Pertaining to 2017 tax laws. Bob and Donna have been married for 35 years and have...

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Pertaining to 2017 tax laws. Bob and Donna havebeen married for 35 years and have filed joint returns since theirmarriage. The couple has three children: Jack (age 11), Bonnie (age16), and Margie (age 22). All three children live with Bob andDonna. In addition, none of the children provide more than half oftheir own support. Margie is a full-time student at a localuniversity and does not have any gross income.
Based on the situation above, answer the followingquestions:
a. How many personal exemptions can Bob and Donna claim?
b. Assume the original facts, except that Margie is married. Sheand her husband live with Bob and Donna and they file a jointreturn. They have a $2,000 tax liability for the year. Can Bob andDonna claim Margie as a dependent on their tax return? Why or whynot?
c. Assume the same facts in (b), except that Margie and herhusband report no tax liability on their joint return. Also, if thecouple had filed separately, Margie would not have had a taxliability on her return, but her husband would have had a $550 taxliability on his separate return. Can Bob and Donna claim Margie asa dependent on their tax return? Why or why not?
d. Assume the original facts except that Margie is married.Margie files a separate tax return. Margie’s husband files aseparate tax return and reports a $550 tax liability on the return.Can Bob and Donna claim Margie as a dependent? Why or why not?
Please Please Answer According to 2017 Tax Laws. Veryimportant. Thank you

Answer & Explanation Solved by verified expert

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Answer A As per IRS 2018 No Personal Exemption is available But items like Child Credits are still available Child Tax Credit2000 per qualifying child 2000 3Qualifying Child 6000 Jack Is a qualifying Child as under 19 and meet conditions Bonnie Is a qualifying Child as under 19 and meet conditions Margie even above 19 But Below 24 and a Student with no income To meet the qualifying child test the child must be younger than19 years old or A student younger than 24 years old as of the end of the calendar year Answer B No Bonb and Donna cannot claim Margie as a dependent on their tax return as she is married and filling a joint return and have a tax See Answer

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Pertaining to 2017 tax laws. Bob and Donna havebeen married for 35 years and have filed joint returns since theirmarriage. The couple has three children: Jack (age 11), Bonnie (age16), and Margie (age 22). All three children live with Bob andDonna. In addition, none of the children provide more than half oftheir own support. Margie is a full-time student at a localuniversity and does not have any gross income.Based on the situation above, answer the followingquestions:a. How many personal exemptions can Bob and Donna claim?b. Assume the original facts, except that Margie is married. Sheand her husband live with Bob and Donna and they file a jointreturn. They have a $2,000 tax liability for the year. Can Bob andDonna claim Margie as a dependent on their tax return? Why or whynot?c. Assume the same facts in (b), except that Margie and herhusband report no tax liability on their joint return. Also, if thecouple had filed separately, Margie would not have had a taxliability on her return, but her husband would have had a $550 taxliability on his separate return. Can Bob and Donna claim Margie asa dependent on their tax return? Why or why not?d. Assume the original facts except that Margie is married.Margie files a separate tax return. Margie’s husband files aseparate tax return and reports a $550 tax liability on the return.Can Bob and Donna claim Margie as a dependent? Why or why not?Please Please Answer According to 2017 Tax Laws. Veryimportant. Thank you