Reagan and Grady Wade are married with three qualify-ing children under the age of 17. In 2018,

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Reagan and Grady Wade are married with three qualify-ing children under the age of 17. In 2018, Reagan and Grady had earned income of $50,000 and no adjustments. Line 7 of their 1040 reports AGI of $50,000. Reagan and Grady take the standard deduction for 2018 ($24,000) and as a result have taxable income of $26,000. The Wades tax liability before considering the child tax credit is $2,739. Assuming the Wades have no other tax credits, complete the 2018 Child Tax Credit and Credit for Other Dependents Worksheet, then complete the 2018 Schedule 8812 Additional Child Tax Credit.

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Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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