. Ninfa is a single mother with S-year-old and 9-year-old dependent sons and has $50,000 of AGI. p. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI. E. Carol is single and has one dependent 18-year-old son and $21,000 of AGI

Income Tax Fundamentals 2020
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ISBN:9780357391129
Author:WHITTENBURG
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Chapter7: Tax Credits
Section: Chapter Questions
Problem 1P: Calculate the total child and other dependent credit for the following taxpayers. Please show your...
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Calculate the total child tax credit and other dependent credit for the following taxpayers. Please explain your answers.
a. Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI.
b. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.
c. Carol is single and has one dependent 18-year-old son and $21.000 of AGI
Question 30
4) Listen
Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500
in 2020. Daddy Warbucks AGI for 2020 is S165.000.
a. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2020?
b. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2021?
c. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption falls through and is never
finalized?
Transcribed Image Text:Listen Calculate the total child tax credit and other dependent credit for the following taxpayers. Please explain your answers. a. Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI. b. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI. c. Carol is single and has one dependent 18-year-old son and $21.000 of AGI Question 30 4) Listen Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500 in 2020. Daddy Warbucks AGI for 2020 is S165.000. a. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2020? b. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2021? c. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption falls through and is never finalized?
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