David and Lilly Fernandez have determined their tax liability on their joint tax re have made prepayments of $2,140 they receive a child tax credit of $2,000, ar of $2,900 (they did not receive this in advance). Assume CARES Act applies. What is the amount of their tax refund or taxes due? Answer is complete but not entirely correct. Description Amount |(1) 7,040 8 2,140 2,000 Total tax |(2) Prepayments (3) Child tax credit (4) Recovery rebate credit 2,900 Tax refund 5,5400

David and Lilly Fernandez have determined their tax liability on their joint tax re have made prepayments of $2,140 they receive a child tax credit of $2,000, ar of $2,900 (they did not receive this in advance). Assume CARES Act applies. What is the amount of their tax refund or taxes due? Answer is complete but not entirely correct. Description Amount |(1) 7,040 8 2,140 2,000 Total tax |(2) Prepayments (3) Child tax credit (4) Recovery rebate credit 2,900 Tax refund 5,5400

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 67IIP

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