All of the following Iowa residents qualify for the low-income exemption EXCEPT: Zoe (28), a single...

All of the following Iowa residents qualify for the low-income exemption EXCEPT:

Zoe (28), a single taxpayer, has net income from all sources of $9,900 and is not claimed as a dependent on her parents' return.

Julianna (18), a single taxpayer, has net income from all sources of $4,700 and is claimed as a dependent on her parents' return.

Jerry (45) and Ann (42), a married couple filing jointly, have net income from all sources of $13,000 and are not claimed as dependents on anyone else's return.

Luther (65), a single taxpayer, has net income from all sources of $21,000 and is not claimed as a dependent on anyone else's return.

Expert Solution

The correct answer is "Zoe (28), a single taxpayer, has net income from all sources of $9,900 and is not claimed as a dependent on her parents' return."

Reason:

If you are using single filing status, you need to meet either of the following 2 conditions to be eligible for low income exemption:

a) Net income from all sources is $9,000 or less and you are not claimed as dependent ($24,000 if 65 or older)

b) Net income from all sources is $5,000 or less and you are claimed as a dependent

If you are using any other following status, you need to meet the following condition to be eligible for low income exemption:

a) Net income from all sources is $13,500 or less and you are not claimed as dependent ($32,000 if 65 or older)

In the given question, Julianna meets the second condition and Luther meets the first condition and hence they are eligible for low income exemption. Jerry and Ann also meet the single condition for low income exemption.

However Zoe's net income is greater than $9,900 and hence she is not eligible for low income exemption.

ekkarill92 answered 2 years ago

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