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: a. His AGI is $100,000. b. His AGI is $420,000. c. His AGI is $420,100, and his daughters are ages 10 and 12. Answer is complete but not entirely correct.
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: a. His AGI is $100,000. b. His AGI is $420,000. c. His AGI is $420,100, and his daughters are ages 10 and 12. Answer is complete but not entirely correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kk.213.
Transcribed Image Text: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:
a. His AGI is $100,000.
b. His AGI is $420,000.
c. His AGI is $420,100, and his daughters are ages 10 and 12.
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
His AGI is $420,100, and his daughters are ages 10 and 12.
Amount of child tax credit
2,850
Required B
ہے
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