! Required information [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.) b. Their AGI is $18,000, consisting of $10,100 of lottery winnings (unearned income) and $7,900 of wages. Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(37(5) (1) Maximum (3) Earned Income Maximum Credit Phase-Out for AGI (5) Qualifying Eligible for (2) Credit (or earned income if Phase-Out Children Credit Credit % (1) x (2) greater) Over This Amount Percentage Married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $14,680 7.65% 1 10,540 34 3,584 25,220 15.98 2 14,800 40 5,920 25,220 21.06 3+ 14,800 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing joint returns 0 $7.030 7.65% $ 538 $8,790 7.65% 1 10.540 34 3,584 19,330 15.98 2 14,800 40 5,920 19,330 21.06 3+ 14,800 45 6,660 19330 21.06 Source: Internal Revenue Code. "Rev. Proc. 2018-57." www.irs.gov. $21,710 47,646 53,330 56,844 $15,820 41,756 47.440 50,954 ! Required information [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.) es e. Their AGI is $10,100, consisting of $10,100 of lottery winnings (unearned income). Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum (3) No Credit When AGI (or earned Earned Income Maximum Credit Phase-Out for AGI (5) income if greater) Equals or Qualifying Eligible for (2) Credit (or earned income if Phase-Out Exceeds This Amount (4) + Children Credit Credit % (1) x (2) greater) Over This Amount Percentage [(37(5)] Married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $14,680 7.65% $21,710 1 10,540 34 3,584 25,220 15.98 47,646 2 14,800 40 5,920 25,220 21.06 53,330 3+ 14,800 45 6,660 25,220 21.06 56,844 All taxpayers except married taxpayers filing joint returns 0 $7,030 7.65% $ 538 $ 8,790 7.65% $15,820 1 10,540 34 3,584 19,330 15.98 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. ! Required information [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.) b. Their AGI is $18,000, consisting of $10,100 of lottery winnings (unearned income) and $7,900 of wages. Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(37(5) (1) Maximum (3) Earned Income Maximum Credit Phase-Out for AGI (5) Qualifying Eligible for (2) Credit (or earned income if Phase-Out Children Credit Credit % (1) x (2) greater) Over This Amount Percentage Married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $14,680 7.65% 1 10,540 34 3,584 25,220 15.98 2 14,800 40 5,920 25,220 21.06 3+ 14,800 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing joint returns 0 $7.030 7.65% $ 538 $8,790 7.65% 1 10.540 34 3,584 19,330 15.98 2 14,800 40 5,920 19,330 21.06 3+ 14,800 45 6,660 19330 21.06 Source: Internal Revenue Code. "Rev. Proc. 2018-57." www.irs.gov. $21,710 47,646 53,330 56,844 $15,820 41,756 47.440 50,954 ! Required information [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.) es e. Their AGI is $10,100, consisting of $10,100 of lottery winnings (unearned income). Earned income credit EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum (3) No Credit When AGI (or earned Earned Income Maximum Credit Phase-Out for AGI (5) income if greater) Equals or Qualifying Eligible for (2) Credit (or earned income if Phase-Out Exceeds This Amount (4) + Children Credit Credit % (1) x (2) greater) Over This Amount Percentage [(37(5)] Married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $14,680 7.65% $21,710 1 10,540 34 3,584 25,220 15.98 47,646 2 14,800 40 5,920 25,220 21.06 53,330 3+ 14,800 45 6,660 25,220 21.06 56,844 All taxpayers except married taxpayers filing joint returns 0 $7,030 7.65% $ 538 $ 8,790 7.65% $15,820 1 10,540 34 3,584 19,330 15.98 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