Ed's parents can claim him as a dependent on their tax return.In 2014,his only source of income was $1,050 of interest income received from Global Bank.What is Ed's standard deduction?
A) $1,000.
B) $1,050.
C) $3,900.
D) $350.

Question

Quizplus · Accepted Answer

Ed's standard deduction is the greater of $1,000 or his earned income plus $350, up to a maximum of $6,300. However, since Ed's earned income is only $1,050 (which is less than the standard deduction), his standard deduction will be $1,000.

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