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?

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

b. a single paragraph.

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