Amanda has two dependent children, ages 10 and 12. She earned $30,000 from her job, and her income tax before credits is $1,200. How much of her child credit is refundable?
A) $1,200
B) $1,400
C) $2,800
D) $4,000
B) $1,400
The child credit earned is $4,000 ($2,000 per child), of which $1,200 will offset the income tax liability. The refundable component of the $2,800 balance is limited to $1,400: the lesser of (1) 15% of the taxpayer's earned income in excess of $2,500 (which is $4,125) or (2) $1,400.
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