Question
Fundamentals of Taxation 2019 can you solve number A. for me please? Determine the amount of...
Fundamentals of Taxation 2019
can you solve number A. for me please?
Determine the amount of child tax credit in each of the following cases: a. A single parent with modified AGI of $214,700 and three child(ren). b. A single parent with modified AGI of $81,322 and four child(ren), C. A married couple filing a joint return, with modified AGI of $408,674 and two child(ren). Child Tax Credit Allowed $ 5,700 $ 8.000 $ 3,550
Answers
Ans a) As per the IRS guidelines the child tax credit is $2,000 per qualifying child.
The maximum threshold of modified AGI for qualifying for child tax credit is $200,000 for a single parent. Here the single parent modified AGI is $214,700. So it is going to be gaining of the phase out.So the credit gets reduced by $50 per $1,000 over the threshold $200,000 ie for $1,000 credit is getting reduced by $50. Therefore, for $(214,700-200,000)=$14,700 credit will get reduced by [( 50*14700)/1000]=735.
So the parent can get $(2,000-735)=$1265 per child and (1265*3)=$3795 for 3 children.
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