Determine the amount of taxable income for the taxpayer for 2017. i. Meredith files as single...

Determine the amount of taxable income for the taxpayer for 2017.

i. Meredith files as single and for 2017 has AGI of 50,000. Her is age 78, is blind and has no dependents. For 2017, she has itemized deductions of $9,920. Determine Meredith’s taxable income for 2017.

ii. George, age 21, is a full-time student and is claimed by his parents as a dependent. During 2017, he received $825 interest income from a bank savings account and $3,895 from working. What is George’s taxable income for 2017?

iii. April ,age 78, and her husband, Matthew ,age 80, file a joint return. They furnish all of the support of Izzy (April’s 90 year old friend), who lives with them all year and they claim her as a dependent. For 2017, they received $7,000 of interest income on city bonds and interest income on corporate bonds of $58,250. They have itemized deductions of 16,980. What is their taxable income for 2017?

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ekkarill92 answered 2 years ago

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