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26 March, 13:09

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: a.$0. b.$4,000. c.$2,000. d.$3,000.

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  1. 26 March, 13:46
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    The answer is option (b) $4,000

    Explanation:

    Solution

    Given that:

    Now

    The income of George and Martha is = $119.650

    For year 2019 child tax credit is $2,000 per dependent child subject to a minimum income of $2,500.

    The Income limit for Married Jointly Filed is = $400,000.

    Thus

    They are eligible for $2,000 tax credit per child.

    So,

    Tax Credit = $2,000 * 2

    = $4,000

    Note: The AGI limit phaseout begins at $400000 for joint tax filers
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