Kristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI of $22,000 in 2020. What is their allowable child and dependent care credit considering their pre-credit tax liability? a. $1,860 b. $0 c. $7,000 d. $2,000 e. $6,000
Kristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI of $22,000 in 2020. What is their allowable child and dependent care credit considering their pre-credit tax liability? a. $1,860 b. $0 c. $7,000 d. $2,000 e. $6,000
Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions
Section: Chapter Questions
Problem 11BCRQ
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Question
Kristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI of $22,000 in 2020. What is their allowable child and dependent care credit considering their pre-credit tax liability?
a. |
$1,860 |
|
b. |
$0 |
|
c. |
$7,000 |
|
d. |
$2,000 |
|
e. |
$6,000 |
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