What is the child tax credit and credit for other dependents

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Reference no: EM133433836

(1) James and William decided last year that adoption would be the best choice for them. They adopted a 3-year-old son this year. They paid $18,000 in qualifying adoption expenses for the current year. Their MAGI is $175,000, and their tax due before any qualified adoption credit is $8,000. What is their available adoption credit for the current year?

(2) Karen, age 42, is a single mother with a child aged 15 and a child aged 18, both of whom she can claim as dependent children. Her Box 1 wage for 2022 is $100,025. She will file as head of household, using the standard deduction.

What is the child tax credit and credit for other dependents?

(3) Herbert is a single father with 2 children under the age of 5.

He pays $10,000 per year for child care.

His Adjusted Gross Income (AGI) is $38,000.

What is his Child and Dependent Care Expense Credit that can be entered on Line 2 of Schedule 3?

(4) Joe is 25 and has a wage of $30,000. He is single with no dependents, and files as single. He rents and makes no contributions to charity. He contributed $800 to a Roth IRA in 2022. What is his Total Tax (1040 Line 24)?

Reference no: EM133433836

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