Question

Olivia is single, 66 years old, and not blind.

She paid all the cost of keeping up her home. She earned $55,000 in wages for 2019.
Olivia provided all the support for her two grandchildren who lived with her all year. Cora is 11 years old and Jack is 15 years old.
She does not have enough deductions to itemize.
Olivia, Cora, and Jack are all U.S. citizens with valid Social Security numbers.
2. The maximum amount of child tax credit that Olivia is able to claim per qualifying child for 2019 is:
A. $500
B. $1,000
C. $1,400
D. $2,000

Answer 1

Option D, The maximum amount of child tax credit that Olivia is able to claim per qualifying child for 2019 is $2000

Explanation:

The child's tax credit amounts to up to $2,000 for each child qualified and $500 for each qualifying worker. It is one of three children-oriented federal tax credits that make your tax bill the most effective.

The child's additional tax credit was the reimbursable part of the child's tax debt. Families who pay to the Treasury less than Child Tax Credit sum will assert it. Because the child tax credit was not refundable, the extra child tax credit has been reimbursed to the taxpayer to repay a proportion of the withheld child tax credit.

For 2018 to 2025, the 2019 tax bill abolished this provision the present credit for Child Tax does; however, include a small amount of the refundable credit clause.