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PLEASE HELP ASAP!! Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount
PLEASE HELP ASAP!!
Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Required:
a. His AGI is $107,600.
b. His AGI is $437,000.
c.His AGI is $421,800, and his daughters are ages 10 and 12.
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
Filing Status | Phase-Out Threshold |
---|---|
Married filing jointly | $400,000 |
Married filing separately | 200,000 |
Head of household and single | 200,000 |
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