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Is barb a dependent and why

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Reference no: EM132730573

Jerry and Jess (under 60) have 3 children. They inherited money in January and retired. Here is their income.

Inherited Assets 2,000,000

Chase Interest Income 75,000

Municipal bond interest 40,000

Qualifying dividends 25,000

They have itemized deductions of $15,000. They provide over half of the support of all of their children who live with them and are:

Jeff 18 not a student making $10,000
Barb 20 not a student making $3,000
Stephanie 21 a full time student making $8,000

Use 2019 tax law

Question 1: Is Jeff a dependent? Why?

Question 2: Is Barb a dependent? Why?

Question 3: Is Stephanie a dependent? Why?

Question 4: Compute their adjusted gross income.

Question 5: Compute their taxable income.

Question 6: Compute their tax liability.

Question 7: Compute the tax liability for their children.

Reference no: EM132730573

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