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Author Question: Adam attended college for much of 2016, during which time he was supported by his parents. Erin ... (Read 66 times)

natalie2426

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Question 1

When two or more people qualify to claim the same person as a dependent, a taxpayer who is entitled to the exemption through the qualified child rules has priority over a taxpayer who meets the requirements for other relatives.
◦ true
◦ false

Question 2

Adam attended college for much of 2016, during which time he was supported by his parents. Erin married Adam in December 2016. They live in a common law state. Adam graduated and will commence work in January 2017. Erin worked during 2016 and earned $20,000. Adam's only income was interest of $1,100. Adam's parents are in the 28% tax bracket. Thus, claiming Adam as a dependent would save them $1,134 ($4,050 × .28).
a. What is Erin and Adam's tax liability if they file a joint return?
b. What is Erin and Adam's total tax liability if they file separate returns and Adam's parents claim him as a dependent?


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Marked as best answer by natalie2426 on Sep 13, 2020

eliasc0401

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natalie2426

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Reply 2 on: Sep 13, 2020
:D TYSM


fatboyy09

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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