Ed's parents can claim him as a dependent on their tax return.In 2016,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)$350.
D)$4,050.

Question

Quizplus · Accepted Answer

For a dependent, the standard deduction is the greater of $1,050 or earned income plus $350, but not more than the regular standard deduction for a single filer. Since Ed's only income is $1,050 of interest, his standard deduction is $1,050.

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