SpeechlessZzz54851 SpeechlessZzz54851
  • 19-08-2020
  • Business
contestada

Patricia is single and her son Quinn is age 11. If her AGI is $207,000, what amount of child tax credit can she claim?

Respuesta :

JenelleTeeters JenelleTeeters
  • 22-08-2020

Answer:

$1,650

Explanation:

The general amount of child tax credit = $2,000 where the child is below 17 years of age in case of single parent.

Here, Quinn is of 11 years and thus, fill this condition appropriately.

Further if the Adjusted Gross Income AGI is more than $200,000 then the amount shall be reduced by 5% of income more than $200,000

Therefore, child tax credit = $2000 - (5% of $207,000 - $200,000)

= $2000 - (5% of $7,000)

= $2,000 - $350 = $1,650

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