Robert and Barbara Johnson’s 17-year-old son, Mason, had $4,400 in interest income. What is the amount...
Robert and Barbara Johnson’s 17-year-old son, Mason, had $4,400 in interest income. What is the amount of tax Mason will owe on the interest income using Form 8615?
a) $1,056 b) $ 699 c) $1,311 d) $ 0
Homework Answers
Form 8615 must be filed for anyone who meets all of the following conditions.
a. You had more than $2,200 of unearned income.
b. You are required to file a tax return.
C. You were either:
D. Under age 18 at the end of 2019.
Unearned income included in the parents income
Tax on that unearned income
=$4400 ×24℅ = $1,056
Option A is correct.
Taxable income = $1056.
If any clarification please comment.
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