Question

QUESTION 26 Art, apo 21, a full some student at Westem College, chamed as a dependent by his parents. During 2019, he earned $1,600 from a summer job and $1,100 in interest from a savings account Art's taxable income for 2019 is: # $700 $1,100 o $100 d $2,700 None of the above QUESTION 27 Which of the blowing is an iomized deduction? Othey decentes inunda The deduction for capital losses Alimony paid to the taxpayer's ex-spouse Individual arment Account contribution Nore of the above is n ot edin QUESTION 20 Ed and Belly both age 62, filed a nd return for this year They provided the support for their son who is age 19 and had no income Their daughter, age 21, and a full time student at a university, had $4,200 of income and provided 40% of her own support during this yes How many dependents should Ed and Betty claim on the pin income tax return this year?

Answer 1

Solution to question 1

The depended student is subject to a total taxable income of $ 2,700 (1,600 + 1,100) since there are no exceptions given to students who are citizen of america and on or above the age of 21 to be exempt from filing tax return showing their earned income from formal or informal employment. IRS also requires taxpayers to account for interest received on savings account as taxable income.

some exceptions or deductions which can be claimed by students are Tax benefits for higher education, such as loan interest deductions, credits and tuition programs, including these may help lower the tax liability for students.

In our case, both the income items are taxable. hence the answer is $2,700.

Since it has not been specified which question to answer out of all the question in the picture. the first question is answered based on the following answering guidelines of Expert Q&A.

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