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13 September, 19:15

David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,700. They have made prepayments of $1,500 and also have a child tax credit of $2,000, of which $1,400 is refundable. What is the amount of their tax refund or taxes due?

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  1. 13 September, 21:21
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    -$1,800

    Explanation:

    Given that

    Tax liability = $1,700

    Prepayment made = $1,500

    Child tax credit = $2,000

    The computation of tax refund is given below:-

    = Tax liability - (Prepayment made + Child tax credit)

    = $1,700 - ($1,500 + $2,000)

    = $1700 - $3500

    = - $1,800

    Therefore, from the above calculation simply we subtract tax liability from prepayment and child tax credit.
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