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Olivia is single, 66 years old, and not blind. She paid all the cost of keeping up her home. She earned $55,000 in wages for 2019.Olivia provided all the support for her two grandchildren who lived with her all year. Cora is 11 years old and Jack is 15 years old. She does not have enough deductions to itemize. Olivia, Cora, and Jack are all U.S. citizens with valid Social Security numbers. Basic Scenario 1: What is the amount of Olivia's standard deduction? a. $18,350 b. $20,000 c. $24,400 d. $25,700 2. The maximum amount of child tax credit that Olivia is able to claim per qualifying child for 2019 is:a. $500 b. $1,000 c. $1,400 d. $2,000

Respuesta :

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Answer:

d. $2,000

Explanation:

MAGI section out starts at:

Married filing collectively – four hundred dollars

unmarried, head of family, married filing separately or qualifying widow(er) –  two hundred dollars.

Since the income earned with the aid of Olivia is $55000 for 2019 her MAGI may be below the restrict of $2 hundred,000. As a result, $2000 according to child tax credit is available for each Cora and Jack as each are qualifying infant for Olivia .

Maximum Child Tax credit for 2019 is $2000 for each child. The credit is difficulty to an income restriction. The earnings limit on child Tax credit score is primarily for your modified adjusted gross income (MAGI). In case your MAGI amount for 2019 drops between positive dollar limits, your credit is difficulty to a phase out (is decreased or removed).

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