Answer
Taxable income of Sarah and Ted for 2018 are $ 62,000.
Adjusted Gross Income (AGI) | $ 94,000 |
Minus : | |
Greater of itemized deduction of $ 8,000 or standard deduction for MFJ of $ 24,000 |
$(24,000) |
Child tax credit (4 ×2000) |
(8,000) |
Taxable Income | $ 62,000 |
Note:
1). Personal and dependency exemptions are suspended from 2018 to 2025.
2). It is assumed that the 4 dependent children are less than 17 years of age and qualify all the criterias for claiming child tax credit.
Please help. Sarah and Ted are married, have four dependent children, and file a joint return...
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