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Sam and Abby are dependents of their parents, and each has income of $8,490 for the year. Sam's standard deduction for the year is $1,050, while Abby is $8,840.

As their income is the same, what causes the difference in the amount of the standard deduction?
Sam's $8,940 is _____ income, and Abby's $8,490 is _____ income.

User Dejas
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1 Answer

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Final answer:

The difference in standard deductions between Sam and Abby is because Sam has unearned income and qualifies for a lower standard deduction as a dependent, while Abby has earned income and her standard deduction is the same as a single filer with income less than the deduction amount.

Step-by-step explanation:

When dealing with personal income taxation, the standard deduction is an amount that reduces taxable income. The size of a taxpayer's standard deduction can vary based on their specific financial circumstances. Sam and Abby have notable differences in their standard deductions because Sam appears to have a standard deduction as someone who can be claimed as a dependent by someone else, which is typically a lower amount, while Abby's standard deduction suggests she cannot be claimed as a dependent and is therefore eligible for the same standard deduction as a single filer whose income was less than the standard deduction amount. In general, Sam's lower deduction suggests his $8,490 is likely unearned income (from investments or similar sources) and Abby's higher deduction suggests her $8,490 is earned income from employment or self-employment.

User KBurchfiel
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