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Blake and Miranda are married and file joint. Blake is 66 years old and in good...

Blake and Miranda are married and file joint. Blake is 66 years old and in good health. Miranda is 64 years old. What amount of standard deduction can the couple claim in 2019? A. $25,700. B. $24,400. C. $27,000. D. $26,600. E. None of the choices are correct.

Derrick was in an automobile accident while he was going to work. The doctor advised him to stay home for eight months due to his physical injuries. The resulting lawsuit was settled and Derrick received these amounts:

Compensatory damages for physical injury

$80,000

Punitive damages

95,000

Lost wages

100,000

How much of the settlement must Derrick include in ordinary income on his tax return?

   A.  
$195,000

    B.  
$180,000

    C.  
$95,000

    D.  
$0

    E.  
$100,000

business   accounting   
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Homework Answers

Answer #1

A) Standard deduction allowed is $24,400 (option b)

B) Settlement to be included is $195,000 (option a)

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