John and Shirley have one child eligible for the Child Tax Credit, file their tax return as married filing jointly and, at a $410,000 modified adjusted gross income for 2019, they have an AGI that exceeds the threshold at which the Credit begins to phase out. For what Child Tax Credit would they be eligible?

The amount of the child tax credit for 2019 is up to $2,000 per child and $500 per dependent, but if the AGI exceeds $400,000 for a married couple filing jointly, it starts to phase out. The credit is reduced by $50 for each $1,000 over the threshold amount.

Since John and Shirley's income is above that level, $410,000, they will receive up to = $2,000 - (10 x $50) = $1,500 per qualifying child.

anthougo anthougo · Answer 2 · 2022-01-04T11:16:52+01:00

The Child Tax Credit John and Shirley with one eligible child will be $1,500 ($2,000 - $50 x $10,000/$1,000).

John and Shirley's modified adjusted gross income is above $400,000, the threshold at which the Child Tax Credit begins to phase out. While they could have claimed $2,000 per child, the amount is reduced by $50 for every $1,000 above $400,000.

Thus, the couple are entitled to Child Tax Credit of $1,500, that is, $2,000 reduced by $500 ($50 x $10,000/$1,000).

Learn more about the Child Tax Credit here: https://brainly.com/question/14328499