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Compute the 2019 standard deduction for the following taxpayers. If an amount is zero, enter "0"....

Compute the 2019 standard deduction for the following taxpayers.

If an amount is zero, enter "0".

Click here to access the standard deduction table to use.

a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $
b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. $
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. $
d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. $

Solutions

Expert Solution

Here the computation is for the year 2019,

  1. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job.

Ans: from 2019, as a dependent minor , the maximum standard deduction for a child earning both earned(wages) and unearned(dividend) income plus $350 upto it comes comes to $12200.

Here Ellie has earned = $800+1400= $2200

So the total SD is $2200

  1. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000.

Ans: standard deduction for couple married and filling jointly ,as per 2019, is $24400. Also as both are above the age of 65, they can add up to $2600 into their standard deduction . so the total upper limit to their SD is (24400+2600)= $27000

Here as their taxable income is$10000, the complete amount will be deducted as standard deduction.

  1. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125.

Ans: for people above the age of 65 and single, they can add upto $1600. Here as Shonda is 68 and single, her limit is $12200+ 1600= $13800

Here she can claim her total income of $625 into deduction

  1. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.

Ans: As fraizer is filling separately, he is not affected by his wife’s deductions. He can claim upto $12200 as is standard deduction.

jeff jeffy answered 3 months ago
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