Mr. and Mrs. Jones, both over age 65, elect joint return status. They must file a...

Mr. and Mrs. Jones, both over age 65, elect joint return status. They must file a return for 2019 if their combined gross income equals or exceeds

A. $1

B. $24,400

C. $25,700

D. $27,000

Expert Solution

Filing of return will depend upon the age, income and status of the income earners, however the income earned which is taxable plays an important role.

The person whose taxable income is positive even after the deductions either standard or itemized has to file the income tax return, that means if the income falls below the deductions then the filing of return is not mandatory.

In case of person filing married jointly return the standard deduction available in 2019 is $ 24400, but if the person along with his/ her spouse is above the age 65 then they enjoy an additional $ 1300 of standard deduction each person thus making $ 2600 jointly.

Thus the combined standard deduction available if the person married filing jointly and above 65 age = $ 27,000.

Thus in the given. Case if income exceeds $ 27000 the. Return filing is mandatory. Mr. and Mrs. Jones, both over age 65, elect joint return status. They must file a return for 2019 if their combined gross income equals or exceeds $ 27,000

Thus the correct Option is---------D i.e $ 27,000

ekkarill92 answered 1 year ago

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Mr. and Mrs. Jones, both over age 65, elect joint return status. They must file a...

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