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What is the amount of the child tax credit

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Question - Jane and Ed Rochester are married with a 2-year-old child, In 2020, Ed and Jane realized the following items of income and expense:

Amount Items: $30,000 Ed's Salary, $75,000 Jane's Salary, $400 Municipal bond interest income, OID interest $1,000, $8,000 Alimony paid (divorce in 2018) and $15,000 Real property tax. Their employers withheld $5,800 in federal income taxes from their paychecks. What is their Taxable Income?

Jack and Jill have 4 children ages 2, 13, 15, and 17 their adjusted gross income was $200,000. What is the amount of the child tax credit on the couple's income tax return in 2021?

Reference no: EM133144479

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