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Trey has two dependents, his daughters, ages 14 and 17, at year-end (2018). 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?(a) His AGI is $103,300.(b) His AGI is $426,200.(c) His AGI is $428,900, and his daughters are ages 10 and 12.

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Answer:

(a) His AGI is $103,300.

$2,000 since only one of your daughters qualifies for the child tax credit (must be under 17 at year end).

(b) His AGI is $426,200.

$2,000 - (27 x $50) = $2,000 - $1,350 = $650

For 2018, the income threshold to qualify for the child tax credit increased to $400,000, and it starts to fade away up to $440,000. It phases out $50 per each $1,000 of additional AGI.

(c) His AGI is $428,900, and his daughters are ages 10 and 12.

($2,000 x 2 children) - (29 x $50 x 2 children) = $4,000 - $2,900 = $1,100

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