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?
a. Their AGI is $16,200, consisting of $5,600 of capital gains and $10,600 of wages.
b. Their AGI is $16,200, consisting of $10,000 of lottery winnings (unearned income) and $6,200 of wages.
c. Their AGI is $28,000, consisting of $23,000 of wages and $5,000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.)
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.)
e. Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned income).
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