Tim (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)? Enter your answer as a positive number. Assume that Tim and Tina's 2020 AGI is below the phaseout threshold for the child tax credit.

Tim (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)? Enter your answer as a positive number. Assume that Tim and Tina's 2020 AGI is below the phaseout threshold for the child tax credit.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 35P

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Timothy (40) and Tina (42) are California residents. Todd (age 10) and Ted (age 7) are their two dependent children (age 17). Tim and Tina also help Tim's brother, Bob. For tax reasons, Bob is Tim and Tina's dependant (qualifying relative). What is Tim and Tina's child tax credit (including additional dependent tax credit) for 2020? Assume Tim and Tina's AGI in 2020 is less than the phaseout level for the child tax credit. I gave two different answers of $4000 and $4500, but both were erroneous.
Tim (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 threshold for the child tax credit. I answered two times as $4000 and $4500, but they were all incorrect.
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