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remaining child tax credit available or 10 percent of the amount
by which the taxpayer’s earned income exceeds $10,500. Sec.
24(d)(1)(A) and (B), (d)(3); Rev. Proc. 2002-70, sec. 3.04, 2002-
2 C.B. at 847. The refundable and nonrefundable portions of the
child tax credit cannot exceed the total allowable amount of the
credit.
At trial, respondent conceded that petitioner was allowed to
claim a dependency exemption deduction with respect to JM for
2003. JM attained the age of 10 in 2003 and is petitioner’s son.
Therefore, JM is a qualifying child within the meaning of section
24(c), which entitles petitioner to claim a child tax credit.
For 2003, the child tax credit is $1,000 per qualifying
child. Sec. 24(a)(2); Jobs and Growth Tax Relief Reconciliation
Act of 2003, Pub. L. 108-27, sec. 101(a), 117 Stat. 753.
Petitioner’s Federal tax liability for 2003 is $161. This is
based on the Court’s finding that petitioner: (1) Has adjusted
gross income of $12,472; (2) is entitled to exemptions of $6,100
for himself and his dependent JM; and (3) is entitled to a
standard deduction of $4,750 for “single” filing status.
Petitioner’s taxable income is $1,622 ($12,472 - $6,100 - $4,750
= $1,622). Petitioner is allowed to claim a child tax credit in
the amount of $161, equal to the amount of his Federal income tax
liability for 2003.
Since petitioner’s child tax credit exceeds his Federal
income tax liability for 2003, he is entitled to a refundable
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