Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lucas and Mia file a joint return for 2020 that shows $7.483 of taxable income and $748 of income tax. The only credits they qualify

image text in transcribed
image text in transcribed
Lucas and Mia file a joint return for 2020 that shows $7.483 of taxable income and $748 of income tax. The only credits they qualify for are the child tax credit and the additional child tax credit. They have one dependent child that is a qualifying child for the child tax credit. If Lucas and Mia have $15.120 of earned income for the year, what is their additional child tax credit for the year? Jacob and Rachel are married and file a joint return for 2020. Their AG is $85.000 income is $60,200. They claim four dependents: Joseph - thele 18 year old son, Bergs year old son: Levi - their 12 year old son; and Rebekkah - Jacob's 82 year old mother. What is the amount of their combined child tax credit and credit for other dependents on line 19 of the Tom 1040? O $6,500 O $8,000 O $3,500 O $5,000 $4,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2021

Authors: Bernard J. Bieg, Judith A. Toland

31st Edition

0357358287, 9780357358283

More Books

Students also viewed these Accounting questions