Question
In 2023, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are fulltime students and are both 23 years old.
In 2023, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are fulltime 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 $15,000, consisting of $12,000 of capital gains and $3,000 of wages.
b. Their AGI is $15,000, consisting of $10,000 of lottery winnings (unearned income) and $5,000 of wages.
c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income).
d. Their AGI is $30,000, consisting of $5,000 of wages and $25,000 of lottery winnings (unearned income). e. Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned income).
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