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Required information (The following information applies to the questions displayed below.) Trey has two dependents, his daughters, ages 14 and 17. at year-end. Trey files
Required information (The following information applies to the questions displayed below.) Trey has two dependents, his daughters, ages 14 and 17. at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. a. His AGI is $107,600. Amount of child tax credit b. His AGI is $426,900. Amount of child tax credit c. His AGI is $429,800, and his daughters are ages 10 and 12. Amount of child tax credit EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Phase-Out Threshold $400,000 Filing Status Married filing jointly Married filing separately Head of household and single 200,000 200,000
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