FINANCIAL ACCOUNTING
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Transcribed Image Text:EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
Filing Status
Phase-Out Threshold
Married filing jointly
$400,000
Married filing separately
200,000
Head of household and single
200,000
Transcribed Image Text:Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife.
What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his
daughters under each of the following alternative situations? Use Exhibit 8-8.
a. His AGI is $103,100.
Amount of child tax credit
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