Lewis,who is single,is claimed as a dependent by his parents.He received $2,000 during the year in dividends,which was his only income.What is his standard deduction for 2019?

Question

Quizplus · Accepted Answer

As Lewis received $2,000 in dividends during the year, he does not qualify for the standard deduction of $12,200 for 2019. However, since he is claimed as a dependent by his parents, he can claim the standard deduction for dependents, which is limited to the greater of $1,100 or his earned income plus $350, up to a maximum of $12,200. As Lewis has no earned income, his standard deduction is limited to $1,100. Therefore, the correct answer is A) $1,100.

Lewis,who Is Single,is Claimed as a Dependent by His Parents