[The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages...
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[The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8, a. His AGI is $105,400. Amount of child tax credit b. His AGI is $424,000. Amount of child tax credit c. His AGI is $430,800, and his daughters are ages 10 and 12. Amount of child tax credit EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a). [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8, a. His AGI is $105,400. Amount of child tax credit b. His AGI is $424,000. Amount of child tax credit c. His AGI is $430,800, and his daughters are ages 10 and 12. Amount of child tax credit EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a).
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Answer a Child Tax Credit 2000 Trey will not be able to claim child credit for his ... View the full answer
Related Book For
Essentials of Federal Taxation 2019
ISBN: 9781260190045
10th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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