Required information [The following information applies to the questions displayed below.] Trey has two dependents,...
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Required information [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8.
a. His AGI is $107,400.
b. His AGI is $422,100.
c. His AGI is $425,600, and his daughters are ages 10 and 12.
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly Married filing separately I kyad of houshold ard sigk $400,000 200,000 200,000
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