Question

Toby kirkland’s parents claim him as a dependent on their tax return. Toby had earned income in the amount of $2,897. What is toby’s standard deduction?

Answer 1

When we use the IRS rule which states the standard deduction amount should be greater than $900 or the income earned by the taxpayer  for the year in addition with $300 (should not be exceeding the regular standard deduction). Income earned by Toby is $2,897, then add

$300 into it.

The correct standard deduction amount would then be $3,197 ($2,897 +300)=$3197.

Standard deduction is the deduction given by the income tax authorities  to the tax payer.

Internal revenue bulletin is the instrument used by the IRS for announcing all the rules.

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