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6 May, 14:26

During 2019, Montoya (age 15) received $2,350 from a corporate bond. He also received $750 from a savings account established for him by his parents. Montoya lives with his parents and he is their dependent. What is Montoya's taxable income?

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  1. 6 May, 15:22
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    Montoya's taxable income = $2050

    Explanation:

    given data

    received corporate bond = $2,350

    received savings account = $750

    to find out

    Montoya's taxable income

    solution

    first we get here interest income that is

    interest income = received corporate bond + received corporate bond

    interest income = $2350 + $750

    interest income = $3100

    and we know that here standard deduction for dependent person tax return is = $1050

    so here Montoya's taxable income will be

    Montoya's taxable income = $3100 - $1050

    Montoya's taxable income = $2050
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Home » Business » During 2019, Montoya (age 15) received $2,350 from a corporate bond. He also received $750 from a savings account established for him by his parents. Montoya lives with his parents and he is their dependent. What is Montoya's taxable income?
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