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Tax on Unearned Income of a Minor Child (LO. 5) Determine the taxable income of each of the following dependents for 2020. If an amount
Tax on Unearned Income of a Minor Child (LO. 5) Determine the taxable income of each of the following dependents for 2020. If an amount is zero, enter "0". a. Louis is 12 and receives $1,115 in interest income. b. Jackson is 16. He earns $2,025 from his newspaper route and receives $580 in dividends on GCM stock. C. Loretta is 18 and a full time student. She earns $5,130 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $415. During the year, the bond pays $30 in interest. III III d. Eva is 15. Her income consists of municipal bond interest of $755, qualified dividend income of $1,205, and interest credited to her savings account of $770. e. Elaine is a college student. Her only income consists of $3,075 from her part-time job delivering pizzas. Her itemized deductions total $240. f. Greg is 2. He has certificates of deposit given to him by his grandparents that pay $2,450 in interest. $
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