Lamar, age 16, received a Form 1099-B for stocks he sold in the portfolio that his...

 

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Lamar, age 16, received a Form 1099-B for stocks he sold in the portfolio that his grandmother started for him. The Form 1099-B shows sales proceeds of $3,500 with a basis of $2,000. He also had a part-time job after school and earned $3,500 in wages. Lamar is claimed as a dependent on his mother's return. What will Lamar's standard deduction be? Choose one answer. a. $12,200 b. $1,100 c. $6,350 d. $3,850 Lamar, age 16, received a Form 1099-B for stocks he sold in the portfolio that his grandmother started for him. The Form 1099-B shows sales proceeds of $3,500 with a basis of $2,000. He also had a part-time job after school and earned $3,500 in wages. Lamar is claimed as a dependent on his mother's return. What will Lamar's standard deduction be? Choose one answer. a. $12,200 b. $1,100 c. $6,350 d. $3,850

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This is the case of a minor claimed as a dependent and for th... View the full answer