Tim (40) and Tina (42) live in California. They have one son, Todd (age 10;...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Tim (40) and Tina (42) live in California. They have one son, Todd (age 10; Todd is a qualifying child of Tim and Tina). Tims brother, Bob, lives in New York. Although Bob did not live with Tim and Tina at all in 2020, Tim and Tina provided 90% of Bob's support. Bob is single and had $1,000 gross income in 2020.
What is the amount of Tim and Tinas 2020 child tax credit (including other dependent tax credit)?
Assume that Tim and Tina's 2020 AGI is below the phaseout threshold for the child tax credit.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
