In 2020, Simon, age 12, has interest income of $7,980 from funds he inherited from his grandmother and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made.
a. Simon's net unearned income is $ ?
b. Simon's allocable parental tax is $ ?
c. Simon's total tax is $ ?
Answers: 3
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In 2020, Simon, age 12, has interest income of $7,980 from funds he inherited from his grandmother a...
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