Question

Use 2020 tax rules and rates: Andy, who is claimed as a dependent by his parents,...

Use 2020 tax rules and rates:

Andy, who is claimed as a dependent by his parents, received income of $13,100 from a trust fund and $1,500 from wages. Andy had $1,200 in itemized deductions directly connected with the production of unearned income. How much of Andy's taxable income, if any, is taxed at Andy's rate? How much, if any, of Andy's income is taxed at his parents tax rate?

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Answer #1

INCOME RECEIVED BY ANDY FROM HIS PARENTS: $ 13100

INCOME RECEIVED BY ANDY FROM WAGES: $ 1500

Filing Requirement Worksheet
for Dependent
1. Dependent's earned income plus $350 $ 1850
2. Minimum amount $ 1100
3. Compare lines 1 and 2. larger amount $ 1850
4. Maximum amount 12,200
5. Compare lines 3 and 4. Enter the smaller amount $ 1850

ANDY EARNED INCOME WHICH WILL BE TAXED AT ANDY'S RATE IS 13100+1500 I.E. $ 14600

ANDY EARNED INCOME WHICH WILL BE TAXED AT ANDY'S PARENTS RATE IS $ 1200

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