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8 May, 06:48

Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children? a. $0b. $850c. $875d. $1,150e. None of the above is correct.

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  1. 8 May, 06:54
    0
    None of the above is correct

    Explanation:

    Child tax credit is designed to provide a relief for parents in taking care of their children or other dependents.

    Qualified dependent can be son, daughter, step child who must have lived with you for more than six months, proofed and claimed as dependent on the federal tax returns.

    Other Conditions for Child tax credit are

    Adjusted gross income is not more than $400,000 for the couple the child must not be older than 17 as at the the previous year

    If the conditions are met, each child is qualified for $2,000 credit.
  2. 8 May, 07:03
    0
    the correct answer is

    b. $850

    good luck
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Home » Business » Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children? a. $0b. $850c. $875d. $1,150e.
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