Question

What is the total dollar amount of personal and dependency exemptions which a married couple with two children (ages 11 and 14, both of which are qualified children) and $80,000 of adjusted gross income would deduct in 2019

Answer 1

Answer:

total personal and dependency exemptions = $28,400

Explanation:

personal exemptions for a married couple filing jointly in 2019 = $24,400

child tax credit for children under 16 = $2,000 per child x 2 children = $4,000

*the child and dependent tax credit which covers up to $3,000 per child only applies for the 11 year old child, but we are not given any amount spent on child care, so the amount to be deducted is unknown.