Ed's parents can claim him as a dependent on their tax return. In 2015, his only source of income was $1,050 of interest income received from Global Bank. What is Ed's standard deduction?
A) $1,050.
B) $1,000.
C) $4,000.
D)$350.

Question

Quizplus · Accepted Answer

For a dependent, the standard deduction is the greater of $1,050 or earned income plus $350, up to the standard deduction for a single taxpayer. Since Ed's only income is unearned interest income, his standard deduction is $1,050.

Ed's Parents Can Claim Him as a Dependent on Their