Buddy and Hazel Are Ages 72 and 71 and File

question 127

True/False

Buddy and Hazel are ages 72 and 71 and file a joint return.If they have itemized deductions of $14,600 for 2015,they should not claim the standard deduction.

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Definitions:

Rule of 70

A method used to estimate the number of years required for a quantity to double, given its annual growth rate, by dividing 70 by that growth rate.

Growing Economy

Describes an economy that is experiencing an increase in goods and services produced over time, indicative of economic development and expansion.

Interest Rate

The cost of borrowing money or the return on savings, expressed as a percentage of the amount borrowed or saved.

Interest Rate

The percentage of a loan amount charged by the lender to the borrower for the use of money, typically expressed as an annual rate.