For each of the following situations (none of the taxpayers claim dependents), indicate whether the taxpayer(s) is
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For each of the following situations (none of the taxpayers claim dependents), indicate whether the taxpayer(s) is (are) required to file a tax return for 2020. Explain your answer.
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a. Helen is a single taxpayer with interest income in 2020 of $8,750. b. Joan is a single college student who is claimed as a dependent by her parents. She earned $1,550 from a part-time job and has $1,150 in interest income. c. Leslie, age 64, and Mark, age 66, are married and file a joint return. They received $17,800 in interest income from a savings account. d. Ray, age 60, and Jean, age 57, are married and file a joint tax return. Their only income is $14,700 in interest income. e. Harry, a 19-year-old single taxpayer, had net earnings from self-employment of $1,500.
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a No Income is less than the 12400 standard deduction b Yes Unearned income was ...View the full answer
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Related Book For
Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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