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Please read the description and answer the following questions! Thank you Bill and Linda are married and file a joint return for 2017. They have
Please read the description and answer the following questions! Thank you
Bill and Linda are married and file a joint return for 2017. They have a daughter, Bethany, age 21. Bethany is a full time student at Roane State Community College. Bethany has no income, lives with her parents, and they provided 100% of her support. The following information is available for the preparation of Bill & Linda's 2016 federal income tax return: Wages $54,000 Interest income $ 1,000 Bill won $2,000 from playing the Tennessee Lottery Linda received $20,000 as the beneficiary on her mother's life insurance policy. Their itemized deductions total $10,500 Answer or calculate the following: 1. Are Bill & Linda allowed to claim Bethany as a dependent on their tax return? Yes or No 2. What is the amount of their adjusted gross income (AGI)?
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