Child Tax Credit (LO 7.1) Calculate the child tax credit for the following taxpayers. Round any...

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Question

Child Tax Credit (LO 7.1) Calculate the child tax credit for the following taxpayers. Round any...

Child Tax Credit (LO 7.1)

Calculate the child tax credit for the following taxpayers.

Round any division "up" to the nearest whole number.

c. James and Apple have AGI of $415,250, file jointly, and claim three dependent children (ages 7, 10, and 19):

$ _______

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Answer 1

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For 2018, Child Tax Credit is $ 2000 per qualifying child.
One of the condition for being a qualified child is that he/she should be under 17 years of age.
One of the children of James and Apple is of 19 years of age and does not qualify for child tax credit.
Hence, Child Tax Credit = $ 2000 x 2 qualifying children

= $ 4000 = Answer

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Answer 2

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