Question: Rose, a single parent, has two children ages 10 and 13. She earned $26,000 in 2019, and her investments earned $2,000 interest income Taxable income
Rose, a single parent, has two children ages 10 and 13. She earned $26,000 in 2019, and her investments earned $2,000 interest income Taxable income on her 2019 return was $20,000. After applying her withholding, Rose's tax due was $800. Using the following Earned Income Credit information, determine Rose's balance due/overpayment for 2019: Credit figured using $28,000 adjusted gross income = $3,939 Credit figured using $26,000 earned income = $4,360 Credit figured using $20,000 taxable income = $5,624 A. $4,824 overpayment (refund). . $3,560 overpayment (refund). OC. $3,139 overpayment (refund). D. $0, carryover $3,939 credit to next year. o
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
