Lindsay and Bobby are a married couple filing jointly.

They have 4 dependent children; Conner (age 6), Lucy (age 10), Melinda (age 14) and Ben (age 16).

• Lindsay's Total Income is $70,000, but $5,000 qualify as "Exclusions"
  • Exclusion of $5,000 for "Employer payments (up to $5,000) for dependent care assistance (for children and parents)."
  • Bobby's Total Income is $56,800 with no Exclusions.
  • Together, their Adjustments Total $10,750
    • Contributions to qualified personal retirement accounts (IRA deduction of $4,000) and health savings accounts (up to $3,350 for singles and $6,750 for family coverage).
  • Their Itemized Deductions Total $10,750
    • Medical and Dental Expenses, Taxes You Paid, Interest You Paid, Gifts to Charity
  • The Standard Deductions for a Married Couple Filing Jointly is $12,600
  • Personal Exemptions are $4,050 each
  • They are eligible for Earned Income Credit (EIC) and Child Tax Credits (CTC)
    • EIC; Maximum credit $6,269 with three or more children
    • CTC; Nonrefundable credit of up to $1,000 per child under age 17

Once I calculated the Subtotal is $98,450, I subtract the value of personal exemptions and then get the wrong answer of $90,350. Could someone help me? Thanks!

(Still Available Answer: $74,150, $82,250, $82,350)