Question

Trey claims a dependency exemption for both of his daughters, ages 14 and 17, at year-end....

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.____

Homework Answers

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

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