Please help ASAP!Homework Answers
Based on the information available in the question, we can answer as follows:-
The maximum Child tax credit per qualifying child is $2,000. However, the maximum credit of $2,000 phases out if the taxpayer's AGI is more than $200,000.
The child tax credit for Mr.Chaulk is calculated as follows:-
Step 1:- Calculate the phase out
=($223,400 - $200,000) * $2,000 /$40,000
=($23,400 * $2,000)/$40,000
=$1,170
Step 2:- Calculate the eligible child tax credit
Eligible child tax credit = $2,000 - $1,170
Eligible Child tax credit = $830
Allowable child tax credit for 2019 = $830 * 2 dependent children
Allowable child tax credit = $1,660
Please let me know if you have any questions via comments and all the best :)
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