40) and Tina (42) live in California. They have two dependent children, Todd (age 10) and Ted (age 17). 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 Tina’s 2020 child tax credit (including other dependent tax credit)? Assume that Tim and Tina's 2020 AGI is below the phaseout threshol

Q: Arthur and Cora are married and have 2 dependent children. They have a gross income of $92,500.…

A: The tax liability for the year 2020 of married and filed jointly assessees's should be determined by…

Q: Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a…

A: American Opportunity tax credit is the credit for qualified education expenses, eligible for…

Q: Ava and her husband, Leo, file a joint return and are in the 32% Federal income tax bracket (AGI is…

A: The Child and Dependent Care Tax Credit is a federal tax credit that assists working families with…

Q: Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a…

A: The Hope Credit is a tax credit of up to $1,950 per student per year. The credit is only applicable…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as…

A: Given, AGI = $ 81,500 Dependent children = 2 Age = 7& 9 Tax return TYPE = Single

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: Taxes are the amount of dues or liabilities that needs to be paid by individual to government. These…

Q: Required: a. His AGI is $104,000. b. His AGI is $442,000. c. His AGI is $422,300, and his daughters…

A: Joint tax filing means when both the husband and wife file their tax together. A tax credit means a…

Q: Doyle and Rosie, who filed jointly, are both on active duty. They have two children, Doyle, Jr. (age…

A: The Earned Income Tax Credit (EITC) is a pivotal federal initiative crafted to extend financial…

Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for…

A: Answer:- Modified AGI is also referred to as modified adjusted gross income that is computed after…

Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…

A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…

Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. •…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: tina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and…

A: Standard deduction refers to that section of the income of an entity that is not subject to tax and…

Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2021 for…

A: Modified AGI is also referred to as modified adjusted gross income that is computed after…

Q: 50. Her employer offers a child and dependent care reimbursement plan that allows up to $7,850 of…

A: Federal Income Tax - The U.S. government's main source of money is the federal income tax. The…

Q: Ms. Nelson is a single mom with three children who live at home. She earned less than $40,000 in…

A: Ms. Nelson earned in 2018 ⩽$40,000. Ms. Nelson is a single mom with three children.

Q: Ava and her husband, Leo, file a joint return and are in the 32% Federal income tax bracket (AGI is…

A: Child Tax credit: It is a tax benefit granted to American taxpayers for each qualifying dependent…

Q: In 2022, Jack, age 12, has interest income of $7,860 on funds he inherited from his aunt and no…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: Ariana and John who file a joint return have to dependent children, Kai and Angel. Kai is a freshman…

A: The Lifetime Learning Credit (LLC) is a tax credit score used to offset the price of lessons and…

Q: Drew is single and files using the head of household filing status. His AGI is $95000. He has two…

A: The child tax credit seems to be a tax credit amount granted by the IRS to American taxpayers to…

Q: Will and Kate claim Charlotte (age 10) as a dependent on their tax return. In 2023, Charlotte…

A: As per the provisions of Internal Revenue Service (IRS), dependents are the qualified child or any…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: A child tax credit (CTC) is a tax credit for parents with dependent children given by various…

Q: what is the maximum amount they can give to the family (including the sons- and daughters-in-law)…

A: For 2020, the maximum amount of gift to an individual without having to pay gift tax is $15,000 to…

Q: Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their…

A: Taxable income:Taxable income refers to the income that is subject to tax. The Taxable income is…

Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $136,025; and have…

A: To determine the amount of the American Opportunity Credit for 2023, we need to consider the…

Q: Paul and Olivia file a joint tax return and reported modified AGI of $142,000. They have two…

A: Child care tax credit is the amount of tax credit that is refundable in nature and this amount can…

Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…

A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: and Rebecca have AGI of $446,000. They have twin daughters, Ashley and Amy, ages 5. What amount of…

A: There are child tax credit available and can be claimed during the year and tax credit can be…

Q: s. What is the total of Vanessa's Child Tax Credit and Other Dependent Credit?

A: Child tax credit refers to the form of a benefit provided by the authtoritaihve government to the…

Q: To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600.…

A: There is no credit for child and dependent care expenses.   Explanation: Annual gross income of Jim…

Q: Jeremiah and Jonnie Chalk are married and have three dependent children, ages 3, 6, and 9. Assume…

A: Dependent & Child Care Credit   Requires care for a dependent child (under 13 years) or disabled…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: The whole remuneration from an employer before taxes or other deductions is an individual's gross…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

Q: Herb and Carol are married and file a joint tax return claiming their three children, ages 4, 5, and…

A: Solution:- Child tax credit (CTC) applies for child dependants below 17 years of age only. Hence…

Q: Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a…

A: An expense is a deduction if it can be deducted from a taxpayer's gross income to lower the amount…

Q: During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly…

A: Correct option is a. head of household and 1 dependent.   Explanation:

Q: 6. Shelia is age 40 and is divorced. She has a son, Davis, age 11, a daughter, Cheyenne, age 19, and…

A: The child tax credit, commonly referred to as the CTC, is a tax credit available to taxpayers with…

Q: Timothy (40) and Tina (42) are California residents. Todd (age 10) and Ted (age 7) are their two…

A: Tax Break for Children: As per 2020 Child Tax Credit, an individual can get a tax credit of $2,000…

Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for…

A: In US, when adoption is made, the individual or couple incurrs some adoption expenses such as legal…

Q: Exercise 12-18 (Algorithmic) (LO. 4) In 2022, Santiago and Amy are married and file a joint tax…

A: The Child Tax Credit (CTC) and the credit for other dependents (ODC) are two different tax benefits…

Q: Jason, 39 and single, helps support his mother Maria and his girlfriend Layla, both of whom are U.S.…

A: Important information from the question: Jason, 39 and single, helps support his mother Maria and…

Q: Kyle and Alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters Jane and Jill,…

A: American Opportunity Tax Credit -The American Opportunity Tax Credit (AOTC) is a credit offered by…

Q: Matt and Kate have an AGI of $200,000 and they file married filing jointly and claim two dependent…

A: For the tax year 2020, eligible taxpayers can claim a tax credit of $2,000 per qualifying dependent…

Q: Joseph has been divorced since 2013. He has not remarried and files single. He pays alimony to his…

A: An IRA (Individual Retirement Account) contribution is a financial contribution that individuals can…

Q: Robert and Maisie have one child, Gillie (4). Both parents work full time, and their AGI in 2020 was…

A: A flexible spending account is an account maintained by the employer where a part of the employee's…

Q: a.   Mark is single with no dependents and has a taxable income of $62,600. He has $9,500 withheld…

A: Since you have posted a question with multiple sub-parts we will do the first three sub-parts for…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.