Question

Calculate the total child and other dependent credit for the following taxpayers. Round any division "up"...

Calculate the total child and other dependent credit for the following taxpayers.

Round any division "up" to the nearest whole number.

b. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children:
$

c. James and Apple have AGI of $417,100, file jointly, and claim three dependent children (ages 7, 10, and 19):
$

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Answer #1

b) Since Jerry & Ann have preschool children not over the age of 17 they can claim an amount of $2000 per child ($4000) to be deducted from their AGI.

c) James and Apple can deduct $4000 from their AGI for the 2 children aged 7 & 10. For the other child the deduction is reduced by 5% of AGI over $400000 (Married couples) which brings the amount to $855 (($417100-$400000)*5%). The total deduction for the 3rd child is $2000-$855 = $1145

Total deduction is $4000+1145 = $5145.

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