Answer:
To determine the child tax credit amount for each scenario, we need to consider the relevant factors such as the modified adjusted gross income (AGI) and the number of qualifying children.
1) For a single parent with a modified AGI of $214,200 and one child age 4, the child tax credit amount is $2,000 per qualifying child.
- Calculation: $2,000 × 1 child = $2,000
2) For a single parent with a modified AGI of $78,800 and three children ages 7, 9, and 12, the child tax credit amount is $2,000 per qualifying child.
- Calculation: $2,000 × 3 children = $6,000
3) For a married couple filing jointly with a modified AGI of $408,788 and two children ages 14 and 16, the child tax credit amount is $2,000 per qualifying child.
- Calculation: $2,000 × 2 children = $4,000
4) For a married couple filing jointly with a modified AGI of $132,855 and one child age 13, the child tax credit amount is $2,000 per qualifying child.
- Calculation: $2,000 × 1 child = $2,000
It's important to note that the child tax credit amounts may be subject to certain limitations or phase-outs based on the taxpayer's income. Additionally, tax laws and regulations may change, so it's always advisable to consult with a tax professional or refer to the latest tax guidelines to ensure accuracy.
Step-by-step explanation: