Bud and katie milner file a joint return during the year, Ask an Expert

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Bud and Katie Milner file a joint return. During the year, they paid $11,000 to their nanny to look after their three children, ages 2, 9, and 11. Bud and Katie both work and earned $24,000 and $31,000, respectively. The wages are the Milners' only source of income, and they have no deductions for AGI.

a. Compute the Milners' child and dependent care credit.

b. Compute the Milners' child and dependent care credit assuming Katie received a $4,000 non- taxable reimbursement from her employer's dependent care assistance plan.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91529057

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