Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gwyneth (25) is unmarried and was a full-time student from January through June. Gwyneth worked part-time but did not provide more than 50% support for

Gwyneth (25) is unmarried and was a full-time student from January through June. Gwyneth worked part-time but did not provide more than 50% support for herself or her son, Saul (1). They are both U.S. citizens and have social security numbers that are valid for employment. Gwyneth and Saul lived with Gwyneth's mother, Joan (49), the entire year. Gwyneth's earned income and AGI were $7,278. Her mother, Joan, has an AGI of $30,225 in 2021, which is higher than her AGI in 2019. Gwyneth did not have any foreign income or investment income and Saul's income was $0. Gwyneth's earned income was less in 2019. Gwyneth would like to claim Saul if she is qualified to do so.

a-What is Gwyneth's correct and most favorable 2021 filing status?

b-What is Saul's dependency status for Gwyneth?

c-Is Gwyneth eligible to claim the Child Tax Credit and/or the Other Dependent Credit for any potential dependent? Choose the best response.

d-Is Gwyneth eligible to claim and receive the Earned Income Credit?

e-Is Gwyneth eligible to utilize the 2019 lookback provision for the Earned Income Credit?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald W. Hilton

11th edition

125956956X, 978-1259569562

More Books

Students also viewed these Accounting questions

Question

Flow can life cycle costing improve life cycle analysis?

Answered: 1 week ago