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Licemer1 [7]
3 years ago
12

Amy and Hobbes are married and file a joint return. Their three children are 7, 9, and 18 years old. Their modified AGI is $58,0

00, and their tax liability on Form 1040, line 12a, is $3,647. They have no other tax credits for the tax year. What is the amount of their child tax credit/credit for other dependents on Form 1040, line 13a
Business
1 answer:
Klio2033 [76]3 years ago
5 0

Answer:

The amount of their child tax credit is $4,000 ($2,000 for each qualifying child).

Explanation:

a) Data and Calculations:

Modified AGI = $58,000

Tax liability = $3,647

Dependent children = 3 (aged 7, 9, and 18)

Qualifying children for child tax credit = 2 (aged 7 and 9)

Child tax credit = $2,000 x 2 = $4,000

Refundable tax credit = $1,4000 x 2 = $2,800

This means that Amy and Hobbes will pay tax of $847 ($3,647 - $2,800).

b) However, they can only be refunded $2,800 ($1,400 for each qualifying child).  According to the IRS records, starting with the 2018 tax year until the end of 2025, the new $2,000-per-qualifying-dependent-child credit makes $1,400 of the Child Tax Credit refundable.

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3. The computation of ending balances of Work in Process and Finished Goods is shown below:-

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