Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students

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Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly?
a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages.
b. Their AGI is $15,000, consisting of $10,000 of lottery winnings (unearned income) and $5,000 of wages.
c. Their AGI is $25,000, consisting of $20,000 of wages and $5,000 of lottery winnings (unearned income).
d. Their AGI is $25,000, consisting of $5,000 of wages and $20,000 of lottery winnings (unearned income).
e. Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned income).
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Taxation Of Individuals And Business Entities 2015

ISBN: 9780077862367

6th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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