What amount of child credit will Trey be able to claim for his daughters under each of the following alterna Use Exhibit 8-8. 5 AGI is $107,600. mount of child tax credit lis AGI is $426,900.
What amount of child credit will Trey be able to claim for his daughters under each of the following alterna Use Exhibit 8-8. 5 AGI is $107,600. mount of child tax credit lis AGI is $426,900.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.
What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations?
Use Exhibit 8-8.
a. His AGI is $107,600.
Amount of child tax credit
b. His AGI is $426,900.
Amount of child tax credit
c. His AGI is $429,800, and his daughters are ages 10 and 12.
Amount of child tax credit
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
Filing Status
Phase-Out Threshold
Married filing jointly
$400,000
Married filing separately
200,000
Head of household and single
200,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85eedefe-125c-4960-b9bb-d5bf8826db27%2Ffe0220ea-baf2-49f2-a462-3cc187bbe9fc%2Ftdk4m2h_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.
What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations?
Use Exhibit 8-8.
a. His AGI is $107,600.
Amount of child tax credit
b. His AGI is $426,900.
Amount of child tax credit
c. His AGI is $429,800, and his daughters are ages 10 and 12.
Amount of child tax credit
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
Filing Status
Phase-Out Threshold
Married filing jointly
$400,000
Married filing separately
200,000
Head of household and single
200,000
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