Question

In 2019, when determining the standard deduction for an individual who can be claimed as a...

In 2019, when determining the standard deduction for an individual who can be claimed as a dependent on another person tax return, earned income is defined as all the following except
A. wages
B. tips
C. interest
D. Fellowship grant the taxpayer must include in his or her gross income.

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Answer #1

QUESTION : EARNED INCOME FOR A DEPENDENT PERSON FOR THE PURPOSE OF STANDARD DEDUCTION?

Ans : [C] INTEREST

Standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of :

  • $1050 or
  • $ the individuals earned income plus $350 [ but not more than the regular standard deduction amount, generally $12,000 ]

earned income includes :

  • salaries
  • tips
  • wages
  • professional fees
  • other amounts received as pay for the work you actually perform
  • taxable scholarship or fellowship grant.
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