Homework Answers
The tax status of Sarah and Timothy is married and joint filing.
The adjusted gross income is within the phase, where they will be allowed child tax credit of $ 2000 per dependent. Assuming all the children are below 17, the total child credit allowed would be 2000 X 4 = $ 8000.
However, if the taxpayer itemizes, they would lose their standard deductions like child tax credit. The option to chose is with taxpayer. Since, itemized deduction is higher, the taxpayer shall opt for this as this would be advantageous in reduction of tax liability.
|
Adjusted gross income |
85,000 |
|
Less: itemized deductions |
12000 |
|
Taxable income |
73,000 |
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