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Anny has two qualifying children under age 17 which entitle her to a child credit and...

Anny has two qualifying children under age 17 which entitle her to a child credit and a head of household filing status. Her salary is $27,000 giving her a tax liability of $835. What is the refundable amount of child credit Anny will receive in this situation? a. $2,800 b. $3,165 c. $3,675 e. None of is correct.
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Answer #1

C. $3,675

Explanation:

The Additional Child Tax Credit is up to 15% of your taxable earned income over $2,500.

(27,000-2,500) * 15% = 3,675

You could receive a refund of $3,675 as opposed to the full $4,000 ($2,000 x 2 children) credit because the refundable portion of your credit cannot exceed 15% of your taxable earned income that is above the $2,500 threshold.

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