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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.)

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No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum Earned Income Maximum Credit Phase-Out for AGI Qualifying Eligible for (2) Credit (or earned income if Phase-Out Children Credit Credit % (1) * (2) greater) Over This 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% S 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 $21.710 47.646 53.330 56.844 $15.820 41.756 47,440 50.954 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.) Earned income credit 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.) Earned income credit

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