all answers must use 2020 tax information.

They claim otel 8. Child and Dependent Care Credit and Form 2441. (Objs. 2 and 4) Denise (SSN 182-90-0113) and Marcus Anders claim their wo children, David (SSN 392-40-7417, age 7) and Stacy carned $38.200. Marcus was a full-time student at the local college for 9 months during the (SSN 813-20-4444. age 11), as dependents. During the year. Denise worked full-time and year. The Anders paid Tanya McCully (SSN 921-44-0122) $5.500 for qualified childcare expenses that allowed Denise to work and Marcus to attend college. Tanya lives at 130 N. Main Street, Unit B, Memphis, TN 37501. 1. Compute the Anders's child and dependent care credit if their AGI is $38.710. ence between was a $1,000 deti 200 tax credit b. How, if at all, would your answer to Part a change if Marcus attended college full-time for five months during the spring semester, but only took classes part-time in the fall? Milner file aj c. Prepare Form 2441 for the Anders from Part b. The Anders's tax liability limit is $981. heir three child 1,000, respectie ictions for AG 2-42 Essentials of Federal Income Taxation (Use for Problem 8.) 2441 Child and Dependent Care Expenses 20 2441 SONG August 20, 2020 DENOTFILES Pa Crector Chendependent ca pe Aan Doorn 5.00 forong person 16.000 for two or more person you come to the mountain 4 Er your and income Section med finger your s'incore you or your het or was their heart the amount from Enortheast of 5 Enter the amount to form 104, 104-SR. 1046-NR. 11 . Entre out who below that let them out on the De But not De Over Over ver $2.000-31.000 1.000-17.000 0-13.000 20 17.00-18.00 13.00-15.000 25 18.000.000 32 3.000-2.00 24 20.00-21.000 31 37.000-30.000 23.000-2.000 30.000-4000 23.000 27.000 41.000.000 21 1000- 20 Mine by the decimal amount on in you paid 2019 expenses in 2020. so the Instruction 10 Tax ability im. Er the amount to the Credit Um Worst in the instruction 10 11 Credit for child and dependent care expenses. Enter the smaller of line or ine to her and on Schedule For 104. line 2 For Paperwork Reduction Act Noce, see your tum instruction 11 for 2441 14. Child Tax Credit. (Obj. 2) Compute the child tax credit for each of the following taxpayers a. Jay and Marie Stockton file a joint return and claim their three children, all under age 17, as dependents. The Stocktons' AGI is $121,400. b. DJ files as head of household. He claims his twin sons, age 4, as dependents. DJ's AGI is $80,340. c. Jenn files as head of household. She claims her 12-year-old daughter as a dependent. Jenn's AGI is $78,450. 18. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses to adopt a child that is a U.S. citizen. In 2020, they paid an additional $4,200 in qualified adoption expenses. The adoption was finalized in 2020. a. Compute the couples' adoption credit if their modified AGI in both years is $115,000. In what year(s) is the credit taken? b. How would your answer to Part a. change if the couples' modified AGI was $224,800 in both years? C. How would your answer to Part a. change if the couple adopted a child with special needs? d. How would your answer to Part a. change if the adoption fell through? za tretincope Condicions 2) For each of the following situations, compute the terpaper d. Same * Patry and Ron Barnett filc a joint return, claiming their two sons, ages 3 and 5,25 dependents. The Baretts' AGI is $14,400, which consists entirely of Ron's wages b. Joseph is a 25-year-old graduate student. His gross income consists of $5,000 of wages and $80 in interest from a savings account. Joseph files as single and claims no dependents 4. Darcy grand for be AGI c. Suzanne and Vernon Zimmerman file a joint return, claiming their six-year-old daughter as a dependent. The Zimmermans AGI consists of Vernon's $26,375 in wages , and $400 in dividend income 22. Premium comply each taxe & Sarah files as head of household. daiming her two-year-old son as a dependent. Sarah's AGI consists of $18,000 in wages and $3,620 in interest income. a. John thet plan size, $1.4 b. Sam They claim otel 8. Child and Dependent Care Credit and Form 2441. (Objs. 2 and 4) Denise (SSN 182-90-0113) and Marcus Anders claim their wo children, David (SSN 392-40-7417, age 7) and Stacy carned $38.200. Marcus was a full-time student at the local college for 9 months during the (SSN 813-20-4444. age 11), as dependents. During the year. Denise worked full-time and year. The Anders paid Tanya McCully (SSN 921-44-0122) $5.500 for qualified childcare expenses that allowed Denise to work and Marcus to attend college. Tanya lives at 130 N. Main Street, Unit B, Memphis, TN 37501. 1. Compute the Anders's child and dependent care credit if their AGI is $38.710. ence between was a $1,000 deti 200 tax credit b. How, if at all, would your answer to Part a change if Marcus attended college full-time for five months during the spring semester, but only took classes part-time in the fall? Milner file aj c. Prepare Form 2441 for the Anders from Part b. The Anders's tax liability limit is $981. heir three child 1,000, respectie ictions for AG 2-42 Essentials of Federal Income Taxation (Use for Problem 8.) 2441 Child and Dependent Care Expenses 20 2441 SONG August 20, 2020 DENOTFILES Pa Crector Chendependent ca pe Aan Doorn 5.00 forong person 16.000 for two or more person you come to the mountain 4 Er your and income Section med finger your s'incore you or your het or was their heart the amount from Enortheast of 5 Enter the amount to form 104, 104-SR. 1046-NR. 11 . Entre out who below that let them out on the De But not De Over Over ver $2.000-31.000 1.000-17.000 0-13.000 20 17.00-18.00 13.00-15.000 25 18.000.000 32 3.000-2.00 24 20.00-21.000 31 37.000-30.000 23.000-2.000 30.000-4000 23.000 27.000 41.000.000 21 1000- 20 Mine by the decimal amount on in you paid 2019 expenses in 2020. so the Instruction 10 Tax ability im. Er the amount to the Credit Um Worst in the instruction 10 11 Credit for child and dependent care expenses. Enter the smaller of line or ine to her and on Schedule For 104. line 2 For Paperwork Reduction Act Noce, see your tum instruction 11 for 2441 14. Child Tax Credit. (Obj. 2) Compute the child tax credit for each of the following taxpayers a. Jay and Marie Stockton file a joint return and claim their three children, all under age 17, as dependents. The Stocktons' AGI is $121,400. b. DJ files as head of household. He claims his twin sons, age 4, as dependents. DJ's AGI is $80,340. c. Jenn files as head of household. She claims her 12-year-old daughter as a dependent. Jenn's AGI is $78,450. 18. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses to adopt a child that is a U.S. citizen. In 2020, they paid an additional $4,200 in qualified adoption expenses. The adoption was finalized in 2020. a. Compute the couples' adoption credit if their modified AGI in both years is $115,000. In what year(s) is the credit taken? b. How would your answer to Part a. change if the couples' modified AGI was $224,800 in both years? C. How would your answer to Part a. change if the couple adopted a child with special needs? d. How would your answer to Part a. change if the adoption fell through? za tretincope Condicions 2) For each of the following situations, compute the terpaper d. Same * Patry and Ron Barnett filc a joint return, claiming their two sons, ages 3 and 5,25 dependents. The Baretts' AGI is $14,400, which consists entirely of Ron's wages b. Joseph is a 25-year-old graduate student. His gross income consists of $5,000 of wages and $80 in interest from a savings account. Joseph files as single and claims no dependents 4. Darcy grand for be AGI c. Suzanne and Vernon Zimmerman file a joint return, claiming their six-year-old daughter as a dependent. The Zimmermans AGI consists of Vernon's $26,375 in wages , and $400 in dividend income 22. Premium comply each taxe & Sarah files as head of household. daiming her two-year-old son as a dependent. Sarah's AGI consists of $18,000 in wages and $3,620 in interest income. a. John thet plan size, $1.4 b. Sam