Jesus and Victoria Gonzales' filing status is married filing jointly. They provide care for Victoria's aging parents who both qualify as their dependents. Their adjusted gross income is $410,000. How much of the credit for other dependents is phased out?
Jesus and Victoria Gonzales' filing status is married filing jointly. They provide care for Victoria's aging parents who both qualify as their dependents. Their adjusted gross income is $410,000. How much of the credit for other dependents is phased out?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 31P
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Question
Transcribed Image Text:Jesus and Victoria Gonzales' filing status
is married filing jointly. They provide care
for Victoria's aging parents who both
qualify as their dependents. Their
adjusted gross income is $410,000. How
much of the credit for other dependents
is phased out?
OA) $1,000
OB) $250
OC) $0
OD) $500
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