Problem $7-1$

Child Tax Credit $($LO $7\mathrm{.}1)$

Calculate the total $2022$ child and other dependent credit for the following taxpayers.

Round any division $"$up$"$ to the nearest whole number.

a$.$ Jeremy is a single $($head of household$)$ father with $$80,100$ of AGI and has a dependent $8-$year$-$old son:

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The child tax credit permits individual taxpayers to take a tax credit based on the number of their qualifying dependent children. The child tax credit is

amidst a temporary expansion. The TCJA made three significant, but temporary, changes to the child tax credit that apply in $2022$:

$(1)$ increased the credit per child to $$2,000,$

$(2)$ increased the threshold for which the phase$-$out starts, and

$(3)$ increased the refundable amount of the credit for taxpayers whose credit is limited by their pre$-$credit tax liability.

In addition, the TCJA added a new qualifying dependent credit of $$500$ for certain dependents. All of these provisions are scheduled to expire after $2025.$

b$.$ Jerry and Ann have $$100,000$ of AGI, file jointly, and claim two dependent preschool $($under the age of $6)$ children:

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c$.$ James and Apple have AGI of $$430,300,$ file jointly, and claim three dependent children $($ages $7,10,$ and $19)$:

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