Question
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
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?
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 |
a. His AGI is $105,400.
b. His AGI is $424,000.
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
111919167X, 9781119191674
