Jose is unmarried with no qualifying children. He has ($10,000) of 2023 wages and is otherwise eligible

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Jose is unmarried with no qualifying children. He has \($10,000\) of 2023 wages and is otherwise eligible for the earned income credit. Jose has \($200\) of interest income and no for AGI deductions.

a. What is Jose’s tentative earned income credit before phaseout?

b. What is Jose’s allowable earned income credit?

c. If Jose has no income tax liability (before the earned income credit is subtracted), is he entitled to a refund for the current year?

d. Would your answer to Part b change if Jose had dividend and interest income of \($11,500\) during the taxable year?

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Pearsons Federal Taxation 2024 Individuals

ISBN: 9780138238100

37th Edition

Authors: Mitchell Franklin, Luke E. Richardson

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