Jillian is single and her son,Parker is 12 years old.If her AGI is $76,200,what is her child tax credit for Parker?

Question

Quizplus · Accepted Answer

The child tax credit for a qualifying child is up to $2,000, but it begins to phase out for single filers with an adjusted gross income (AGI) over $75,000. Since Jillian's AGI is $76,200, she is over the threshold, and her credit begins to phase out. The phase-out rate is $50 for each $1,000 (or fraction thereof) by which the taxpayer's AGI exceeds the threshold. Jillian's AGI exceeds the threshold by $1,200, which means her credit is reduced by $60 ($50 for each $1,000 over $75,000). Therefore, the child tax credit she can claim for Parker would be $2,000 - $60 = $1,940, but since the options provided do not include this amount, it seems there might be a misunderstanding in the question or in the interpretation of the tax rules as of the last update. Based on the options provided, none directly match the typical calculation for a child tax credit given the AGI provided. However, without the exact phase-out calculations or a mistake in the options, an accurate answer based on standard tax law cannot be selected from the provided choices.

Jillian Is Single and Her Son,Parker Is 12 Years Old