Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,650 in child care expenses so that she would be able to work. Of this amount, $780 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,200 from her jewelry business. In addition, she received child support payments of $21,400 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,650 in child care expenses so that she would be able to work. Of this amount, $780 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,200 from her jewelry business. In addition, she received child support payments of $21,400 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,650 in child care expenses so that she would be able to work. Of this amount, $780 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,200 from her jewelry business. In addition, she received child support payments of $21,400 from her ex-husband. Use Child and Dependent Care Credit AGI schedule.
Required:
What amount, if any, of child and dependent care credit can Adrienne claim?
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