Lewis and Sacagewa Clark are married and both have Master's Degrees. The Clarks have three children: Lizette, Louisiana, and Jefferson. Lizette and Louisiana are 10 and 14 respectively. Lizette and Louisana are in a private school where the tuition is $5,000 a year per student. The Clarks also pay $1,000 per year per child for after-school care. Jefferson is 19 and is in his second year at the University of South Carolina on a partial football scholarship. The Clarks paid the remaining portion of Jefferson's tuition not covered by the scholarship, which was $3,000. They also paid for Jefferson's room and board, which was $7,500. Compute the Clark's net child tax credit if the Clark's earned a salary of $200,000 as tour guides, had an AGI (and modified AGI) of $145,000, and had taxable income of $95,000.

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The Child Tax Credit is subject to income phaseouts for taxpayers The phaseout begi... View the full answer