Question

In 2019, George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Assuming their AGI is $119,650, George and Martha's child tax credit is:

Answer 1

$4000

Step-by-step explanation:

Step 1. Given information.

The child tax credit is $2000 per child.

Step 2. Formulas needed to solve the exercise.

Total amount of credit = Number of kids * amount of credit.

Step 3. Calculation and Step 4. Solution.

The AGI limit phaseout begins at $400.000 for joint tax filters. In this case there are 2 dependent kids and hence the credit = 2000*2 = 4000.