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2 In 2021, Marley, age 70 and single, had income of $76,000 and exclusions of $1,000. Marley had adjustments/deductions for AGI of $1,000, and
2 In 2021, Marley, age 70 and single, had income of $76,000 and exclusions of $1,000. Marley had adjustments/deductions for AGI of $1,000, and his itemized deductions for the year totaled $14,500. Marley had a QBI deduction of $1,000. Marley is entitled to a tax credit of $2,000. Marley is deaf. What is Marley's taxable income? If Marley is blind, would Marley itemize his deductions or use the standard deduction? 3 Malik, age 17, is a dependent of his parents. In 2021, Malik earned wages of $5,000 and he had investment income of $2,500. What is Malik's standard deduction for 2021? What is Malik's 2021 taxable income assuming no exclusions, adjustments, QBI deduction or itemized deductions? If instead Malik had wages of $500 and $0 investment income, then what would Malik's standard deduction be for 2021? If instead Malik had wages of $13,000 and $100 investment income, then what would Malik's standard deduction be for 2021?
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