Exam 7: Tax Credits

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Caprice is a single 42-year-old with income of $14,000 in 2019. She lacked minimum essential coverage for 7 months in 2019. What is her individual shared responsibility payment amount?

(Multiple Choice)

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Question 61

Amounts paid to a relative generally do not qualify as child care expenses.

(True/False)

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Question 62

In 2019, the total expenses that can be taken as a credit for all tax years for adoption of a child without "special needs" are $10,000.

(True/False)

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Question 63

Explain what type of educational expenses qualify for the American Opportunity tax credit and what type of educational expenses qualify for the lifetime learning credit.

(Essay)

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Question 64

The American Opportunity tax credit

(Multiple Choice)

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Question 65

In the case of the adoption of a child who is not a US citizen or resident of the United States, the credit for qualified adoption expenses is available:

(Multiple Choice)

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Question 66

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Caprice is a single 42-year-old with income of $14,000 in 2019. She lacked minimum essential coverage for 7 months in 2019. What is her individual shared responsibility payment amount?

Amounts paid to a relative generally do not qualify as child care expenses.

In 2019, the total expenses that can be taken as a credit for all tax years for adoption of a child without "special needs" are $10,000.

Explain what type of educational expenses qualify for the American Opportunity tax credit and what type of educational expenses qualify for the lifetime learning credit.

The American Opportunity tax credit

In the case of the adoption of a child who is not a US citizen or resident of the United States, the credit for qualified adoption expenses is available:

The Individual Income Tax Return

Gross Income and Exclusions

Business Income and Expenses

Additional Income and the Qualified Business Income Deduction

Deductions for and From AGI

Accounting Periods and Other Taxes

Depreciation and Sale of Business Property

Payroll, Estimated Payments and Retirement Plans

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

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