Asked by Scott Seeto on Jun 19, 2024
Verified
Severin,who is 20 years old and a full- time student,is claimed by his parent as a dependent.However,in 2017,he earned $5,350.What is the amount of the personal exemption that he can claim on his tax return?
A) $4,050.
B) $1,050.
C) $0.
D) $5,400.
Full-Time Student
A status for individuals enrolled in a higher educational institution with a full course load, impacting tax credits and dependency status for taxes.
Personal Exemption
A deduction allowed by the IRS for the taxpayer, the spouse, and eligible dependents, significantly reduced and effectively eliminated with the Tax Cuts and Jobs Act for tax years 2018 through 2025.
- Master the idea of personal and dependency exemptions, highlighting their amounts and the conditions for eligibility.
Verified Answer
TC
Tiffany CafarellaJun 23, 2024
Final Answer :
C
Explanation :
Since Severin is claimed as a dependent by his parents, he cannot claim a personal exemption on his tax return. Prior to tax year 2018, dependents were allowed to claim a personal exemption, but this is no longer the case.
Learning Objectives
- Master the idea of personal and dependency exemptions, highlighting their amounts and the conditions for eligibility.