Margo and Jonah have two children, ages 13 and 17. Their modified AGI is $410,500. What is their child tax credit?
A) $1,450
B) $2,900
C) $4,000
D) $2,000
A) $1,450
$410,500 - 110,000 = $10,500. 10,500/1,000 = 10.5, rounded to 11. 11 × 50 = $550 reduction. $2,000 - 550 = $1,450 credit. The 17-year-old does not qualify for the credit.
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