What is Camille’s taxable income?

May 2021 2 129 Report

What is Camille’s taxable income?

Camille Sikorski was divorced last year. She currently owns and provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camille’s home for the entire year and Camille paid for all the costs of the maintaining the home. She received a salary of $149,000 and contributed $6,150 of it to a qualified retirement account. She also received $10,100 of alimony from her former husband. Finally, Camille paid $7,300 of expenditures that qualified as itemized deductions.

a. What is Camille’s taxable income?

b. What would Camille’s taxable income be if she incurred $24,000 of itemized deductions instead of $7,300?

c. . Assume the original facts except that Camille’s daughter Kaly is 25 years old and a full-time student. Kaly’s gross income for the year was $8,350. Kaly provided $5,010 of her own support and Camille provided $8,350 of support. What is Camille’s taxable income?

Business & Finance / Taxes / United States

Bobbie

Verified answer

Go to the www.irs.gov website and use the search box for the 1040 tax form and the instructions and also for the Publication 17 for your use in preparing the 1040 income tax return line by line for this purpose and time in your life Good luck to you.

Then you should have all of your answers that you need for this purpose and time in your life. Good luck to you.

Instructions for Form 1040

http://www.irs.gov/pub/irs-pdf/i1040.pdf

Form 1040, U. S. Individual Income Tax Return

http://www.irs.gov/pub/irs-pdf/f1040.pdf

Publication 17 (2011), Your Federal Income Tax For Individuals

For use in preparing 2011 Returns

http://www.irs.gov/publications/p17/index.html

The child must be (a) under age 19 at the end of the year and younger than you (or your spouse, if filing jointly), (b) under age 24 at the end of the year, a full-time student, and younger than you (or your spouse, if filing jointly), or (c) any age if permanently and totally disabled.

The person's gross income for the year must be less than $3,700.

http://www.irs.gov/publications/p17/ch03.html#en_U...

Table 3-1. Overview of the Rules for Claiming an Exemption for a Dependent

Good luck to you.

Hope that you find the above enclosed information useful. 09/28/2012