Question

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.

Answer #1

Amount of child tax credit $ 0

Explanation :

He has one qualifying daughter,

For whom he will receive a $ 1,000 credit. AGI does not exceed $ 110,000:

So Trey's AGI exceeds $ 110,000 by $ 312,100. For each $ 1,000 that exceeds $ 110,000, $50 will be subtracted from the total credit. They's AGI exceeds $110,000 by $ 1,000 a total of 312 times $ (312100/$1000). Therefore we will reduce the total credit of $1,000 by $ 0($50*312).

Trey's amount of child tax credit is equal to $ 0.($ 1000-1000).

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.

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? 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?
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.

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? 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...

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...

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.____

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...

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