Problem 8-70 (LO 8-4) (Algo) [The following information applies to the questions displayed below] 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 2023 for his daughters under each of the following alternative situations? Use Exhibit B-8. Problem 8-70 Part c (Algo) c. HIS AGI IS $422.100, and his daughters are ages 10 and 12. Amount of child tax credit 4

Problem 8-70 (LO 8-4) (Algo) [The following information applies to the questions displayed below] 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 2023 for his daughters under each of the following alternative situations? Use Exhibit B-8. Problem 8-70 Part c (Algo) c. HIS AGI IS $422.100, and his daughters are ages 10 and 12. Amount of child tax credit 4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 8-70 (LO 8-4) (Algo)
[The following information applies to the questions displayed below]
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 2023 for his
daughters under each of the following alternative situations? Use Exhibit B-8.
Problem 8-70 Part c (Algo)
c. HIS AGI IS $422.100, and his daughters are ages 10 and 12.
Amount of child tax credit
4

EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
Filing Status
Married filing jointly
Married filing separately
Head of household and single
Phase-Out Threshold
$400,000
200.000
200.000

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