a.Norm and Linda are married, file a joint return, and have one 5-year-old child.Their adjusted gross income is $436,000.What is their child credit for the current year?
b.If Norm and Linda had a 3-year-old as well as the 5-year-old and an 18-year-old from Linda's first marriage, what would their total child tax credit and other dependent credit be for the current year?
b.above, how many children qualify for the child tax credit? Explain.
c.In

Question

Quizplus · Accepted Answer

The Answer is a.$200.One child × $2,000 less [$50 × (($436,000 − $400,000)/ $1,000)].
b.$2,700 = $4,000 − [$50 × (($436,000 − $400,000)/ $1,000)] + $500.
c.Two.The 18-year-old does not qualify because of the age limitation but he does qualify for the other dependent credit.

ANorm and Linda Are Married, File a Joint Return, and Have