Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. By how much is their child tax credit reduced in 2020?

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 3CPA: Brad and Angie are married and file a joint return. For year 14, they had income from wages in the...
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Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. By how much is their child tax credit reduced in 2020?

  a.

$4,000

  b.

$3,150

  c.

$1,150

  d.

$0

  e.

$850

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