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?

Question

Quizplus · Accepted Answer

The child tax credit is $2,000 per qualifying child under the age of 17. Presley and Jake have two qualifying children, so they can claim a total of $4,000 in child tax credit. However, the child tax credit is phased out for taxpayers with AGIs above certain levels. For taxpayers filing jointly, the phase-out begins at an AGI of $118,000. Presley and Jake's AGI is $116,950, which is below the phase-out threshold. Therefore, they can claim the full $4,000 in child tax credit.

Presley and Jake Are Married Filing Joint Taxpayers