M is a single mom raising one child at home, age 16.M may claim a dependency exemption for her child.This year M earned $70,000 as salary and had investment income of $12,500.The allowable child tax credit for M is

Question

Quizplus · Accepted Answer

The child tax credit is worth up to $2,000 per qualifying child. To be eligible, the child must be under age 17 on December 31 of the tax year, claimed as a dependent on the taxpayer's return, and have a valid Social Security number. Since M's child is 16, meets the other requirements, and M is eligible to claim the dependency exemption, she can claim the full $2,000 child tax credit.

M Is a Single Mom Raising One Child at Home