Question
Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount of child tax
Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse.
What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8.
Required:
A. His AGI is $102,300.
B. His AGI is $430,000.
C. His AGI is $421,100, and his daughters are ages 10 and 12.
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 |
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
16th Edition
78110939, 978-0078110931
