Larry and Louise are both 49 years of age and file a joint return.They provide all of the support for their son,Dylan,who is 20 years old and is at home until he gets called into the army.His income at part-time jobs is $4,500.Their daughter,Phyllis,is a 23-year-old full-time student at State University.She lived at school 9 months and provided two thirds of her own support with a summer job.How many personal and dependency exemptions can Larry and Louise claim on their income tax return?

Question

Quizplus · Accepted Answer

Larry and Louise can claim two exemptions: one for themselves and one for their son, Dylan, as he is under 24, a full-time student, and they provide all his support. Phyllis cannot be claimed as a dependent because she provides more than half of her own support.

Larry and Louise Are Both 49 Years of Age and File