! Required information Problem 8-74 (LO 8-4) (Algo) [The following information applies to the questions displayed below.) In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they 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? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) Problem 8-74 Part-c (Algo) c. Their AGI is $28,150, consisting of $23,100 of wages and $5,050 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit Required information Problem 8-74 (LO 8-4) (Algo) [The following information applies to the questions displayed below.) In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they 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? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) Problem 8-74 Part-d (Algo) d. Their AGI is $28,150, consisting of $5,050 of wages and $23,100 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum Earned Income Eligible for Credit No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Qualifying Children (3) Maximum Credit Phase-Out for AGI (5) Credit (or earned income if Phase-Out (1) (2) greater) Over This Amount Percentage Married taxpayers filing joint returns $ 538 $14,680 7.65% Credit % 0 $ 7,030 7.65% $21,710 1 10,540 34 3,584 25,220 15.98 47,646 2 53,330 14,800 14,800 3+ 56,844 40 5,920 25,220 21.06 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing joint returns 7.65% $ 538 $ 8,790 7.65% 34 3,584 19,330 15.98 0 $ 7,030 $15,820 1 10,540 41,756 2. 14,800 40 5,920 19,330 21.06 47,440 3+ 14,800 45 6,660 19,330 21.06 50,954 Source: Internal Revenue Code. "Rev. Proc. 2018-57." www.irs.gov