Personal Finance 1st Edition by Jack R. Kapoor

Exercise 33

Selecting Federal Tax Forms. Which 1040 form should each of the following individuals use? (Obj. 3)

a. A high school student with an after-school job and interest earnings of $480 from savings accounts.

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b. A college student who, due to ownership of property, is able to itemize deductions rather than take the standard deduction.

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c. A young, entry-level worker with no dependents and income only from salary.

Step 1 of 3

a. Form 1040A will be used by high school student as he will have less than $100,000 in taxable income