Marguerite and Josephus have two children, ages 13 and 10. Their modified AGI is $410,500. What is their child tax credit?
A) $2,900
B) $2,000
C) $4,000
D) $1,450.
A) $2,900
$410,500 - 400,000 = $10,500. $10,500/1,000 = 10.5, rounded to 11. 11 × 50 = $550 reduction. $2,000 - 550 = $1,450 credit. The two credits total $2,900.
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