John and Carole file a joint return and have three children: Jack, David, and Kristen. All three

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John and Carole file a joint return and have three children:

Jack, David, and Kristen. All three children live at home the entire year. Below is information about each of the children for 2023:

• Jack (age 23): graduated from college last year and will start medical school next year. This year, Jack worked sparingly as he studied for the medical school entrance exam, but did earn \($5,000.\) John and Carole provided 80% of Jack’s support during the year.

• David (age 20): a full-time student at State U., earned \($6,400\) from a part-time job, and provided 40% of his own support.

• Kristen (age 15): a full-time student in high school, had no gross income, and provided none of her own support.

a. Based on the above facts, which of the children can be claimed as dependents by John and Carole this year?

b. How would your answer to Part a change if Jack began medical school in August of this year?

c. How would your answer to Part a change if Jack earned \($3,000\) rather than \($5,000\)

d. How would your answer to Part a change if David was a part-time student rather than a full-time student?

e. How would your answer to Part a change if David provided 60% of his own support rather than 40%?

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Pearsons Federal Taxation 2024 Individuals

ISBN: 9780138238100

37th Edition

Authors: Mitchell Franklin, Luke E. Richardson

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