Problem $1-23$

Qualifying Dependents $($LO $1\mathrm{.}6)$

What is the total dollar amount of personal and dependency exemptions a married couple with two children $($ages $11$ and $17,$ both of which are qualified children$)$ and $$80,000$ of adjusted gross income would deduct in $2023?$

What is the total child and other dependent credit that could be claimed $($before any advance payments or limitations$)?$

Feedback

Check My Work

In December $2017,$ The Tax Cuts and Jobs Act or TCJA was signed into law. This is the most dramatic change to the tax code since $1986$ and thus affects the tax rules in important ways.