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Gabe and Dana are married and file jointly. For 2019, Gabe earned $150,000 and Dana earned...

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Accounting

Gabe and Dana are married and file jointly. For 2019,Gabe earned $150,000 and Dana earned $20,000 working part time as aparty planner. They have two young children, a 4-year old son,Mike, and a 6-year old daughter, Chrissy. In order to work, theypaid the following for day care to have their children watched andcared for:

Best Beginning Day Care

$4,000

Bay Child Care & Housekeeping

2,000

Mrs. Goetz (Dana's mother)

1,000

?How much was their child and dependent care tax creditfor 2019?

Answer & Explanation Solved by verified expert
3.6 Ratings (252 Votes)
Your income determines whether or not you can claim the CTC First you need to have earned income of at least 2500 to qualify for the credit Then as your adjusted gross income AGI increases the child tax credit begins to phase out So when you breach a certain income threshold the phaseout level youre only eligible for a partial credit As your income increases the amount you can claim continues to decrease until you cant claim the credit at all The new tax plan greatly increased the income threshold For tax year    See Answer
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