Rita, a single mother, has three children, Luis (7), Perry (10), and Alexis (17). Rita's adjusted gross income is $64,000, and her 2020 tax liability is $5,204. All three children are Rita's qualifying child dependents. What is the total of Rita's Child Tax Credit and Credit for Other Dependents

Respuesta :

In the year 2020 and based on Rita's AGI and number of children, she will have a Child Tax Credit and Credit for Other Dependents of $4,500.

A single person in 2020 with an AGI of less than $200,000 was allowed to claim a child tax credit of $2,000 per child under 17 and a credit for other dependents of $500 for those aged 17 - 18.

This means that Rita will get $2,000 for Luis and Perry, and $500 for Alexis:

= 2,000 + 2,000 + 500

= $4,500

In conclusion, Rita's tax credit would be $4,500.

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