Question
Tim (40) and Tina (42) live in California. They have two dependent children, Todd (age 3) and Ted (age 17). Tim and Tina pay $18,000/year
Tim (40) and Tina (42) live in California. They have two dependent children, Todd (age 3) and Ted (age 17). Tim and Tina pay $18,000/year for child care expenses for Todd so that they can both work. In addition, Tim and Tina support Tim's brother, Bob. Bob is a dependent (qualifying relative) of Tim and Tina for tax purposes. What is the amount of Tim and Tinas 2022 child tax credit (including other dependent tax credit)? Assume that Tim and Tina's AGI is below any phaseout threshold. What is the amount of Tim and Tina's 2022 child and dependent care expenses tax credit? Assume that their income places their credit percentage at 20%.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started