Taxpayers with Income Below Phase-Out Amounts Are Allowed a Child

question 31

True/False

Taxpayers with income below phase-out amounts are allowed a child credit of $2,000 for each qualifying child under age 19 or under age 24 if a full-time student.

---

Definitions:

Consumer Price Index

An index measuring the change in the price level of a basket of consumer goods and services purchased by households.

Market Basket

A selected set of goods and services used to track changes in prices and measure inflation over time.

Widely Used

A term denoting something that is utilized by a large number of people or entities across various contexts.

Real Gross Domestic Product

A measure adjusted for inflation that shows the value of all products and services produced within an economy in a specific year.