Question
In 2022, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 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 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 8-11.
Note: Leave no answer blank. Enter zero if applicable.
Required:
Their AGI is $15,400, consisting of $12,200 of capital gains and $3,200 of wages.
Their AGI is $15,400, consisting of $10,000 of lottery winnings (unearned income) and $5,400 of wages.
Their AGI is $28,000, consisting of $23,000 of wages and $5,000 of lottery winnings (unearned income).
Note: Round your intermediate calculations to the nearest whole dollar amount.
Their AGI is $28,000, consisting of $5,000 of wages and $23,000 of lottery winnings (unearned income).
Note: Round your intermediate calculations to the nearest whole dollar amount.
Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned income).
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