Erin is 67, single and has an adjusted gross income of $14,300. She has no dependents and her itemized deductions are $6,000. What is her 2014 taxable income?

Question

Quizplus · Accepted Answer

Erin's taxable income is $14,300 - $6,000 = $8,300. The standard deduction for a single person in 2014 is $6,200, so Erin's taxable income is $8,300 - $6,200 = $2,100. However, the minimum tax on net investment income for a single person in 2014 is $2,600, so Erin's taxable income is $2,100 + $2,600 = $4,700.

Erin Is 67, Single and Has an Adjusted Gross Income