Question
[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
[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.
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 |
Source: 24(a).
a. His AGI is $105,400.
A. Amount of child tax credit: ???
b. His AGI is $424,000.
B. Amount of child tax credit: ???
c. His AGI is $430,800, and his daughters are ages 10 and 12.
C. Amount of child tax credit: ???
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Corporate Finance Core Principles and Applications
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford
3rd edition
978-0077971304, 77971302, 978-0073530680, 73530689, 978-0071221160, 71221166, 978-0077905200
