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ID: 2544812 • Letter: H
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html Apps M D How to write 87890, ' How long is Rip asl D Cengage Lear According to the to... .M Check my work mode: This shows what is correct or Incorrect for the work you have 1 Information Part 1 of 3 The following information applies to the questions dilsplayed below Trey claims a dependency exemption for both of his daughters, ages 14 and 17, at year-end. Trey fles a joint return with his wife. 0.3 points at amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? a. His AGI is $102,700Explanation / Answer
Answer
11.
Amount of child tax credit= $1000
Trey AGI is $104,000.
Amount of child tax credit= $1000 will be the credit as it will be claimed for only child of 14 years as the condition for tax credit is age under 17 years as well as AGI lower than 110000 in case of joint return.
12.
Trey AGI is $123,700, and his daughters are ages 14 and 17.
Amount of child tax credit=300
(1) $123,700 AGI – $110,000 threshold = $13700
.(2) $13700 excess AGI divided by 1,000 = 13.70 rounded to 14
(3) 14× 50 = 700. This is the amount of the phase-out.
(4) $1,000 allowable credit as one child is under 17 minus 700
= $300
13.
Trey AGI is $131,800, and his daughters are ages 10 and 12.
Amount of child tax credit=900
(1) $131,800 AGI – $110,000 threshold = $21800
.(2) $21800 excess AGI divided by 1,000 = 21.80 rounded to 22
(3) 22× 50 = 1100. This is the amount of the phase-out.
(4) $2,000 allowable credit as two childern are under 17 minus1100
= $900
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