Question

frank and jay are married filing jointly in 2023. they have six children under age 18 and over age 8 for whom they may claim the child tax credit. their agi was $419,400. what amount of child tax credit may they claim on their 2023 tax return? 12,000 11,050 11,000 6,000

Answer 1

Frank and Jay may claim a child tax credit of $6,000 on their 2023 tax return. The correct option is D).

To determine the amount of child tax credit that Frank and Jay may claim on their 2023 tax return, we need to consider the rules and phase-out thresholds set by the IRS. According to the IRS guidelines for 2023, the maximum child tax credit per child is $2,000. However, the credit is capped at $6,000 for families with six or more qualifying children.

Since Frank and Jay have six children who qualify for the child tax credit, they will be eligible for the maximum credit amount of $6,000 on their 2023 tax return.