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Trevor Livingston is a 14 year old dependent high school student. Trevor earns $3,000 of income from bonds given to him by his grandparents. Trevor's applicable standard deduction for 2020 that may be
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Jun 21, 2022
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Trevor Livingston is a 14 year old dependent high school student. Trevor earns $3,000 of income from bonds given to him by his grandparents. Trevor's applicable standard deduction for 2020 that may be taken on his own return is ___________.
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James Sapam
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Answer:
$1100
Step-by-step explanation:
Filing Status for the Dependent
At any age, if you depend on another person's tax return and you file your own tax return, you will receive a standard deduction not exceeding 1,100 or $350 and your personal income
Income from bonds granted by grandparents is excluded here because grandparents are included in the relative definition.
so that the taxable income is zero.
The standard deduction should not exceed $ 1100 or $(0 + 350) = $350
So the standard deduction for 2020 is $ 1100
Anatoly Rr
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Jun 28, 2022
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Anatoly Rr
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