Presley and Jake are married filing joint taxpayers.They have twin sons,ages 7.If their AGI is $116,950,what amount of child tax credit can they claim?
A)$0.
B)$1,000.
C)$1,650.
D)$2,000.

Question

Quizplus · Accepted Answer

For the tax year 2023, the Child Tax Credit is $2,000 per qualifying child, but it begins to phase out for married couples filing jointly at an AGI of $400,000. Since Presley and Jake's AGI is $116,950, well below the phase-out threshold, they can claim the full credit amount. However, due to a misunderstanding in the question's phrasing or a mistake in the provided options, the correct calculation based on the given options and AGI is not directly applicable to the standard IRS guidelines for the Child Tax Credit. The most accurate answer based on standard tax rules and the provided options would be $2,000 per child, but given the options and the question's structure, the intended correct answer seems to be a mistake. Therefore, based on standard tax rules, they should be able to claim $2,000 per child, but the correct answer according to the options provided is not clear due to a possible error in the question setup.

Presley and Jake Are Married Filing Joint Taxpayers