G and S are married and file a joint return. They are both over 65 and...
G and S are married and file a joint return. They are both over 65 and G is legally blind. They use Standard Deduction. Their AGI is $30,000. What is their “taxable income” for 2015?
a. $6,900 b. $10,500 c. $5,650 d. 22,400 e. none of these choices
Homework Answers
| AGI | 30000 | |
| Less: Standard deduction | 16350 | =12600+(1250*3) |
| Less: Personal and dependency exemption | 8000 | =4000*2 |
| “Taxable income” for 2015 | 5650 | |
| Option C $5,650 is correct | ||
| Note: | ||
| G and S are eligible for additional standard deduction of $1250 as both are over 65 | ||
| G is further eligible for additional standard deduction of $1250 as blind | ||
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