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In 2022, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 2 years old.
In 2022, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 2 years old. Their only sources of income are gains from stock they held for three years before selling and wages from pa time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-11. Note: Leave no answer blank. Enter zero if applicable. Required: a. Their AGI is $19,600, consisting of $14,300 of capital gains and $5,300 of wages. b. Their AGI is $19,600, consisting of $10,100 of lottery winnings (unearned income) and $9,500 of wages. c. Their AGI is $28,150, consisting of $23,100 of wages and $5,050 of lottery winnings (unearned income). Note: Round your intermediate calculations to the nearest whole dollar amount. d. Their AGI is $28,150, consisting of $5,050 of wages and $23,100 of lottery winnings (unearned income). Note: Round your intermediate calculations to the nearest whole dollar amount. e. Their AGI is $10,100, consisting of $10,100 of lottery winnings (unearned income). EXHIBIT 8-11 2022 Earned Income Credit Table Source: Internal Revenue Code. "Rev. Proc. 2020-45." www.irs.gov
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