How to received the taxable interest


Thomas, age 8, received taxable interest of $1,850 and dividends of $2,550 during the year. He has no other income, and no itemized deductions. Thomas is a dependent of his parents, who have taxable income of $72,000. If Thomas' parents do not elect to report his income on their return, how much of Thomas' income will be taxed at his parents' tax rate 0-2500-3400-3900--4300?

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Accounting Basics: How to received the taxable interest
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