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Required information The following information applies to the questions displayed below.) In 2019, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) d. Their AGI is $25,000, consisting of $5,000 of wages and $20,000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit This is a numeric cell, so please enter numbers only. EXHIBIT 8-10 2019 Earned Income Credit Table (3) (1) Maximum Earned Income Eligible for Credit No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Qualifying Children 0 34 $ 6,920 10,370 14,570 14,570 Maximum Credit Phase-Out for AGI (5) (2) Credit (or earned income if Phase-Out Credit % (1) (2) greater) Over This Amount Percentage Married taxpayers filing joint returns 7.65% $ 529 $14,450 7.65% 3,526 24,820 15.98 40 5,828 24,820 21.06 45 6,557 24,820 21.06 All taxpayers except married taxpayers filing joint returns 7.65% $ 529 $ 8,650 7.65% 34 3,526 19,030 15.98 5,828 19,030 21.06 45 6,557 19,030 21.06 $21,370 46,884 52,493 55,952 0 $ 6,920 1 10,370 14,570 3+ 14,570 Source: Rev. Proc. 2018-57. $15,570 41,094 46,703 50,162 40 Required information The following information applies to the questions displayed below.) In 2019, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) d. Their AGI is $25,000, consisting of $5,000 of wages and $20,000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit This is a numeric cell, so please enter numbers only. EXHIBIT 8-10 2019 Earned Income Credit Table (3) (1) Maximum Earned Income Eligible for Credit No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Qualifying Children 0 34 $ 6,920 10,370 14,570 14,570 Maximum Credit Phase-Out for AGI (5) (2) Credit (or earned income if Phase-Out Credit % (1) (2) greater) Over This Amount Percentage Married taxpayers filing joint returns 7.65% $ 529 $14,450 7.65% 3,526 24,820 15.98 40 5,828 24,820 21.06 45 6,557 24,820 21.06 All taxpayers except married taxpayers filing joint returns 7.65% $ 529 $ 8,650 7.65% 34 3,526 19,030 15.98 5,828 19,030 21.06 45 6,557 19,030 21.06 $21,370 46,884 52,493 55,952 0 $ 6,920 1 10,370 14,570 3+ 14,570 Source: Rev. Proc. 2018-57. $15,570 41,094 46,703 50,162 40
