Question
Do the following scenarios correctly describe income limitations on credits for the year tax 2020? Scenario 1- * Ahead of the household taxpayer has 3
Do the following scenarios correctly describe income limitations on credits for the year tax 2020?
Scenario 1-
* Ahead of the household taxpayer has 3 qualifying dependents, ages 6, 9, and 19.
* Their MAGI is $115,000, and their tax liability is $21,774.50
Is the allowed Child Tax credit $6,000?
Scenario 2-
A Married Filing Jointly couple has 2 qualifying dependents, ages 6 and 8. The taxpayer has a W - 2, and the spouse has been a full-time volunteer with a local charity. They have childcare expenses of $4,500 for the year.
Can they take a child and dependent care credit?
Step by Step Solution
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The detailed answer for the above question is provided below Scenario 1 The allowed Child Tax Credit ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
