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24 April, 15:33

Jennifer is divorced and files a head of household tax return claiming her children, ages 4,7, and 17, as dependents. Her adjusted gross income for 2018 is $211,200. What is Jennifer's total child and other dependent credit for 2018? a. $4,500b. $3,950c. $500d. $3,900

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  1. 24 April, 16:02
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    Ans: $ 3900 The correct answer is:

    Explanation:

    Explanation:

    1) For 2018 phaseout limit for AGI is $ 200,000

    2) The credit phaseout by $ 50 for each $1000 of MAGI Over thereshold.

    3) $ 211,200 - $ 200,000 = $11200

    4) $11,200 : $ 1000 = 11.2

    = $ 12 (Round it off)

    5) $ 12 * $ 50 = $ 600 phase out

    6) Child Credit Per child is $ 2000.

    7) (2 kids x 2,000 each) - 600 = 3,400

    8) 3,400 + 500 (1 kid 17 and over) = 3,900
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Home » Business » Jennifer is divorced and files a head of household tax return claiming her children, ages 4,7, and 17, as dependents. Her adjusted gross income for 2018 is $211,200. What is Jennifer's total child and other dependent credit for 2018? a. $4,500b.
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