary and he does not have any FOR AGI deductions. What is his earned income credit zach is 29 years old and his AGI is $4000
Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
Has $54,000 AGI for the year Begin by calculating the temized deductions (Complete all niput fiel...
has $54,000 AGI for the year Begin by calculating the temized deductions (Complete all niput fields Enter a or it hore is no deduction for excess medical expenses) deductions What is the amount of Dan's taxable income? Minus: xcess Total itemized deductions Now compute Dan's taxable income Minus: Deductions from AGI Taxable income Choose from any list or enter any number in the input fields and then continue to the next question. STANDARD DEDUCTION Filing Status Married individuals filing joint...
In 2020, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following: (a) filing requirements, (b) the basic standard deduction, and (c) any additional standard deduction amounts. a. Indicate whether the following statements are "True" or "False" regarding David's own individual filing requirement. False • An individual who can be claimed as a dependent on another person's tax return must file a tax return if his...
Please help.
Sarah and Ted are married, have four dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $94,000 and itemized deductions of $8,000, what is theirtaxable income for 2018? (Click the icon to view the standard deduction amounts) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus Taxable income STANDARD DEDUCTION Filing Status Married individuals filing joint returns...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
has $54,000 AGI for the year Begin by calculating the temized deductions (Complete all niput fields Enter a or it hore is no deduction for excess medical expenses) deductions What is the amount of Dan's taxable income? Minus: xcess Total itemized deductions Now compute Dan's taxable income Minus: Deductions from AGI Taxable income Choose from any list or enter any number in the input fields and then continue to the next question. STANDARD DEDUCTION Filing Status Married individuals filing joint...
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