Ed's parents can claim him as a dependent on their tax return.In 2017,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)$4,050.
D)$350.

Question

Quizplus · Accepted Answer

Ed's standard deduction as a dependent for the tax year in question is his earned income plus $350, but not less than $1,050 and not more than the standard deduction for an individual. Since his only income was $1,050 of interest income (which is unearned income), his standard deduction is $1,050.

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