Valerie, a single mother, has three children, Amelia (7), Elijah (11), and Sophie (17). Sophie is...
Valerie, a single mother, has three children, Amelia (7), Elijah (11), and Sophie (17). Sophie is a full-time student. Valerie's AGI is $62,000, and her tax liability is $5,011. All three children are Valerie's qualifying child dependents. What is the total of Valerie's Child Tax Credit and credit for other dependents?
Homework Answers
For the single parent, there is a credit provision of $2000 for every kid under 17 yrs of age, subject to condition that Credit < Tax owed.
Tax Credit for Amelia and Elijah = 2*2000 = $4000
Other dependents = Sophie
There will be a tax credit of $500
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