Question

Trey claims a dependency exemption for both of 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?

His AGI is $104,800.___ His AGI is $124,400.____ His AGI is $124,100, and his daughters are ages 10 and 12.____

Answer 1

In absence of specific information it is been assumed here that the question related to 2018 tax year. As per the recent TCJA, Child Tax credit limit has been raised to $ 2000 against previous $ 1000. The Child Tax Credit is available to be claimed for qualified children under age 17. Also the overall limit of AGI for full credit is also raised as follows

Tax Filing Status	Maximum AGI for Full Credit	AGI Where Credit Disappears
Single	$200,000	Over $240,000
Married filing jointly	$400,000	Over $440,000
Head of household	$200,000	Over $240,000
Married filing separately	$200,000	Over $240,000

Thus, Trey shall be able to claim deduction of

• $ 2000 in 1st condition for the 14 year old daughter
• $ 2000
• $ 4000 for both daughters

Please reach via comments if the Tax year is not 2018, I shall amend the answer accordingly