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Federal Exemptions for Jane and Sid

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Jane O'Reilly is a staff accountant and earns $39,000 annually. She is married to Sid Metcalf, a full-time student at State University. Sid earned $1,200 from securities his grandmother had given him in 2007. Jane pays all of the expenses incurred by the family, including their six-year-old adopted daughter, Tari. The three individuals and two cats, Snowball and Frank, live in a downtown condo. How many dependency exemptions may be claimed for tax purposes? Explain.

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Solution Summary

This solution explains the number of exemptions that Jane can claim on her income tax return. IRS references are also included.

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The couple will claim three exemptions for income tax purposes.

1. Jane
2. Sid
3. Tari

Jane will file as the taxpayer because her income is higher and she provides the support for the family. ...

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