Question

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 ___________.

Answer 1

$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