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In 2 0 2 3 , Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full - time students

In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and 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?
EXHIBIT 8-102023 Earned Income Credit Table
Qualifying Children (1)
Maximum Earned Income Eligible for Credit (2)
Credit %(3)
Maximum Credit
(1)\times (2)(4)
Credit Phase-Out for AGI (or earned income if greater) over This Amount (5)
Phase-Out Percentage No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4)+[(3)/(5)]
Married taxpayers filing joint returns
0 $ 7,8407.65% $ 600 $16,3707.65% $24,210
111,750343,99528,12015.9853,120
216,510406,60428,12021.0659,478
3+16,510457,43028,12021.0663,398
All taxpayers except married taxpayers filing joint returns
0 $ 7,8407.65% $ 600 $ 9,8007.65% $17,640
111,750343,99521,56015.9846,560
216,510406,60421,56021.0652,918
3+16,510457,43021,56021.06 $56,838
c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income).
Note: Round your intermediate calculations to the nearest whole dollar amount.
d. Their AGI is $30,000, consisting of $5,000 of wages and $25,000 of lottery winnings (unearned income).
Note: Round your intermediate calculations to the nearest whole dollar amount.

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