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In 2020, Simon, age 12, has interest income of $5,220 on funds he inherited from his grandmother, and no earned income. He has no investment
In 2020, Simon, age 12, has interest income of $5,220 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made.
Click here to access the 2020 tax rate schedule. If required, round the tax computations to the nearest dollar.
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