Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0.   1, What is Wade's correct and most favorable 2019 filing status?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0.

 

1, What is Wade's correct and most favorable 2019 filing status?

2.

Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer.

Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit.

 

Wade is eligible to claim the Other Dependent Credit.

 

Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit.

3.

Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0.

 

Is Wade eligible to claim and receive the Earned Income Tax Credit?

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