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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 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: a. Their AGI is $15,000, consisting of $12,000 of capital gains and $3,000 of wages. b. heir AGI is $15,000, consisting of $10,000 of lottery winnings (unearned income) and $5,000 of wages. c. 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. d. 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. e. Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned income). EXHIBIT 8-11 2022 Earned Income Credit Table Source: Internal Revenue Code. "Rev. Proc. 2020-45." www.irs.gov. 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: a. Their AGI is $15,000, consisting of $12,000 of capital gains and $3,000 of wages. b. heir AGI is $15,000, consisting of $10,000 of lottery winnings (unearned income) and $5,000 of wages. c. 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. d. 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. e. Their AGI is $10,000, consisting of $10,000 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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