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Mr. and Mrs. salas have three dependent children ages 13, 15, and 17. Their modified AGI...

Mr. and Mrs. salas have three dependent children ages 13, 15, and 17. Their modified AGI for 2020 is $422,300. What is the total amount of the child credit and credit for other dependents for which they are entitled? a. $3,350 b. $6,000 c. $4,850 d. $3,385 e. None
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Answer #1

The Answer is A. $3,350

Calculation:

Excess AGI [422300 - 400000] $ 22,300
CTC phaseout $ 50 per 1000 or part there of [22300/1000]*50=23*50 $    1,150
Credit Claim
Child Tax Credit[2000*2-1150] $    2,850
Credit for Other Dependent of age of 17 or above $        500
Total Child Tax Credit [2850+500] $    3,350
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