Question
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
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.)
d. Their AGI is $28,000, consisting of $5,000 of wages and $23,000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.)
What is the earned income credit?
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