Problem 8-70 (LO 8-4) (Algo) Skip to question [The following information applies to the questions...
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Accounting
Problem 8-70 (LO 8-4) (Algo)
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Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
| Filing Status | Phase-Out Threshold |
|---|---|
| Married filing jointly | $400,000 |
| Married filing separately | 200,000 |
| Head of household and single | 200,000 |
What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8.
Problem 8-70 Part-b (Algo)
a. His AGI is $107,300.
b. His AGI is $420,500.
c. His AGI is $421,100, and his daughters are ages 10 and 12.
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