Sebastian(age 46) and Kaitlin(age 45) are married and file a joint tax return.Their 2015 adjusted gross income is $390,000 and includes $2,600 in investment income ($2,000 in short-term capital gains and $600 of interest income) .They provided 100% of the support for their daughter,Olivia,age 26,who lives with them,and earned $4,700 from her part-time job.They also provided 100 percent of the support for Sebastian's mother,Emily,who is 67,blind,and lives in a nursing home.Emily received $4,000 in Social Security benefits and $450 of interest income.What is Sebastian and Kaitlin standard deduction on their 2015 tax return if they do not itemize?
A) $13,850
B) $12,600
C) $10,197
D) $1,329
Correct Answer:
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