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Has the Rand family acted properly

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Problem - The Rands are successful professionals and have combined AGI of approximately $450,000. Their household includes two children: Henry (age 16) and Belinda (age 22). Belinda is not a student and has a job where she earns $15,000 a year. After a short family meeting in early April 2019, the parties decide that Belinda should claim Henry as her qualifying child. As a result, Belinda is able to claim a child tax credit and an earned income tax credit for a tax savings of more than $3,000. Had the Rands claimed Henry as their dependent, no child tax credit or earned income credit would have been available (these credits are phased out for higher-income taxpayers). Has the Rand family acted properly?

Reference no: EM132627648

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