Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blake, age 1 5 , 1 5 , is a dependent of his parents. During the year, he earned $ 2 , 1 5 0

Blake, age 15,15, is a dependent of his parents. During the year, he earned $2,1502,150 in interest from a savings account. He had no other income. Choose the response that correctly describes how this income should be reported if Blake does not file his own tax return.
 
 
a.).)The income is not taxable or reportable.
b.).)Blake should file Form 8615,8615, Tax for Certain Children Who Have Unearned Income.
c.).)Blake'" id="MathJax-Element-7-Frame" role="presentation" style="font-size: 121%; position: relative;" tabindex="0">''s parents should report the income on Form 8814,8814, Parents' Election to Report Child's Interest and Dividends.
d.).)Blake'" id="MathJax-Element-10-Frame" role="presentation" style="font-size: 121%; position: relative;" tabindex="0">''s parents should report the income as taxable interest directly on line 22b of their Form 1040.1040.

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

The detailed answer for the above quest... 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_2

Step: 3

blur-text-image_3

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

4 How do you see the future of integrative approaches to coaching?

Answered: 1 week ago

Question

What is quality of work life ?

Answered: 1 week ago

Question

What is meant by Career Planning and development ?

Answered: 1 week ago

Question

What are Fringe Benefits ? List out some.

Answered: 1 week ago