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 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Required:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8.

Required:

  1. His AGI is $100,000.
  2. His AGI is $420,000.
  3. His AGI is $420,100, and his daughters are ages 10 and 12
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