Question

In: Accounting

For the following taxpayers, determine if they are required to file a tax return in 2020....

For the following taxpayers, determine if they are required to file a tax return in 2020.

  1. Ricko, single taxpayer, with gross income of $15,000.

2. Fantasia, head of household, with gross income of $17,500.

3. Ken and Barbie, married taxpayers with no dependents, with gross income of $20,000.

4. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $25,500.

5. Janyce, single taxpayer, age 73, with gross income of $13,500.

Solutions

Expert Solution

1) Ricko - Single Taxpayer - Gross Income - $15,000

If you are single and under the age of 65, the minimum amount of annual gross income you can make that requires filing a tax return is $12,200. Since age is not given it is assumed that Ricko is under the age of 65.

His Income has exceeded $12,200, therefore Ricko has to file a tax return for 2020.

2) Fantasia - Head of Household - Gross Income - $17,500.

If you qualify for Head of household and under the age of 65, the minimum amount of annual gross income you can make that requires filing a tax return is $18,350. Since age is not given it is assumed that Fantasia is under the age of 65.

His Income has not exceeded $18,350, therefore Fantasia is not required to file a tax return for 2020.

3) Ken & Barbie - Married filing Jointly(MFJ) - Gross Income - $20,000.

If you are MFJ and both under the age of 65, the minimum amount of annual gross income you can make that requires filing a tax return is $24,400. Since age is not given it is assumed that both are under the age of 65.

Total Income has not exceeded $24,400, therefore Ken & Barbie are not required to file a tax return for 2020.

4)Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $25,500.

If you are MFJ and both are 65 or older, the minimum amount of annual gross income you can make that requires filing a tax return is $27,000.

Total Income has not exceeded $27,000, therefore Dorothy & Rudolf are not required to file a tax return for 2020.

5) Janyce - Single Taxpayer - Age 73- Gross Income - $13,500.

If you are single and 65 or older, the minimum amount of annual gross income you can make that requires filing a tax return is $13,850.

Her Income has not exceeded $13,850, therefore Janyce is not required to file a tax return for 2020.

ekkarill92 answered 6 months ago
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