Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3066 Jason, 39 and single, helps support his mother Maria, his son Jeff, his father Rod, his brother Mark and his girlfriend Layla (not

image text in transcribed

3066 Jason, 39 and single, helps support his mother Maria, his son Jeff, his father Rod, his brother Mark and his girlfriend Layla (not Jeff's mother), all of whom are US citizens and none of whom file a joint tax return. Maria, Jeff, Rod, Mark and Layla cannot be claimed as dependents of anyone else (other than potentially Jason), and none of them are disabled. Jason has gross income of over $100,000 in 2021. Maria (Jason's mother), single, did not live with Jason at all in 2021. She lived in her own home across the street from Jason. Jason provided 80% of Maria's support in 2021, and Maria's only income was municipal bond interest of $5,000. Jeff (Jason's son), 21, single, lived with Jason for all of 2021. Jeff was not a student. Jeff worked part-time and earned wages of $4,000. Jason provided 25% of Jeff's support in 2021, and Jeff's girlfriend provided 60% of Jeff's support. Jeff provided 15% of his own support. Rod (Jason's father), single, lived with Jason, Rod and Maria divorced over 10 years ago. Jason provided 60% of Rod's support in 2021, and Rod provided 40% of his own support in 2021. Rod had gross income of $5,000. Mark (Jason's younger brother) is 17. single and lived with Jason for all of 2021. Mark had gross income of $15,000 in 2021, most of which Mark put into savings. Jason provided 20% of Mark's support. Mark's God mother (unrelated) provided 55% of Mark's support, and Mark provided 25% of his own support. Layla (Jason's girlfriend), 40, single, lived with Jason for all of 2021. Layla had no income in 2021. and Jason provided all of her support. Which individuals are qualifying children of Jason? Which individuals are qualifying relatives of Jason? Which individuals are not dependents of Jason? Mark (age 55 in 2021) and his late wife, Mary, were married in 1990. Mark and Mary have a son, Matt, who was born in 2018. Mary passed away on October 4, 2021. Mark has not remarried. Mark maintained a household for Matt, his dependent (qualifying child), for all of 2021-2024 What allowable filing status(es) could Mark use in 2021? What allowable filing status(es) could Mark use in 2022? What allowable filing status(es) could Mark use in 2024? How would your answers change if Mark did not have a dependent child?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting Financial Statement Analysis and Valuation

Authors: Clyde P. Stickney

6th edition

324302959, 978-0324302967, 324302967, 978-0324302950

More Books

Students also viewed these Accounting questions

Question

=+d) What components would you now say are in this series?

Answered: 1 week ago

Question

What do you mean by dual mode operation?

Answered: 1 week ago

Question

Explain the difference between `==` and `===` in JavaScript.

Answered: 1 week ago