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? a. Their AGI is $15,800, consisting of $12,400 of capital gains and $3,400 of wages. b. Their AGI is $15,800, consisting of $10,000 of lottery winnings (unearned income) and $5,800 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).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started