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r. and Mrs. Chalk have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2019. Compute their child credit if AGI on their joint return is $91,300. Compute their child credit if AGI on their joint return is $465,700. Compute their child credit if AGI on their joint return is $197,000 and assume that they have one non-child dependent who meets the requirements for the child credit.

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Answer:

Compute their child credit if AGI on their joint return is $91,300.

Child tax credit for 2019 was $2,000 per qualifying child under 16

total child tax credit = $2,000 x 3 = $6,000

Compute their child credit if AGI on their joint return is $465,700.

Child tax credit for 2019 was $2,000 per qualifying child under 16, but if phases out after $400,000. For each $1,000 above the threshold, the tax credit is reduced by $50.

total child tax credit = $6,000 - (66 x $50) = $6,000 - $3,300 = $2,700

Compute their child credit if AGI on their joint return is $197,000.

Child tax credit for 2019 was $2,000 per qualifying child under 16, plus $500 per qualifying dependent that is not a child.

total child tax credit = $6,000 + $500 = $6,500

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