Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2014?

Question

Quizplus · Accepted Answer

A dependent's standard deduction for 2014 is the greater of either $1,000 or earned income plus $350, but limited to the regular standard deduction amount for the dependent's filing status. Since Jill's earned income is only $1,400, her standard deduction is $1,000. Option A is incorrect because $1,200 is the standard deduction amount for a single filer in 2014, which does not apply to Jill since she is a dependent. Option C is incorrect because $3,950 is the standard deduction amount for a single filer who is not claimed as a dependent in 2014. Option D is incorrect because $6,200 is the standard deduction amount for a taxpayer who is married filing jointly in 2014. Option E is incorrect because there is a correct answer.

Jill Is a 16-Year-Old Child Who Is Claimed as a Dependent