Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Explore thousands of questions and answers from knowledgeable experts in various fields on our Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Consider a five-person family consisting of a father, mother, twin 16-year-old sons attending high school, and an 85-year- old grandfather. The grandfather receives Social Security but has no other sources of income. The father and mother provide the majority of the grandfather's financial support because of his expensive in-home medical care. In 2017, before the change in the tax laws, what is the approximate amount of money that the parents would be able to deduct from their adjusted gross income based on their personal exemptions

Sagot :

scouteo

The correct answer to this open question is the following.

Unfortunately, you forgot to attach the options for this question.

However, trying to help, we can say the following.

In 2017, before the change in the tax laws, the approximate amount of money that the parents would be able to deduct from their adjusted gross income based on their personal exemptions was $16,000.-

In the federal government taxation regulations periodically changes and adjust to consider new circumstances. That is why the IRS continually makes adjustments.

In December 2017, Congress passed the Jobs Act and Tax Cuts, modifying credits work and tax deductions of American families. Among the most important changes that started to be valid in 2018 was the removal of exemptions. That is why, before this removal of exemptions was valid, the head of the family could get personal exceptions for qualified family members such as the wife and children, or any other dependent.

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.