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What is the amount of Bil and Linda taxable income

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Reference no: EM132134623

Question - Bill and Linda are married and file a joint return for 2017.They have a daughter, Betty, age 21. Betty is a full time student at community college. Betty has no income, lives with her parents, and they providers 100% of her support

The following information is available for the preparation of Bill&Linda's 2016 federal income tax return:

Wages : $54,000

Interest income: $1,000

Bill won $2,000 from playing the TN lottery

Linda received $20,000 as the beneficiary on her mother's life Insurance policy.

Their itemized deductions total $10,500

Answer the following:

1. Are Bill&Linda allowed to claim Betty as a dependent on their tax return? Yes or no

2. What is the amount of their adjusted gross income (AGI)

3. Should they take the standard deduction or itemized deductions and explain why?

4. What is the amount that you should report for personal exemptions on Bill&Linda's tax return?

5. What is the amount of Bill&Linda's taxable income?

Reference no: EM132134623

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