Question
3)Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as dependents. Her AGI for 2020 is $81,500.
3)Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as dependents. Her AGI for 2020 is $81,500. Denise's child tax credit for 2020 is:
a.$0
b.$4,000
c.$1,000
d.$3,000
e.$2,000
4)Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. By how much is their child tax credit reduced in 2020?
a.$0
b.$3,150
c.$850
d.$4,000
e.$1,150
5)In 2020, the child tax credit available to married taxpayers filing jointly is phased out, beginning at:
a.$200,000
b.$400,000
c.$406,750
d.$110,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started