In 2022, Alexander and Stacy are married and file their tax return jointly. They have three qualifying
Question:
In 2022, Alexander and Stacy are married and file their tax return jointly. They have three qualifying children ages 1, 4 and 5. Alexander earned salary of $34,000 and Stacy earned a salary of $2,000. In addition, Stacy received $5,000 as damages for personal injury she sustained. And Alexander received $1,000 income from his partnership. They contributed $12,000 to their IRA accounts. It’s has been a quite challenging and difficult year for the young family and they would like to know if there is anything they can expect in terms of a refund from tax return to help with expenses. How much (if any) refund related to the child tax credit will they receive in 2022?
Instructions: Round your answer to the nearest dollar, and do not include cents, commas or dollar sign. For example: if the answer is 10000 simply write 10000 (and NOT $10,000, $10,000.00 or 10000.00)
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill