Do the following scenarios correctly describe income limitations on credits for the year tax 2020?

Scenario 1-

* Ahead of the household taxpayer has 3 qualifying dependents, ages 6, 9, and 19.

* Their MAGI is $115,000, and their tax liability is $21,774.50

Is the allowed Child Tax credit $6,000?

Scenario 2-

A Married Filing Jointly couple has 2 qualifying dependents, ages 6 and 8. The taxpayer has a W - 2, and the spouse has been a full-time volunteer with a local charity. They have childcare expenses of $4,500 for the year.

Can they take a child and dependent care credit?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Scenario 1 The allowed Child Tax Credit ... View the full answer