What Can Happen When One or Both Parties Do Not

question 90

Essay

What can happen when one or both parties do not think they got the best agreement possible?

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Definitions:

Child Tax Credit

A credit aimed at helping families offset some of the costs of raising children by reducing their tax liability.

AGI

Adjusted Gross Income, calculated as gross income minus specific adjustments, used to determine tax liability and eligibility for certain tax benefits.

Adoption Credit

A tax credit offered to adoptive parents to offset the costs of adoption, available under the U.S. tax code.

Modified AGI

Adjusted Gross Income with certain adjustments added back in, used for determining eligibility for certain tax deductions and credits.