Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,705. They have made prepayments of $1,965 they receive

David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,705. They have made prepayments of $1,965 they receive a child tax credit of $2,000, and a recovery rebate credit of $2,900 (they did not receive this in advance).


What is the amount of their tax refund or taxes due?

DescriptionAmount
1Total Tax1705
2Child Tax Credit
3Prepayments
3Recovery Rebate Credit
Tax Refund


Need help filling in the rest of the table. I previously answered $2000 for child tax credit and $1965 for prepayments but they were marked incorrect.

Step by Step Solution

3.39 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

Answer Description Amount Total Tax ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Federal Taxation 2019

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

10th Edition

1260189988, 1260189678, 9781260189674, 978-1259917103, 125991710X, 978-1260190045

More Books

Students also viewed these Accounting questions