Child Tax Credit Short Tax Form. Reagan and Grady Wade are married with three qualify- ng children under the age of 17. In 2019, Reagan and Grady had earned income of $50,000 and no adjustments. Line 8b of their 1040 reports AGI of $50,000. Reagan and Grady take the standard deduction for 2019 ($24,400) and as a result have taxable income of $25,600. The Wades' tax liability before considering the child tax credit is $2,684. Assuming the Wades have no other tax credits, complete the 2019 Child Tax Credit and Credit for Öther Dependents Worksheet, then complete the 2019 Schedule 8812 Additional Child Tax Credit.
Child Tax Credit Short Tax Form. Reagan and Grady Wade are married with three qualify- ng children under the age of 17. In 2019, Reagan and Grady had earned income of $50,000 and no adjustments. Line 8b of their 1040 reports AGI of $50,000. Reagan and Grady take the standard deduction for 2019 ($24,400) and as a result have taxable income of $25,600. The Wades' tax liability before considering the child tax credit is $2,684. Assuming the Wades have no other tax credits, complete the 2019 Child Tax Credit and Credit for Öther Dependents Worksheet, then complete the 2019 Schedule 8812 Additional Child Tax Credit.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Child Tax Credit Short Tax Form. Reagan and Grady Wade are married with three qualify-
ing children under the age of 17. In 2019, Reagan and Grady had earned income of $50,000
and no adjustments. Line 8b of their 1040 reports AGI of $50,000. Reagan and Grady take
the standard deduction for 2019 ($24,400) and as a result have taxable income of $25,600.
The Wades' tax liability before considering the child tax credit is $2,684. Assuming the
Wades have no other tax credits, complete the 2019 Child Tax Credit and Credit for Other
Dependents Worksheet, then complete the 2019 Schedule 8812 Additional Child Tax Credit.
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