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I have tried to figure this out for 2 hours now and can't seem to get it right. Can someone please help? Required information [The
I have tried to figure this out for 2 hours now and can't seem to get it right. Can someone please help?
Required information [The following information applies to the questions displayed below.) In 2020, 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.) c. Their AGI is $28,150, consisting of $23,100 of wages and $5,050 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5) (4) (1) (3) Credit Phase-Out for Maximum Earned Maximum AGI (or earned income (5) Qualifying Income Eligible (2) Credit if greater) Over This Phase-Out Children for Credit Credit % (1) (2) Amount Percentage Married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $14,680 7.65% 1 10,540 34 3,584 25,220 15.98 2 14,800 40 5.920 25,220 21.06 3+ 14,800 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing joint returns 0 $7,030 7.65% $ 538 $ 8,790 7.65% 1 10,540 34 3,584 19,330 15.98 2 14,800 40 5,920 19,330 21.06 3+ 14,800 45 6,660 19,330 21.06 Source: Internal Revenue Code. "Rev. Proc. 2018-37." www.irs.gov $21,710 47,646 53,330 56,844 $15,820 41,756 47,440 50,954Step by Step Solution
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