Question

Required information Skip to question [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.

b. His AGI is $424,200.

Amount of child tax credit:

**c.** His AGI is $428,200, and his daughters are
ages 10 and 12.

Amount of child tax tax credit:

Answer #1

b. Here one of the age of daughter is 17, but Child tax credit cannot be claimed when the daughter age is above 17. So Child tax credit can be claimed for the daughter who is 14 year old. The Child tax credit is $2000 per qualifying child

The phaseout of credit begins for joint filiers is $400000. Here AGI is $424200. Excess is $24200. According to the rule of Modified Adjusted Gross Income (MAGI), there will be reduction of $50 for every $1000 of excess income above threshold. So the

phase out = (24200/1000)*50

= $1210

**Child tax credit is $2000 - 1210 = $790**

**c. It is as similar as above. Since the age if 2
children is below 17 the Child tax credit can be claimed at maximum
is $ 4000 (2000*2 children )**

Amount exceeding Threshold is $428200 - $400000

= $28200

Phase out = (28200/1000)*50

= $1410

Here child tax credit limit is $4000

Child tax credit is 4000-1410

**Child tax credit = $2590**

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 $420,000.
b. His AGI is $420,100, and his daughters are
ages 10 and 12.

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.
Problem 8-70 Part-b b. His AGI is $420,000.

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.
EXHIBIT 8-8 Child Tax Credit Phase-Out
Threshold
Filing Status
Phase-Out Threshold
Married filing jointly
$400,000
Married filing separately
200,000
Head of household and single
200,000
b. His AGI is $420,000.
c. His AGI is $420,100, and...

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? His AGI is
$422,100.

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?
His AGI is $420,100, and his daughters are ages 10 and 12.

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?
b. His AGI is $420,500.

A.Trey has two dependents, his two 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 if his
AGI is $419,000.
B.Trey has two dependents, his two daughters, ages 10 and 12, 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 if his
AGI is $420,000.

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?
a. His AGI is $107,600.
b. His AGI is $426,900.
c. His AGI is $429,800, and his daughters are
ages 10 and 12.

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.____

13-Trey has two dependents, his two 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 if his
AGI is $418,000.
16-Julie paid a day care center to watch her two-year old son
this year while she worked as a computer programmer for a local
start-up company. Julie paid $3,800 to the day care center and her
AGI is $25,000 (all...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 5 minutes ago

asked 6 minutes ago

asked 7 minutes ago

asked 18 minutes ago

asked 25 minutes ago

asked 32 minutes ago

asked 36 minutes ago

asked 43 minutes ago

asked 57 minutes ago

asked 59 minutes ago

asked 1 hour ago

asked 1 hour ago